CIBC has partnered with Thought Machine to adopt the Vault Core platform as the basis for modernising its retail banking technology.
Under the multi-year agreement, Canada-based CIBC will use Vault Core, the cloud-native core banking platform developed by UK-based Thought Machine, as the technology foundation for its retail banking operations in Canada. The bank has already built and piloted its first product on the platform, The Simplii Account, in less than a year, making CIBC the first large Canadian bank to go live on Vault Core.
The relationship also extends beyond a vendor contract. Earlier in 2026, CIBC co-led Thought Machine’s Series E funding round with an investment of approximately USD 40 million, linking its capital commitment directly to its enterprise technology strategy.
From batch processing to a real-time core
Vault Core is intended to replace CIBC’s legacy, batch-oriented systems, which the companies say limit speed and flexibility in product development. With the new platform, the bank’s internal product and engineering teams can build, test, and launch products directly on a scalable, cloud-native engine, while retaining full control over the direction of their technology stack.
The first features released through The Simplii Account are customisable folders and automated savings goals, which allow clients to organise their spending, bills, and savings within the mobile app. According to the companies, this functionality is a first among Canadian direct-to-consumer banks. The account is the first of several products CIBC plans to build on the platform.
The rollout follows a phased model. CIBC started with a single product on its Simplii Financial brand and now treats the pilot as the operational proof point for its broader multi-year technology strategy. The bank intends to use the cloud-native foundation to progressively modernise its retail core operations, establishing a real-time framework for further capabilities, including real-time payments.
Hratch Panossian, Senior Executive Vice-President, Personal and Business Banking at CIBC, said the technology would allow the bank to go beyond building new products and would change the way it develops services for clients. Paul Taylor, Founder and CEO of Thought Machine, said the deployment showed that large banks can move quickly when they have the appropriate technology and working methods, and noted CIBC’s dual role as both strategic partner and investor as the platform expands across the bank’s retail operations.
Thought Machine’s tier-one client base
With this deployment, CIBC joins more than 20 large global and national banks that use Vault Core to replace legacy systems, a group that includes Deutsche Bank, Lloyds Banking Group, and Standard Chartered. Across all segments, Thought Machine’s Vault platform, which supports both core banking and payments, is used by more than 70 banks and financial institutions worldwide, several of which are also strategic investors in the company.
Thought Machine operates offices in the UK, the US, Singapore, Australia, and Portugal, and has raised more than USD 666 million in funding to date.
