Indian IT company HCLTech has entered into a partnership with cloud native banking technology firm Thought Machine to promote the digital transformation of banks using artificial intelligence (AI) and cloud technology.
This collaboration is designed to assist financial institutions in upgrading from outdated systems to more modern, autonomous frameworks.
Central to this initiative is Thought Machine’s Vault platform, which focuses on transitioning banks from traditional infrastructures to cloud-native technologies. This shift aims to improve operational efficiency and provide personalised customer services.
HCLTech will provide its expertise in banking technology and regulatory compliance to aid in this transformation.
The Vault platform includes two primary components. These include Vault Core and Vault Payments.
Vault Core, a cloud-native core banking solution, is claimed to be utilised by several major banks such as Lloyds Banking Group and Standard Chartered. It offers banks the flexibility to develop products suited for the evolving financial landscape.
Meanwhile, Vault Payments supports various payment types through its Universal Payment Engine, also built on cloud-native technology.
Thought Machine partnerships global head Randy McFarlane said: “Our global partnership with HCLTech marks a significant step in helping banks break free from legacy constraints and adopt truly digital-first models.
“Together, we will deliver intelligent, self-optimising systems that evolve with customer needs.”
HCLTech plans to deliver comprehensive transformation services with Vault-certified teams and global fintech Centres of Excellence (CoEs). The company will establish a dedicated CoE for Vault Core and Vault Payments, focusing on scalable solutions for the financial sector.
HCLTech executive vice president and Europe and UK & Ireland (UKI) financial services head Sudip Lahiri said: “This collaboration reflects our vision to lead the future of autonomous banking through cloud, data and AI.
“By joining forces with Thought Machine, we will help banks unlock exponential value, reduce operational friction and accelerate time to market.”
Last month, Thought Machine formed a partnership with Zopa, a digital bank, as it launched its current account service, Biscuit. Using the Vault Core platform, Zopa expedited its product development process, releasing a beta version in September 2024 and a full launch in June 2025.
Thought Machine operates globally, with offices in London, New York, Singapore, and Sydney. The company has raised over $500m to date.
