GBC partners with Thought Machine for cloud-native transformation

By Vriti Gothi

General Bank of Canada (GBC) has partnered with Thought Machine to transition to a modern, cloud-native technology architecture that will redefine its operational agility and innovation capacity.

As part of this partnership, GBC is migrating its new core banking product development to Vault Core, Thought Machine’s cloud-native platform. By anchoring its development within Vault Core, GBC is embracing a flexible and scalable infrastructure that will accelerate its transformation strategy, enabling rapid innovation across products and services.

Vault Core stands apart as a universal core banking system built entirely from scratch, free from any legacy code. Its real-time architecture and advanced product engine empower banks to design, deploy, and manage financial products from inception with unprecedented speed and precision. Through the deployment of Vault Core, GBC will unlock new levels of configurability, efficiency, and responsiveness, providing a robust foundation for its future growth and innovation roadmap.

This partnership will see GBC gradually adopt Vault Core to strengthen its position as a leading financial product manufacturer. Leveraging its full-service bank charter, GBC aims to evolve as a high-value Bank-to-Business-to-Consumer (B2B2C) provider, developing cutting-edge financial products that can be distributed through an expanding network of channels and strategic partners.

Paul Taylor, CEO and Founder of Thought Machine, said, “General Bank of Canada’s ambition demands an elegant, reliable, and scalable core banking platform. Vault Core is engineered to provide exactly that: a real-time, universal product engine that will empower GBC to innovate rapidly and manufacture its products to the Canadian FinTech community, all while maintaining absolute platform reliability for its end-users. We are proud to provide the architectural foundation for a bank with such an ambitious and technology-forward vision for Canada.”

Barry Hensch, CTO of General Bank of Canada, added, “GBC is building upon its exceptionally strong foundation to help drive the long-term future of Canadian finance. Thought Machine’s Vault Core is a core catalyst, providing the ultimate, legacy-free foundation we need to continue to grow in an industry that is being massively disrupted. This technological transformation will position us as a powerful market driver, capable of leveraging a real-time product engine to configure and ship next-generation financial services at speed. This confirms GBC’s status as the Schedule 1 bank actively enabling market change, using our new speed and agility to fuel product innovation and drive strong competition throughout the Canadian financial sector as a B2B2C player.”