GFT and Thought Machine announce BankLite to accelerate delivery of cloud-based digital banking

- Modular, end-to-end solution enables rapid creation and deployment of a cloud-based, digital banking entity

- Production-ready virtual bank for customers and accounts management available in under 12 weeks

- Incorporates the new GFT Digital Bank Launcher accelerator (DBL)

- Enables dynamic scalability, consistent quality, security and reduced operating cost 

- De-risks integration of all technology layers

STUTTGART, German, March 1, 2021 /PRNewswire/ -- The global IT services and software engineering firm GFT and cloud native core banking company Thought Machine today announce the availability of BankLite. Co-developed by GFT and Thought Machine and running on Amazon Web Services (AWS), the new solution enables clients to create and deploy a cloud-based digital bank faster than ever before.

BankLite is a fully modular system designed around Vault, Thought Machine's next-generation, cloud-native core banking engine, using AWS's native cloud services, hosted on the AWS infrastructure. This enables banks to create modern, highly flexible end-to-end solutions by delivering the required capabilities to support a multiple-entity, multi-brand, multi-country strategy. Its 'building block' architecture of pluggable components works together as one, leveraging an integration layer with microservices utilising the AWS API gateway. 

Steve Hoy, Director of Partnerships at Thought Machine, said: "Established financial institutions and start-ups are struggling with the limitations of legacy technology. There is now an urgent need to invest in modern core banking technology enabling superior customer service capabilities, reducing complex technology environments, all the while achieving optimum operational efficiency.

This is where BankLite, incorporating Vault, our cloud-native core banking solution comes into its own. The increasing number of enquiries we are receiving for this type of solution is a clear indication of the industry's growing appetite for change. We are confident this new offering has a significant part to play in enabling many more financial institutions to rapidly achieve their digital transformation goals."

Gonzalo Ruiz de Villa, Executive Director and Chief Technology Officer at GFT commented: "BankLite incorporates Digital Bank Launcher, GFT'S new cloud-native asset which has been developed to enable the modern core banking providers to supercharge the capabilities of their solutions." He went on to explain that DBL comprises all the building blocks necessary to deliver digital channels, as well as the banking platform to support integrations with external service providers and the fintech ecosystem.