General Bank of Canada Collaborates with Thought Machine to Enhance Banking Capabilities
General Bank of Canada (GBC) has made a strategic move to increase its banking capabilities by collaborating with Thought Machine and adopting their modern cloud technology. The partnership is a significant part of GBC’s long-term strategy to modernize its technology architecture with cloud-native technology.
Thought Machine’s Vault Core to Power GBC
As part of the collaboration, GBC plans to transition its core banking product development to Thought Machine’s cloud-based platform, Vault Core. Known for its real-time architecture, Vault Core offers GBC the ability to build and manage financial products efficiently, thereby providing new operational capabilities.
This shift in infrastructure aims to provide GBC with the flexibility needed to drive its transformation strategy and foster innovation within the bank. The adoption of Vault Core is a significant part of GBC’s strategic plan to modernize its technology architecture with cloud-native technology.
Thought Machine’s Role in GBC’s Transformation
Thought Machine’s CEO and founder, Paul Taylor, stated that Vault Core was engineered to provide GBC with the necessary architectural foundation to meet its ambitious and technology-forward vision for Canada. The real-time, universal product engine will empower GBC to innovate rapidly, manufacturing its products to the Canadian fintech community while maintaining absolute platform reliability for its end-users.
GBC plans to deploy the Vault Core platform incrementally to enhance its bank-to-business-to-consumer (B2B2C) operations. The Canadian bank aims to leverage its bank charter to create and distribute innovative products through various channels and partners.
GBC in Position to Drive Innovation in Canadian Finance
Barry Hensch, CTO of General Bank of Canada, affirmed that GBC is building on its exceptionally strong foundation to help shape the long-term future of Canadian finance. The adoption of Thought Machine’s Vault Core will enable GBC to continue growing in an industry that is experiencing massive disruption.
The technological transformation will position GBC as a powerful market driver, capable of leveraging a real-time product engine to configure and ship next-generation financial services at speed. This move confirms GBC’s commitment to enabling market change and driving innovation in the Canadian financial sector as a B2B2C player.
Thought Machine, known for developing scalable cloud technology, serves global banks including Lloyds and Standard Chartered. Earlier this year, the company collaborated with DXC Technology to accelerate digital transformation for small and midsize banks.
This partnership between GBC and Thought Machine signifies a significant move in the banking sector, showing how embracing modern technology can drive innovation and transformation in the financial services industry.
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