DXC, Thought Machine launch digital banking solution for small and mid-sized banks.

DXC Technology and Thought Machine have partnered to create a joint solution that accelerates the digital transformation of small and medium-sized banks. The collaboration combines DXC's expertise in the sector and comprehensive service management with Thought Machine's latest-generation banking technology platform, Vault Core, and payment processing platform, Vault Payments. The solution aims to modernize financial institutions and help them keep pace with international banks that create their own platforms.

ASHBURN, Va., June 19, 2025 — DXC Technology (NYSE: DXC) and Thought Machine, a leading provider of cloud-native banking technology, have announced a strategic partnership to offer a joint solution aimed at accelerating the digital transformation of small and medium-sized banks. The collaboration combines DXC's extensive industry expertise and full-service management capabilities with Thought Machine's cutting-edge banking technology platforms, Vault Core and Vault Payments.

The joint solution addresses the challenges faced by small to medium-sized banks as they strive to keep pace with larger, international banks that build proprietary platforms in-house. By offering a one-stop managed service, the partnership simplifies the modernization of end-to-end banking operations, helping financial institutions to streamline their legacy core systems, accelerate the time to market for new digital products, and ensure operational efficiency, resilience, and compliance [1].

Randy McFarlane, global head of partnerships at Thought Machine, underscored the significance of the collaboration: "This partnership underscores our dedication to leveraging next-generation technology to enable banks to modernize faster and deliver exceptional financial products. With modern core systems, banks are empowered to develop more innovative, customer-centric services with speed and ease. We are excited to work with DXC to accelerate banking transformation and build the future of financial services globally" [1].

The integrated solution enhances agility, eliminates scalability barriers, and significantly reduces time to market. Financial institutions can either build new products from scratch or migrate existing systems to the Vault platform, all managed through DXC's end-to-end Business Process Services capabilities. This results in financial institutions being able to launch new products, such as savings accounts, mortgages, and loans, in hours rather than weeks or months [1].

Chris Drumgoole, President, Global Infrastructure Services at DXC Technology, highlighted the commitment to delivering best-in-class digital solutions: "With more than 45 years of experience in banking operations, DXC is deeply committed to delivering best-in-class digital solutions to the world's leading financial institutions. Our joint solution with Thought Machine provides a comprehensive, future-ready path to modernization—enabling banks to accelerate innovation, improve operational efficiency, and reduce risk" [1].

The partnership leverages DXC's extensive ecosystem of innovative partners, products, technology, and talent, which has enabled the seamless processing of 275 million cards daily at 475 banks. Thought Machine's Vault Core and Vault Payments platforms have been developed from scratch as entirely cloud-native technologies, giving banks full control to run any bank, product, and payment set to flourish in a rapidly changing world [1].

For more information about DXC's collaboration with Thought Machine, visit DXC Banking BPS.

References:
[1] https://www.prnewswire.com/news-releases/dxc-and-thought-machine-launch-joint-solution-to-accelerate-banking-modernization-302488577.html