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19 July 2022

Is time running out for legacy payments technology used by banks?

Legacy technology used by banks to process customer payments is still widespread and offers a new front for financial technology (fintech) firms. The retirement of legacy core banking systems within banks was discussed for years before cloud computing technology came along and finally started the process. One company that has contributed to the replacement of legacy systems is Thought Machine. Launched in 2014 by a former Google executive, the company has reached a valuation of more than £2bn selling its cloud-native core banking system known as Vault. In the UK alone, it now boasts Lloyds Banking Group, JPMorgan Chase and Atom bank as customers of its Vault core banking system, as banks – both large and small – worldwide have taken up the offering, including the recently announced addition of Italy’s largest bank, Intesa Sanpaolo. Founder Paul Taylor spoke to Computer Weekly about the UK fintech unicorn’s next target market after it launched its cloud-native payments technology called Vault Payments. He said its move to offer ...

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