New York, September 14th, 2021– The global IT services and software engineering company GFT and cloud-native core banking company Thought Machine announce the availability of BankLiteX. 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.
Building block architecture of pluggable components
BankLiteX 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. The system 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 utilizing the AWS API gateway.
Gareth Richardson, Chief Operating Officer at Thought Machine, explains: “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, and achieving optimum operational efficiency. That is where BankLiteX, incorporating Vault, our cloud-native core banking solution, comes into its own. The increasing number of inquiries we receive 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: “BankLiteX incorporates Digital Bank Launcher (DBL), GFT’S new cloud-native asset which developed to enable the modern core banking providers to supercharge the capabilities of their solutions.” DBL comprises all the building blocks necessary to deliver digital channels and the banking platform to support integrations with external service providers and the fintech ecosystem.
According to Ruiz de Villa, DBL provides dynamic scalability and ensures consistent quality and security across the full banking stack, from the core banking system to the digital channels and the integration with third parties. It is built using the latest collaborative methods and technologies to ensure that all the teams across the business, from UX and design to DevOps and operations, can operate within a transparent, fully cooperative environment. An API-based experience and a Banking-as-a-Service layer provide a seamless experience across third-party services, products, and custom-made software.
Get a “lite” bank up and running in under 12 weeks
By using BankLiteX’s pre-configured components, architecture, and infrastructure, including GFT’s DBL accelerator, banks can get a “lite” bank up and running in under 12 weeks. This approach will enable users to quickly deploy different brands across multiple geographies tailored to suit country-specific business and regulatory requirements and support local products and regional partners.
Vault is a next-generation platform which does not contain any legacy or pre-cloud technology. It has been built from the ground up around APIs using a microservice architecture. The whole system integrates smoothly as the result of a single, coherent design. Through its system of smart contracts, Vault can be configured to run any type of retail bank product, no matter what the complexity. Thought Machine publicly names Lloyds Banking Group, SEB, Standard Chartered and Atom Bank as clients and users of Vault.
Marco Santos, President GFT USA and Latin America, adds: “The solution was developed based on knowledge and experience GFT has acquired over the years working and delivering innovation to financial institutions all over the globe. BankLiteX will help our clients in the US with their products and services, reducing time to market, minimizing project risks, and controlling operational and development expenditure. It’s a technology that can provide great results and benefits for the whole financial ecosystem”.