UK-based cloud-native core banking technology company Thought Machine has joined the Banking Industry Architecture Network (BIAN).
BIAN is a non-profit network that provides a common framework for banking.
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By joining the BIAN network, the partners will look to bolster the foundations of banking using technology and common standards.
The BIAN membership will allow Thought Machine to ensure its core banking platform Vault is compatible with BIAN standards.
This will allow the banks within the BIAN ecosystem to integrate with the Vault platform faster.
BIAN intends to create a compatible core banking infrastructure levering microservices technology.
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By GlobalDataIt will do so via its Coreless Banking Initiative, which was launched last year, in partnership with six major banks.
BIAN executive director Hans Tesselaar said: “Thought Machine’s cloud-native core banking engine Vault is recognized and proven as one of the most configurable, agile, and resilient platforms available in the market today.
“As they join BIAN, Thought Machine will bring their vast skills and expertise required to build and deploy Vault, which will be of immense value to the industry as we set a universal standard for modern, scalable core banking infrastructure.”
Under the partnership, Thought Machine has joined BIAN’s Strategic Advisory Group that establishes specific standards that improve global banking infrastructure.
Thought Machine will deploy microservices-based core banking architecture for its banking partners such as Lloyds Banking Group, Atom bank, SEB, and Standard Chartered.
Thought Machine CIO Peter Ebden said: “We are proud to be working with BIAN on this journey to standardize and promote modern banking infrastructure through a common architectural framework.
“We look forward to working alongside banks, technology providers, and other industry players to build best practices for the future of the banking industry.”
