Iress taps Thoughtworks for wealth platform modernisation

By Parth Prabhudesai

Iress has entered a strategic multi-phase partnership with Thoughtworks to modernise its wealth management technology platforms and expand the use of artificial intelligence across its systems.

The partnership will focus on Iress’s Wealth division, with Thoughtworks providing advisory, engineering, cloud and design support. The programme is aimed at simplifying Iress’s technology architecture, improving software delivery and embedding AI-driven capabilities into its products and data infrastructure.

Rather than replacing its systems entirely, Iress will adopt a staged and modular modernisation strategy designed to reduce the risks often associated with large-scale platform migrations in regulated financial markets.

The partnership will centre on four priorities, including updates to Iress’s technology operating model, development of products for advisers and wealth providers, application modernisation, and broader integration of data and AI tools.

As part of the collaboration, Thoughtworks will introduce its AI/works development platform alongside customer experience and product design capabilities. The companies said the initiative is intended to improve adviser productivity, reduce manual processes and create new revenue opportunities for wealth management firms.

Andrew Russell, Group Chief Executive Officer and Managing Director at Iress, said, “Our clients operate in increasingly complex and regulated environments, where speed, insight and efficiency matter more than ever.”

He added, “Our partnership with Thoughtworks is a deliberate step to accelerate Iress’ strategy through modernising our software and embedding practical, ROI-led AI capabilities.”

Wayne Te Paa, Managing Director, Banking, Financial Services and Insurance, APAC at Thoughtworks, said, “We are proud to partner with Iress to accelerate their transformation into a modern, AI-enabled software platform.”

The partnership reflects growing pressure across the wealth management sector to modernise legacy systems, improve operational efficiency and adopt AI tools that deliver measurable commercial outcomes.