DXC Technology and Thought Machine have launched a joint solution to accelerate banking modernisation for small and midsize banks.  

The alliance brings together DXC’s IT services expertise expertise with Thought Machine’s Vault Core and Vault Payments platforms, to streamline digital transformation for financial institutions. 

The joint solution addresses challenges faced by small to midsize banks, such as complex vendor landscapes and legacy systems, by offering a one-stop managed service.  

This approach streamlines end-to-end banking operations, helping banks enhance operational efficiency, resilience, and compliance. 

By leveraging DCX’s full-service management and Thought Machine’s core banking technology, the solution aims to enable banks to accelerate time to market for new digital products.  

It is designed to offer a simplified transformation path, allowing financial institutions to either build new products or migrate existing systems to the Vault platform. 

DXC’s automation-first methodology, combined with Vault Core’s configurable technology, eliminates the need for code changes, DCX said.   

This is said to facilitate quicker launches of new products, such as savings accounts, mortgages, and loans, reducing the time from weeks or months to hours. 

DXC Technology president of global infrastructure services Chris Drumgoole said: “With more than 45 years of experience in banking operations, DXC is deeply committed to delivering best-in-class digital solutions to the world’s leading financial institutions.  

“Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernisation—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk.” 

Thought Machine global head of partnerships Randy McFarlane said: “This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products.  

“With modern core systems, banks are empowered to develop more innovative, customer-centric services with speed and ease. We are excited to work with DXC to accelerate banking transformation and build the future of financial services globally.” 

DXC, with over four decades of industry experience, offers banking and capital markets technology-driven managed services.  

It is used by financial institutions globally, claiming to manage 250 million customer deposit accounts and processing 275 million cards daily at 475 banks.