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IBM chosen to push cloud-native banking platform

December 04, 2018 / Bobby Hellard

UK software firm Thought Machine has chosen IBM to accelerate the implementation of its cloud-native banking platform. The system is called Vault and Thought Machine said it was created to give traditional banks with legacy systems and business constraints a platform to meet the demands of modern banking. The partnership has already had some success as Lloyds Banking Group has begun exploring the Vault platform .The cloud-native core banking system allows banks to fully realise the benefits of IBM Cloud and 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, according to Thought Machine. "Most banks are constrained by their legacy core banking systems. Vault offers the first core banking platform built in the cloud from the ground up, massively scalable and with the flexibility to create and launch new products and services in days versus months, at un...