Thought Machine, the cloud-native banking technology company, announced that Bpifrance, the French public investment bank, is “using Thought Machine’s cloud-native core banking platform, Vault Core.”
Bpifrance claims it is “the first bank in France to deploy Thought Machine’s modern cloud-native core banking platform, using Vault Core to deliver a new era of digital financial services to businesses.” The partnership is “a significant step in Bpifrance’s digital transformation strategy, announced in full on December 14.”
Vault Core is “accelerating the delivery of Bpifrance’s vision for the future of financial services – allowing the bank to operate at five times its previous pace.”
Vault Core’s Universal Product Engine “allows Bpifrance to build, test, and launch innovative new products faster than other core systems, accelerating Bpifrance’s time-to-market. Bpifrance’s first product on Vault Core, a two-year commercial loan, is now live.”
The single clear architecture and cloud-native design of Vault Core “ensure Bpifrance can scale at pace, both in terms of product offerings and customer numbers, free from the constraints of legacy technology.” Bpifrance will also “be able to configure and personalise financial products to match customers’ specific needs.”
Paul Taylor, CEO, Thought Machine, says:
“Partnering with Bpifrance is a significant moment for the business. Running on Vault Core, Bpifrance is modernising how financial services are delivered to businesses of all sizes. We share Bpifrance’s vision in delivering next-generation, modern financial services, and are excited about the bank’s ambitions to scale over the coming years.”
Arnaud Caudoux, Deputy CEO at Bpifrance in charge of Finance, Risks, Information Systems and Guarantee, says:
“Bpifrance wants to build on its network, experience and mission to offer French companies the best financing and support, both online and with business managers. With Thought Machine, we have chosen a cloud-native core banking system, operating entirely in event-driven logic and in real-time, perfectly aligned with our architectural choices and allowing us to achieve our ambitions.”
Thought Machine’s client list “includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.”
The company has “raised more than $500m in funding and has headquarters in London, with regional headquarters in Singapore, New York and Sydney.”
As covered, Thought Machine has “developed the foundational layer of modern banking. Its cloud-native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more.”
Vault Core has been “written from scratch as an entirely cloud-native platform and gives banks full control to build any product required to flourish in a rapidly changing world.”
Thought Machine is currently “a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and has raised more than $500m in funding.”