JPMorgan To Replace Core Banking System
(22 September 2021 – United States) JPMorgan is replacing its core banking system with a cloud-based solution from United Kingdom (UK) based Financial Technology (FinTech) group Thought Machine.
Thought Machine has developed a cloud-based system known as Vault which will enable banks to reduce legacy Information Technology (IT) systems and migrate client accounts to a cloud native platform. This provides banks with the flexibility to provide new innovative digital offerings and will reduce long term infrastructure costs.
“Thought Machine’s Smart Contracts framework allows JPMorgan to build on its world-class customer offering and continue to provide its customers with innovative and cutting-edge banking services” commented JPMorgan Chase CIO, Rohan Amin.
“JPMorgan 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” stated Thought Machine CEO, Paul Taylor.