General Bank of Canada (GBC) has partnered with Thought Machine to enhance its banking capabilities using modern cloud technology.
This collaboration is part of GBC’s strategic plan to adopt a modern, cloud-native technology architecture and support its long-term vision.
Under the partnership, GBC will transition its core banking product development to Thought Machine’s cloud-based platform, Vault Core.
Vault Core is known for its real-time architecture and the ability to build and manage financial products efficiently, offering GBC new operational capabilities.
The move aims to provide GBC with a flexible infrastructure to support its transformation strategy and drive innovation within the bank.
Thought Machine CEO and founder Paul Taylor said: “General Bank of Canada’s ambition demands an elegant, reliable, and scalable core banking platform.
“Vault Core is engineered to provide exactly that: a real-time, universal product engine that will empower GBC to innovate rapidly and manufacture its products to the Canadian fintech community, all while maintaining absolute platform reliability for its end-users.
“We are proud to provide the architectural foundation for a bank with such an ambitious and technology-forward vision for Canada.”
GBC plans to deploy the Vault Core platform incrementally to enhance its bank-to-business-to-consumer (B2B2C) operations
The Canadian bank will use its bank charter to create and distribute innovative products via diverse channels and partners.
General Bank of Canada CTO Barry Hensch said: “GBC is building upon its exceptionally strong foundation to help drive the long-term future of Canadian finance.
“Thought Machine’s Vault Core is a core catalyst, providing the ultimate, legacy-free foundation we need to continue to grow in an industry that is being massively disrupted.
“This technological transformation will position us as a powerful market driver, capable of leveraging a real-time product engine to configure and ship next-generation financial services at speed.
“This confirms GBC’s status as the Schedule 1 bank actively enabling market change, using our new speed and agility to fuel product innovation and drive strong competition throughout the Canadian financial sector as a B2B2C player.”
Thought Machine, which serves global banks including Lloyds and Standard Chartered, focuses on developing scalable cloud technology.
Earlier this year, the company collaborated with DXC Technology to offer a joint solution aimed at accelerating digital transformation for small and midsize banks.
