ING Bank Śląski goes live on Thought Machine’s Vault

Source: Thought Machine

Thought Machine, the cloud native core banking technology company, today announces it has been selected by Polish bank ING Bank Śląski.

The bank is now live on Vault, Thought Machine’s cloud native core banking engine, with a new personal loan product, enhancing its position as a leader in digital banking customer experience.

ING Bank Śląski is a universal bank which offers a broad range of services for individual and institutional clients, and will launch new features and services on Vault that improve customer experience at pace. The bank will continue to develop products over the coming years to further enhance banking experience for its clients.

Vault, the foundation layer of modern banks, gives banks full control to do anything – from launching innovative products to sustainably maintaining legacy products. Vault can run any type and size of bank on a single platform, and is cloud native and cloud agnostic to support any deployment type by a bank, on any cloud provider.

ING Bank Śląski is widely-acclaimed as a leader in digital and mobile banking, and was awarded Global Finance Magazine’s Digital Bank of Distinction Award. The bank currently serves 4.3m retail clients and 509,000 corporate clients, with 262 bank outlets as of Q3 2021.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud native core banking technology to some of the largest and most ambitious banks in the world, including Lloyds Banking Group, JPMorgan Chase, Standard Chartered, SEB and others. The firm recently raised $200m in Series C funding led by Nyca Partners, and participation from institutional investors including ING Ventures, JPMorgan Chase Strategic Investments and Standard Chartered Ventures.

Paul Taylor, CEO of Thought Machine: “Leading financial institutions, like ING Bank Śląski, truly understand the benefits of modern software design and cloud native technology. The banks that choose to embrace this will deliver on ever-evolving customer needs, and win in an increasingly competitive market. ING Bank Śląski, Poland’s leading financial institution, is one of these game-changers. We look forward to working on this core transformation programme and for ING Bank Śląski to deliver material value for its customers.”