Thought Machine, the cloud-native banking technology company, today announces it has been inducted into JPMorgan Chase’s Hall of Innovation. The Hall of Innovation is a small group of technology companies selected yearly and recognised by the bank for their superior product quality and market-leading position.
“Thought Machine has been helping us modernize the core banking technology that powers a variety of products and services used by the more than 66 million households we serve across the United States,” said Gill Haus, Chief Information Officer for Consumer & Community Banking at JPMorgan Chase. “We are thankful for their support and look forward to continuing to innovate as we migrate to their cloud-native core banking platform at scale.”
Companies inducted into JPMorgan Chase’s Hall of Innovation have demonstrated the highest levels of product excellence and a proven ability to innovate in the financial services sector – with only a small number of companies selected each year.
Larry Feinsmith, Head of Global Strategy, Innovation and Partnerships and Gill Haus, presented the award to Barry O’Connell, Thought Machine’s Managing Director, Sales, Americas. The event took place at JPMorgan Chase’s Technology Innovation Symposium in Menlo Park, California, on October 11, 2022.
“To enter JPMorgan Chase’s Hall of Innovation is a testament to our work and shows the importance of modern core technology for Tier 1 financial institutions. This is an important milestone for us, and we look forward to continued work with JPMorgan Chase as it transitions to our cloud-native core technology,” says Paul Taylor, founder and CEO of Thought Machine.
Thought Machine is working with JPMorgan Chase on a multi-year programme of work which will deploy Thought Machine’s cloud-native core banking platform, Vault Core, across JPMorgan Chase’s Consumer & Community banking business, which serves more than 66 million households in the United States. JPMorgan Chase is an investor in Thought Machine and participated in the company’s $200m Series C funding round in 2021.
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About Thought Machine
Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud native core banking engine, Vault Core, is trusted by leading banks and financial institutions around the world including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve and more.
Vault Payments is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023.
The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.
Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and has raised more than $500m in funding.
For more information visit thoughtmachine.net
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