DXC Technology, a global technology services provider, has forged a new partnership with cloud-native banking technology provider Thought Machine to launch a new solution to accelerate digital transformation for small and midsize banks.
Combining the industry expertise and full-service management from DXC Technology with the Thought Machine core banking technology platform, Vault Core, and payments processing platform, Vault Payments, the two organisations are planning 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, as well as challenges with legacy systems.
The new joint solution aims to deliver a one-stop managed service, bringing together the right technology, tools, and people to modernise end-to-end banking operations. The integrated solution enhances agility, eliminates scalability barriers, and significantly reduces time to market.
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, while ensuring 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.”
Accelerating innovation while reducing risk
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. As a result, financial institutions can launch new products, including savings accounts, mortgages, and loans in hours rather than weeks or months.
“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,” Chris Drumgoole, president, global infrastructure services at DXC Technology, also added. “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.”
Boasting over four decades of industry experience offering banking and capital markets technology-driven managed services, DXC is trusted by financial institutions of all sizes to manage 250 million customer deposit accounts. DXC’s ecosystem of partners, products, technology, and talent enables seamless processing for 275 million cards daily at 475 banks.
