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GFT & Thought Machine to accelerate digitisation initiatives for US banks

By Delisha Fernandes

September 29, 2023

  • Banking technology
  • Digital Challengers
  • Digitisation
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GFT, Thought Machine, U.S. Banks, banking technology, digital challengers, digitization, Vault Core, financial institutions, mobile digital banking, Standard Chartered, FinTech news, FinTech USGFT, a global digital transformation company, has partnered with Thought Machine, a cloud-native banking technology company to accelerate digitisation initiatives that aim to power US banks’ future growth.

The two companies are building on their multi-year partnership in the US, where they’re working with banks to introduce new digital infrastructures. GFT and Thought Machine will continue working together to move banks away from legacy technology and towards truly cloud-native systems.

“Many banks and financial institutions are confident about the benefits of modernizing their core infrastructures. Until now, there has been no viable option in the market for giving banks the technology capabilities and maturity of software they need to innovate meaningfully while offering an agile solution for coexistence and migration of legacy products,” said Brian Dempsey, Partnerships Director at Thought Machine. “Our partnership with GFT ensures that the benefits of modernization can be fully realized with immediate impact.”

GFT is a leading implementation partner of Thought Machine’s Vault Core. Built on truly cloud-native design principles, Vault Core allows banks to define their path for transformation. The technology is pivotal to launching digital-first greenfield banks, offering new technology capabilities that coexist with their existing core system or migrating from legacy to digital architectures.

Through their global partnership, GFT and Thought Machine were pivotal in the build and implementation of Mox, the cloud-native, mobile-only digital banking arm of Standard Chartered in Hong Kong. The digital bank has over 400,000 customers, which is powered by AWS and Vault Core.

“Fintechs have been challenging how consumers think about banking and financial experiences for a few years. However, traditional banks have been quietly planning their next steps throughout that time,” said Marco Santos, CEO Americas at GFT. “We are now at a watershed moment in which these banks are ready to consolidate their unrivaled financial expertise and regulatory frameworks with digitization, cementing their positions at the top of the financial hierarchy for good.”

GFT’s strengths include deep technical expertise, strong partnerships and comprehensive market insights. The company uses them to design digital transformation for clients from the finance and insurance sectors as well as in the manufacturing industry. Through the intelligent use of technology it adds value and increases productivity for clients.

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