Intesa Sanpaolo’s Isybank live on Thought Machine’s technology
By Gloria Methri
Thought Machine, the cloud-native banking technology company, has announced that Intesa Sanpaolo’s newly launched digital bank, Isybank is now running on Vault Core. The bank went live just 12 months after initiating the deal with Thought Machine.
Leveraging the advanced capabilities of Thought Machine’s cloud-native core banking platform, Vault Core, Isybank provides a range of current accounts and a salary finance advance product, allowing users to access their earned funds before payday.
Intesa Sanpaolo first partnered with Thought Machine in February 2022, to build and power its new digital bank. The partnership is one component of Intesa Sanpaolo Group’s 2022-2025 Business Plan, which outlines investment in technology and growth to cater to its digitally savvy customers.
Intesa Sanpaolo also invested in Thought Machine’s Series D investment round, solidifying its commitment to the project. In March 2023, the Italian began testing Isybank with staff.
The public launch of Isybank represents a significant milestone in transforming Intesa Sanpaolo’s operational model. The bank plans to gradually transition a portion of its retail customers to the cloud-native technology offered by Thought Machine.
Vault Core will support Intesa Sanpaolo’s digital transformation project and assist Isybank as it expands its services and introduces new products.
Paul Taylor, CEO and founder of Thought Machine, said, “We are proud to support Intesa Sanpaolo in launching Isybank, which we anticipate will be an incredibly popular service. This achievement marks a significant milestone in our partnership with one of Europe’s leading banks and underscores our commitment to powering the world’s financial institutions. With excellent work underway, we look forward to applying best practices in cloud computing, engineering, and delivery to support the bank in this next phase.”
IBSi Daily News Analysis
September 27, 2023
Looming data compliance issue still haunts FinTechs, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage