DXC and Thought Machine Launch Joint Solution to Accelerate Banking Modernization

Cision Canada

24-06-2025

ASHBURN, Va., June 24, 2025 /CNW/ - DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider, and Thought Machine, a leading provider of cloud-native banking technology, today announced a joint solution to accelerate digital transformation for small and midsize banks. The collaboration combines DXC's deep industry expertise and full-service management with Thought Machine's next-generation core banking technology platform, Vault Core, and payments processing platform, Vault Payments, to streamline modernization for financial institutions.
As small to midsize banks and financial institutions strive to keep pace with larger, global banks building proprietary platforms in-house, they often face complex vendor landscapes and deeply entrenched legacy systems. This joint solution delivers a one-stop managed service, bringing together the right technology, tools, and people to modernize end-to-end banking operations. By offering a simplified path to transformation, DXC and Thought Machine help banks modernize legacy core systems, accelerate time to market for new digital products, and ensure operational efficiency, resilience, and compliance.
"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."
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. The result: financial institutions can launch new products, including savings accounts, mortgages, and loans in hours rather than weeks or months. Combining DXC's automation-first methodology with Vault Core's highly configurable technology eliminates the need for code changes and enables an increase in future digital product and feature launches.
"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," said Chris Drumgoole, President, Global Infrastructure Services at DXC Technology. "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."
As a leader in Banking and Capital Markets technology-driven managed services with over four decades of industry experience, 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.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world's largest companies and public sector organizations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
About Thought Machine
Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.
Vault Core and Vault Payments have been written 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.
Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.