JP Morgan Chase has chosen Thought Machine’s Vault to replace its US retail core banking system.
In Brief:
FinTech Alliance company Thought Machine works with banks to replace core banking systems.
Its cloud native system, Vault, is used to replace legacy tech.
Vault will now replace the entire retail core banking system for JP Morgan Chase in the US.
What does this mean?
Vault is already used by many businesses including Lloyd’s Banking Group in the UK and Mox, Standard Chartered’s Hong Kong virtual bank.
Thought Machine CEO Paul Taylor commented: “JPMorgan Chase represents one of the most ambitious, powerful financial institutions in the world - and our joint work signals to the finance industry that cloud native core banking technology is the future for financial services.”
