Global digital transformation company GFT and cloud-native banking technology company Thought Machine are targeting businesses growth in the US.
The two companies are building on their multi-year partnership 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.
Traditional banks have historically moved slower than digital challengers. But now, they are now beginning to introduce new financial experiences that their digital counterparts cannot offer. GFT and Thought Machine argue that the banks that can get these experiences to market before their competitors will be those that get a head start in modernising their underlying legacy infrastructures.
GFT and Thought Machine to address banks’ largest infrastructural challenges
US banks and financial institutions are now in the position to begin undergoing large-scale infrastructure transformation. GFT has 35-plus years of experience partnering with global banks on their digital journeys.
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.
“Many banks and financial institutions are confident about the benefits of modernising 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.
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“Our partnership with GFT ensures that the benefits of modernisation can be fully realised with immediate impact.”
GFT, Thought Machine initial milestones include the launch of Mox
GFT and Thought Machine have achieved several initial milestones in their three-year partnership.
In collaboration with Thought Machine and Amazon Web Services (AWS), GFT additionally built and launched BankLiteX. This enables the launch of greenfield banks in as little as three months.
GFT and Thought Machine were pivotal in the build and implementation of Mox, the 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.