Latest news with #ThoughtMachine
Yahoo
25-06-2025
- Business
- Yahoo
DXC and Thought Machine partner to accelerate banking modernisation
DXC Technology and Thought Machine have launched a joint solution to accelerate banking modernisation for small and midsize banks. The alliance brings together DXC's IT services expertise expertise with Thought Machine's Vault Core and Vault Payments platforms, to streamline digital transformation for financial institutions. The joint solution addresses challenges faced by small to midsize banks, such as complex vendor landscapes and legacy systems, by offering a one-stop managed service. This approach streamlines end-to-end banking operations, helping banks enhance operational efficiency, resilience, and compliance. By leveraging DCX's full-service management and Thought Machine's core banking technology, the solution aims to enable banks to accelerate time to market for new digital products. It is designed to offer a simplified transformation path, allowing financial institutions to either build new products or migrate existing systems to the Vault platform. DXC's automation-first methodology, combined with Vault Core's configurable technology, eliminates the need for code changes, DCX said. This is said to facilitate quicker launches of new products, such as savings accounts, mortgages, and loans, reducing the time from weeks or months to hours. DXC Technology president of global infrastructure services Chris Drumgoole said: '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. 'Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernisation—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk.' Thought Machine global head of partnerships Randy McFarlane said: 'This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products. '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.' DXC, with over four decades of industry experience, offers banking and capital markets technology-driven managed services. It is used by financial institutions globally, claiming to manage 250 million customer deposit accounts and processing 275 million cards daily at 475 banks. "DXC and Thought Machine partner to accelerate banking modernisation " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
25-06-2025
- Business
- Yahoo
DXC and Thought Machine partner to accelerate banking modernisation
DXC Technology and Thought Machine have launched a joint solution to accelerate banking modernisation for small and midsize banks. The alliance brings together DXC's IT services expertise expertise with Thought Machine's Vault Core and Vault Payments platforms, to streamline digital transformation for financial institutions. The joint solution addresses challenges faced by small to midsize banks, such as complex vendor landscapes and legacy systems, by offering a one-stop managed service. This approach streamlines end-to-end banking operations, helping banks enhance operational efficiency, resilience, and compliance. By leveraging DCX's full-service management and Thought Machine's core banking technology, the solution aims to enable banks to accelerate time to market for new digital products. It is designed to offer a simplified transformation path, allowing financial institutions to either build new products or migrate existing systems to the Vault platform. DXC's automation-first methodology, combined with Vault Core's configurable technology, eliminates the need for code changes, DCX said. This is said to facilitate quicker launches of new products, such as savings accounts, mortgages, and loans, reducing the time from weeks or months to hours. DXC Technology president of global infrastructure services Chris Drumgoole said: '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. 'Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernisation—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk.' Thought Machine global head of partnerships Randy McFarlane said: 'This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products. '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.' DXC, with over four decades of industry experience, offers banking and capital markets technology-driven managed services. It is used by financial institutions globally, claiming to manage 250 million customer deposit accounts and processing 275 million cards daily at 475 banks. "DXC and Thought Machine partner to accelerate banking modernisation " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
24-06-2025
- Business
- Cision Canada
DXC and Thought Machine Launch Joint Solution to Accelerate Banking Modernization
ASHBURN, Va., June 24, 2025 /CNW/ - DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, and Thought Machine, a leading provider of cloud-native banking technology, today announced a joint solution to accelerate digital transformation for small and midsize banks. The collaboration combines DXC's deep industry expertise and full-service management with Thought Machine's next-generation core banking technology platform, Vault Core, and payments processing platform, Vault Payments, to streamline modernization for financial institutions. 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 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.
Finextra
09-06-2025
- Business
- Finextra
Core Banking Systems evolution to cloud technology: By John Bertrand
Historical Core banking systems can trace their origins 50 years ago to independent, branch-specific solutions running on IBM computers using legacy languages like RPG, COBOL, and Assembler. The branch bank industry consolidated around two major players - Temenos' Globus and Finastra's Midas - each serving over 300 banks, often with many installations as banks became more international. Banks followed their customers who at the time were in countries with limited communication infrastructure. Many systems were designed to incorporate the local banking and regulatory environments. A striking example of this fragmented approach one major bank discovered it had 250 different core banking systems all branded the same but functionally very different. This was compounded by many installations continued to run past software releases instead of updating to the current release. Further compounding the situation was coders were using poor documentation practices. Market Disruption and New Entrants The landscape began shifting about a decade ago with new fintech challengers like Thought Machine (2014) and 10x Banking (2016) entering the market, promising more modern, cloud-native solutions to challenge the established players. Technology Transformation Drivers Several technological shifts are reshaping the industry: Infrastructure Evolution: The move to cloud computing, ubiquitous mobile connectivity (90% UK mobile ownership), API-driven architectures, and component-based systems is starting to replace monolithic legacy infrastructures. Instant Payment Revolution: Domestic instant payments are available in 70 countries and being mandatory in EU, representing 27 countries, from October 2025 Instant international payments with real-time currency exchange capabilities are on its way and will include crypto currencies Enhanced digital verification and confirmation of payee services are being put in place with UK added reimbursement for scammed clients shared 50/50 by banks Data Richness: The October 2025 global adoption of ISO20022 will transform payments from simple "coded postcards" to rich "electronic pamphlets" containing extensive transaction, sender, and risk data. The traditional infrastructure uses only minimal information around the payment with truncation common along the payment path. Current Market Performance The financial performance of major players reveals interesting trends: Temenos: £3.9 billion market cap, £940 million revenue (2024), 5% annual growth over three years, with 66% revenue from high-margin maintenance contracts. Finastra: Private and formed from number acquisitions, has seen revenue declined from $2.2 billion in 2017 to $1.85 billion (2023). The workforce reduced from 10,000 to 7,000 people but maintaining profitable maintenance streams. Thought Machine: £48 million revenue (2023), 14% average growth, £583 million in investment funding through 2024. The Strategic Pivot to Cloud Components The industry's strategic shift toward componentization is on the way. Rather than wholesale replacement of core banking systems. This faces regulatory resistance and internal operational risk. The industry is moving toward a hybrid model. Here cloud-based components gradually assume specific functions while the corresponding legacy system features are deactivated. This approach offers several advantages: Reduced migration risk Regulatory approval (satisfying concerns about systemic risk) Gradual modernization without system-wide disruption Preservation of existing maintenance revenue streams Maintenance Revenue Dependency Established players rely heavily on maintenance revenue from legacy systems. It is a highly profitable annuity scheme. This creates both stability and vulnerability. A steady income is provided. The challenge is keeping the bank meeting the new standards of money movement, real time account balances and people verification. It creates the need for programmers skilled in ancient languages (Midas alone has over 25 million lines of RPG code). Evolution not Revolution While core banking faces significant modernization pressures, the path forward lies not in revolutionary replacement but in evolutionary componentization. This allows the banks to modernize gradually and quickly while managing risk and regulatory requirements.
Korea Herald
05-06-2025
- Business
- Korea Herald
Synpulse successfully partners with Judo Bank to complete its Core Banking Transformation
SINGAPORE, June 5, 2025 /PRNewswire/ -- Synpulse, a global management consultancy with deep expertise in financial services, is pleased to announce the successful completion of Phase 2 of Judo Bank's core banking transformation journey, building on the strong foundation established in the initial go-live in mid-2024. Phase 2 focused on the delivery of a comprehensive term deposit offering on Judo Bank's new core banking platform, powered by Thought Machine. Over a period of 7 months, Synpulse worked closely with Judo Bank to design, build, and migrate its term deposit products—covering direct and intermediate channels across retail, business, and security-linked accounts. In total, around 63,000 accounts were successfully migrated, marking a major milestone in Judo Bank's broader platform modernisation agenda. The initiative began with a discovery phase in September 2024, followed by an intensive build period starting in October. In addition to launching new term deposit capabilities, the team also completed the migration of a subset of loan accounts from a legacy platform into the Thought Machine system, ensuring all lending products now operate on a single platform. This consolidation significantly streamlined operational processes and enhanced visibility across the bank's product suite. With all core products—lending and term deposits—now live on Thought Machine, Judo Bank is positioned to retire one of its key legacy platforms by mid 2025. This strategic shift enables the bank to significantly improve operational efficiency, reduce technical debt, and accelerate time-to-market for future innovations. Commenting on the successful completion of Phase 2, Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, said: "We are proud to continue our partnership with Judo Bank on this transformative journey. Phase 2 was all about building on the momentum of the first phase—extending the platform's capabilities with term deposits and completing critical migrations that pave the way for a simplified, scalable banking environment. This marks a key milestone not just in Judo's platform journey, but also in Synpulse's expanding presence in the Australian market." Rosanna Fornarino, Chief Operating Officer at Judo Bank, added: "With Phase 2 complete, we have a modern, unified core banking system that supports both our lending and deposit products. This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers. Synpulse has been a strong and collaborative partner throughout, and we're excited about what comes next." This latest phase reinforces Judo Bank's commitment to modernising its technology stack and delivering customer-first banking through a robust and future-ready platform. About Judo Bank Judo Bank is Australia's first purpose-built challenger bank for small and medium-sized businesses (SMEs) and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange (ASX) in 30 years. Judo was founded by a small group of experienced lending professionals and its purpose is to be the most trusted SME business bank in Australia. The company's relationship-led lending model, which brings back the craft of relationship banking, is enabled by its digital, cloud-based technology architecture. About Synpulse Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries.
