DXC and Thought Machine Launch Joint Solution to Accelerate Banking Modernization
As small to midsize banks and financial institutions strive to keep pace with larger, global banks building proprietary platforms in-house, they often face complex vendor landscapes and deeply entrenched legacy systems. This joint solution delivers a one-stop managed service, bringing together the right technology, tools, and people to modernize end-to-end banking operations. By offering a simplified path to transformation, DXC and Thought Machine help banks modernize legacy core systems, accelerate time to market for new digital products, and ensure operational efficiency, resilience, and compliance.
"This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products," said Randy McFarlane, global head of partnerships at Thought Machine. "With modern core systems, banks are empowered to develop more innovative, customer-centric services with speed and ease. We are excited to work with DXC to accelerate banking transformation and build the future of financial services globally."
The integrated solution enhances agility, eliminates scalability barriers, and significantly reduces time to market. Financial institutions can either build new products from the ground up or migrate existing systems to the Vault platform—all fully managed through DXC's end-to-end Business Process Services capabilities. The result: financial institutions can launch new products, including savings accounts, mortgages, and loans in hours rather than weeks or months. Combining DXC's automation-first methodology with Vault Core's highly configurable technology eliminates the need for code changes and enables an increase in future digital product and feature launches.
"With more than 45 years of experience in banking operations, DXC is deeply committed to delivering best-in-class digital solutions to the world's leading financial institutions," said Chris Drumgoole, President, Global Infrastructure Services at DXC Technology. "Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernization—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk."
As a leader in Banking and Capital Markets technology-driven managed services with over four decades of industry experience, DXC is trusted by financial institutions of all sizes to manage 250 million customer deposit accounts. DXC's extensive ecosystem of innovative partners, products, technology, and talent enables seamless processing for 275 million cards daily at 475 banks.
For more information about DXC's collaboration with Thought Machine, visit DXC Banking BPS.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world's largest companies and public sector organizations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
About Thought Machine
Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.
Vault Core and Vault Payments have been written from scratch as entirely cloud-native technologies, giving banks full control to run any bank, product, and payment set to flourish in a rapidly changing world.
Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.
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Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Oncolytics Biotech Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Oncolytics Biotech Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Oncolytics Biotech Inc. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares of Oncolytics Biotech Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Oncolytics Biotech Inc.; this is a paid advertisement, we currently own shares of Oncolytics Biotech Inc. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. 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