Cloud banking technology firm Thought Machine has joined the Banking Industry Architecture Network (BIAN), the non-profit organisation that provides a common framework for banking.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine’s BIAN membership will focus it on ensuring its Vault product is compatible with BIAN standards.

Furthermore, Thought Machine will help BIAN achieve its vision of creating a universally compatible core banking infrastructure based on micro-services technology through its Coreless Banking Initiative.

Thought Machine has joined BIAN’s Strategic Advisory Group, alongside Infosys, Wells Fargo, PNC and Deloitte. This group is responsible for mapping out the strategic direction of BIAN and establishing standards that promote continuous improvement of global banking infrastructure.

Thought Machine’s chief infrastructure officer Peter Ebden will represent the company on this group, bringing his expertise in writing and deploying micro-services oriented core banking architecture for leading financial institutions across the globe.

Peter Ebden, chief infrastructure officer at Thought Machine, said: “Banks now recognise that having modern infrastructure is no longer a nice-to-have, but a prerequisite to sustaining competitive advantage.

"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.”

Thought Machine provides Vault platform services to Lloyds Banking Group, Atom bank, SEB and Standard Chartered.

Hans Tesselaar, executive director at BIAN, said: “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.”

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