INDUSTRY // Fin. tech
DXC and Thought Machine launch joint solution to accelerate banking modernisation
DXC Technology, a leading Fortune 500 global technology services provider, and Thought Machine, a leading provider of cloud-native banking technology, announced a joint solution to accelerate Digital Transformation for small-and-midsize banks. The collaboration combines DXC’ s deep industry expertise and full-service management with Thought Machine’ s next-generation core banking technology platform, Vault Core and payments processing platform, Vault Payments, to streamline modernisation for financial institutions.
As small-to-midsize banks and financial institutions strive to keep pace with larger, global banks building proprietary platforms in-house, they often face complex vendor landscapes and deeply entrenched legacy systems. This joint solution delivers a one-stop managed service, bringing together the right technology, tools and people to modernise end-to-end banking operations. By offering a simplified path to transformation, DXC and Thought Machine help banks modernise legacy core systems, accelerate time to market for new digital products and ensure operational efficiency, resilience and compliance.
“ This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products,” said Randy McFarlane, Global Head of Partnerships at Thought Machine.“ 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.”
The integrated solution enhances agility, eliminates scalability barriers and significantly reduces time to market. Financial institutions can either build new products from the ground up or migrate existing systems to the Vault platform, all fully managed through DXC’ s end-to-end Business Process Services capabilities.
The result: financial institutions can launch new products, including savings accounts, mortgages and loans in hours rather than weeks or months. Combining DXC’ s automation-first methodology with Vault Core’ s highly configurable technology eliminates the need for code changes and enables an increase in future digital product and feature launches.
“ 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,” said Chris Drumgoole, President, Global Infrastructure Services at DXC Technology.“ 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.”
As a leader in Banking and Capital Markets technology-driven managed services with over four decades of industry experience, DXC is trusted by financial institutions of all sizes to manage 250 million customer deposit accounts. DXC’ s extensive ecosystem of innovative partners, products, technology and talent enables seamless processing for 275 million cards daily at 475 banks. p
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