C6 Bank, a full-service bank for individuals and businesses based in São Paulo, Brazil, announced it will be using core banking technology from Thought Machine for innovative products, which will be announced shortly.
C6 Bank offers banking services to more than 20 million customers and will build and launch innovative products running on Vault Core – Thought Machine’s cloud-native core banking platform.
An extensive testing and simulation phase is now in progress, proving Vault Core’s ability to run innovative financial products and scale as the bank grows. Further details of financial products running on Vault Core will be announced later.
Paul Taylor, CEO, and founder of Thought Machine, said, “C6 Bank is a digital-banking leader in Brazil and a critically important client for us as we continue our expansion in Latam. This partnership demonstrates the flexibility of Vault Core and the capabilities of its Universal Product Engine in building and running innovative financial products catered to our clients’ specific markets.”
Thought Machine’s client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than $500 million in funding and has headquarters in London, with regional headquarters in Singapore, New York, and Sydney.
Thought Machine’s mission is to create technology that can run the world’s banks according to the best designs and software practices of the modern age. In doing so, they properly and permanently rid the world’s banks of the problems generated by poor technology running on legacy infrastructure. Their solution to this is Vault Core: a complete core banking platform capable of configuring easily to suit any bank’s needs. They have built Vault Core from the ground up as a cloud-native, microservices, and API-based platform.