Banking technology firm Thought Machine has joined the Banking Industry Architecture Network (BIAN), a non-profit organisation that promotes and provides a common framework for banking.
The partnership will see the two organisations collaborate towards realising a shared vision of “strengthening the foundations of banking through common standards, modern technology, and a commitment to engineering excellence,” according to a statement from Thought Machine.
Thought Machine has joined BIAN’s strategic advisory group and the company’s chief infrastructure officer Peter Ebden will represent the company on this working group.
“Banks now recognise that having modern infrastructure is no longer a nice-to-have, but a prerequisite to sustaining competitive advantage,” Ebden said. “We are proud to be working with BIAN on this journey to standardise and promote modern banking infrastructure through a common architectural framework. We look forward to working alongside banks, technology providers and other industry players to build best practices for the future of the banking industry.”
Hans Tesselaar, executive director at BIAN, added, “We are delighted to welcome the pioneer in core banking, Thought Machine, to the BIAN community. Thought Machine’s cloud native core banking engine Vault is recognised and proven as one of the most configurable, agile, and resilient platforms available in the market today. As they join BIAN, Thought Machine will bring their vast skills and expertise required to build and deploy Vault, which will be of immense value to the industry as we set a universal standard for modern, scalable core banking infrastructure.”
Thought Machine added $42m to its Series B funding round in July, putting the total raised in the round at $125m.
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