DXC and Thought Machine Unveil Joint Solution for Banking Modernization

DXC Technology and Thought Machine have collaborated to create a joint solution to accelerate banking modernization for small and midsize banks. The solution combines DXC's industry expertise and full-service management with Thought Machine's next-generation core banking technology platform, Vault Core, and payments processing platform, Vault Payments. The joint solution streamlines modernization for financial institutions by modernizing legacy core systems, accelerating time to market for new digital products, and ensuring operational efficiency, resilience, and compliance.

ASHBURN, Va., June 19, 2025 — DXC Technology (NYSE: DXC) and Thought Machine have announced a joint solution designed to accelerate digital transformation for small and midsize banks. The collaboration combines DXC's industry expertise and full-service management with Thought Machine's next-generation core banking technology platform, Vault Core, and payments processing platform, Vault Payments.

The joint solution aims to streamline modernization for financial institutions by addressing the complexities faced by small to midsize banks in keeping pace with larger, global banks building proprietary platforms in-house. This collaboration offers a one-stop managed service, integrating the right technology, tools, and people to modernize end-to-end banking operations.

By leveraging Vault Core's highly configurable technology and DXC's automation-first methodology, financial institutions can modernize legacy core systems, accelerate time to market for new digital products, and ensure operational efficiency, resilience, and compliance. The integrated solution enhances agility, eliminates scalability barriers, and significantly reduces time to market. Financial institutions can either build new products from the ground up or migrate existing systems to the Vault platform, all fully managed through DXC's end-to-end Business Process Services capabilities.

"This collaboration underscores our dedication to leveraging next-generation technology to enable banks to modernise faster and deliver exceptional financial products," said Randy McFarlane, global head of partnerships at Thought Machine. "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."

DXC Technology, with over 45 years of experience in banking operations, is deeply committed to delivering best-in-class digital solutions to the world's leading financial institutions. The joint solution provides a comprehensive, future-ready path to modernization, enabling banks to accelerate innovation, improve operational efficiency, and reduce risk.

As a leader in Banking and Capital Markets technology-driven managed services, DXC is trusted by financial institutions of all sizes to manage 250 million customer deposit accounts. DXC's extensive ecosystem of innovative partners, products, technology, and talent enables seamless processing for 275 million cards daily at 475 banks.

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

References:
[1] https://www.newswire.ca/news-releases/dxc-and-thought-machine-launch-joint-solution-to-accelerate-banking-modernization-827863977.html
[2] https://www.prnewswire.com/news-releases/dxc-and-thought-machine-launch-joint-solution-to-accelerate-banking-modernization-302488545.html