JP Morgan Chase, the retail banking unit of the US banking giant, is set to transfer its core banking system to a cloud-native solution from UK FinTech Thought Machine.
The London-based FinTech was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.
Its flagship product is called “Vault”, a solution aimed at banks constrained by existing legacy technology, deployed in containers via Kubernetes orchestration.
The news comes after Thought Machine underwent significant international expansion in 2020, hiring 150 employees and raising $125 million.
The FinTech claims its rooster of banking clients includes Lloyds Banking Group, Atom Bank, Standard Chartered, and Sweden’s SEB.
Earlier this month, Sky News reported that that Thought Machine was set to close a £150 million funding round led by Nyca Partners.
The news comes after JP Morgan confirmed it is set to launch its Chase division in the UK next week, in a move that will pit the US investment giant against the UK’s High Street banks and digital banking challengers such as Revolut, Monzo, and Starling.
The US bank has previously highlighted the potential of moving to cloud-based platforms; JP Morgan chief executive Jamie Dimon has highlighted a reliance on legacy systems as a weakness for banks, which he said need to be moved to the cloud if they are to ‘remain competitive’ in his annual letter to shareholders in April.
“JP Morgan Chase represents one of the most ambitious, powerful financial institutions in the world - and our joint work signals to the finance industry that cloud native core banking technology is the future for financial services," said Paul Taylor, chief executive and founder of Thought Machine.
“We are excited to be working with Thought Machine - their Vault core engine is built to take full advantage of the cloud and its Smart Contracts framework allows JPMorgan Chase to build on its world-class customer offering and continue to provide its customers with innovative and cutting-edge banking services,” said Rohan Amin, chief information officer at Chase.
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