GFT and Thought Machine launch cloud-based virtual bank Banklite

BankLite is operated by Amazon Web Services (AWS), a cloud-based automated bank development and deployment tool. BankLite is a modular system developed around Vault, Think Machine's cloud-native core banking engine, and operated by AWS native cloud services. Banks can build scalable end-to-end solutions by providing the skills to enable a multi-brand and multi-country strategy.

BankLite integrates GFT's cloud-native asset, Digital Bank Launcher (DBL), which helps core banking providers to extend the capabilities of their solutions. DBL provides all of the components required to provide digital channels, as well as a banking portal that allows for integrations with third-party applications and the fintech ecosystem.

GFT explains in the press release that an API-based experience and a banking-as-a-service layer aim to benefit third-party services, products, and custom-made software. This strategy enables consumers to distribute diverse brands around multiple geographies, individually customised to suit country-specific markets and regulatory needs.