Pathward selects Thought Machine for core banking upgrade

By Milan Rojan

Pathward, a US-based bank, has selected Thought Machine’s Vault Core platform to strengthen its core banking infrastructure and support the development of new financial products across the US.

The partnership has focused on modernising Pathward’s core systems as the bank has sought to improve its ability to develop and deploy tailored financial solutions. Vault Core, Thought Machine’s cloud-native core banking platform, has been positioned as an additional layer supporting Pathward’s existing technology strategy.

Pathward has provided payments and lending services through partnerships with FinTech companies and other financial institutions. The bank has also operated as a sponsor bank, supporting payments businesses and offering commercial finance products including asset-based lending and flexible funding solutions.

Charles Ingram, Chief Information and Operations Officer at Pathward, has said that updating core infrastructure has been central to the bank’s strategy to innovate with greater speed and scale. He has added that Vault Core has complemented the flexible, cloud-native architecture Pathward has been developing.

The platform was designed to provide real-time processing and greater flexibility in product development, while allowing financial institutions to retain control over their technology infrastructure. Pathward has stated that the deployment will support its efforts to serve FinTech and payments partners and expand access to financial services.

Thought Machine has expanded its presence across the Americas, where it has served banks and FinTech firms including tier-one institutions. The company has reported a 57% year-on-year increase in revenue and has crossed the $100 million revenue threshold.

The deal has added Pathward to Thought Machine’s growing customer base of US and regional financial institutions. The companies have not disclosed the financial terms or implementation timeline for the agreement.