Thought Machine Names IBM Services as Global Implementation Partner

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LONDON and ARMONK, N.Y., Dec. 4, 2018 /PRNewswire/ -- IBM (NYSE: IBM) and Thought Machine, a UK based software company, today announced that IBM Services will be the global preferred implementation partner for Thought Machine's cloud-native core banking platform called Vault.

Many established banks have the ambition to deliver better digital services to their customers but are held back by their complex core banking platforms. On average, banks spend a significant proportion of their IT budgets maintaining their current operations leaving them little ability to invest in developments to offer services that customers expect.

The significant increase in digital services demanded by banks' customers is increasing the pressure on core systems. Alongside this, new banking players are using the latest technologies to disrupt the market. Thought Machine created Vault to give traditional banks with legacy systems and business constraints a solution to be able to fight back against new players while adapting to meet the new demands of customers and regulators.

Thought Machine's Vault is a cloud native core banking system, which allows banks to fully realize the benefits of all clouds including the IBM Cloud. The system has been developed to be highly flexible giving banks the ability to quickly add new products, accommodate shifts in a bank's strategy or react to external changes in the market. More...