Italian bank Intesa Sanpaolo has invested ?40m into UK-headquartered Thought Machine, a developer of cloud-native core banking infrastructure.
The bank picked Thought Machine core banking engine, Vault, to power its digital banking platform Isybank. This new offering is targeting four million of Intesa mass-market customers in Italy.
Alongside this, Intesa has indicated a desire to extend Thought Machine core banking platform into its wider infrastructure to support its digitalisation. This could include replacing mainframe-based core technology and moving to cloud infrastructure.
Thought Machine Vault solution was picked due to its ability to serve multi-currency clients.
Intesa Sanpaolo CEO Carlo Messina said, ?Our new Business Plan aims to take the fintech challenge head on. This is why we decided to create a new entirely-digital bank to serve our younger retail customers, who prefer not to use branches and dont require the same in-person service that our Exclusive, Affluent and Private multichannel clients do.
?This new digital bank will evolve our retail business from incumbent to fintech challenger in the mass market, with the option to expand internationally. We chose Thought Machine as our partner due to its international standing as a fintech innovator. We believe so strongly that Thought Machine is the right partner for this transformation that we are also announcing our investment in the company to be part of its growth story.p>
Intesa Sanpaolo claims to be Italy largest bank by total assets and one of Europe most profitable and sustainable financial institutions. The bank has around 13.5 million customers in Italy and 7.1 million customers abroad.
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