Thought Machine, the cloud-native core banking technology firm which builds Vault, today announces it has joined the Banking Industry Architecture Network (BIAN), the non-profit organisation, that promotes and provides a common framework for banking.
Founded in 2014 by former Google engineer Paul Taylor, Thought Machine will bring its next-generation core banking expertise to the BIAN network. By joining BIAN, two parties have come together with a shared vision of strengthening the foundations of banking through common standards, modern technology, and a commitment to engineering excellence.
BIAN membership will focus Thought Machine in ensuring its cloud-native core banking platform Vault is compatible with BIAN standards, making it faster and easier for banks within the BIAN ecosystem to integrate with Vault. Furthermore, Thought Machine will help BIAN achieve its vision of creating a universally compatible core banking infrastructure based on microservices technology through its Coreless Banking Initiative.
Thought Machine has joined BIAN’s Strategic Advisory Group, alongside the likes of Infosys, Wells Fargo, PNC and Deloitte. This Working Group is responsible for mapping out the strategic direction of BIAN and establishing standards that promote continuous improvement of global banking infrastructure.
Thought Machine’s Chief Infrastructure Officer Peter Ebden will represent the company on this Working Group, bringing his expertise in writing and deploying microservices oriented core banking architecture for leading financial institutions across the globe. Thought Machine names Lloyds Banking Group, Atom bank, SEB and Standard Chartered as clients and users of its platform, Vault.
Peter Ebden, Chief Infrastructure Officer, Thought Machine, comments: “Banks now recognise that having modern infrastructure is no longer a nice-to-have, but a prerequisite to sustaining competitive advantage. We are proud to be working with BIAN on this journey to standardise and promote modern banking infrastructure through a common architectural framework. We look forward to working alongside banks, technology providers and other industry players to build best practices for the future of the banking industry.”
Hans Tesselaar, Executive Director, BIAN, said: “We are delighted to welcome the pioneer in core banking, Thought Machine, to the BIAN community. Thought Machine’s cloud native core banking engine Vault is recognised and proven as one of the most configurable, agile, and resilient platforms available in the market today. As they join BIAN, Thought Machine will bring their vast skills and expertise required to build and deploy Vault, which will be of immense value to the industry as we set a universal standard for modern, scalable core banking infrastructure.”