Following this announcement, the firms will build on their multi-year partnership in the US in order to introduce banks and financial institutions with improved and secure digital infrastructures. GFT and Thought Machine are set to continue moving banks towards the usage of cloud-native systems.
Thought Machine will combine its cloud-native core banking technology with GFT’s suite of services in order to develop and deliver digital banking and payment products to UK banks in a more cost-effective and secure approach. The cloud-based technology will offer new tools and capabilities that will coexist with the financial institutions’ existing core system, as well as migrate from legacy to digital architectures.
The cloud-native technology company had multiple deals and collaborations in the last couple of months, covering several different geographical areas around the world.
In August 2023, the global digital engineering and IT solutions provider Virtusa Corporation announced its partnership with Thought Machine in order to launch its SME Customer Onboarding platform. Throughout this collaboration, the company leveraged Thought Machine’s core banking engine known as the Vault Core, and Virtusa’s processes in digital transformation. The SME Customer Onboarding platform was enabled to offer a varied and secure range of features and solutions.
Furthermore, the platform was developed in order to offer financial institutions the possibility to expedite and digitise their small and medium-sized enterprise client onboarding journey. By focusing on accuracy, compliance, and convenience, the service aimed to improve the manner in which banks made decisions and onboarded users into their digital banking ecosystem, focusing on making the whole procedure faster and more efficient.
Earlier in the same month, the LATAM-based private debt platform that caters to lenders and fintechs serving SMEs, Cordada, collaborated with Thought Machine in order to close the funding gap for small and medium-sized businesses in Latin America.
Cordada was set to leverage Thought Machine’s cloud-native core banking platform in order to develop personalised financial services for SME lenders, as well as fintech companies across the Latin American region. In addition, the company used Vault Core as SaaS hosted on the Google Cloud Platform (GCP). The partnership aimed to improve the manner in which lenders of various sizes funded the growth and development process of next-generation small and medium-sized enterprises.
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