General Bank of Canada (GBC) partners with Thought Machine to enhance banking capabilities with modern cloud technology. GBC will transition core banking product development to Thought Machine’s Vault Core platform known for real-time architecture and efficient financial product management. The move aims to provide GBC with flexible infrastructure for innovation and transformation.

Thought Machine CEO Paul Taylor highlights the ambition of GBC demanding an elegant, reliable, and scalable core banking platform. Vault Core will empower GBC to innovate rapidly and manufacture products for the Canadian fintech community while maintaining platform reliability. The collaboration aims to drive innovation and support GBC’s technology-forward vision for Canada.

GBC plans to deploy the Vault Core platform incrementally to enhance B2B2C operations. Leveraging its bank charter, GBC will create and distribute innovative products through diverse channels and partners. CTO Barry Hensch sees Vault Core as a catalyst for growth in a disrupted industry, positioning GBC as a powerful market driver for next-generation financial services.

The partnership confirms GBC’s status as a Schedule 1 bank actively enabling market change. Utilizing speed and agility, GBC aims to fuel product innovation and competition in the Canadian financial sector as a B2B2C player. Thought Machine, serving global banks like Lloyds and Standard Chartered, focuses on scalable cloud technology for digital transformation solutions.

Read more at Yahoo Finance: GBC taps Thought Machine to modernise core banking system