Thought Machine, the cloud-native banking technology company, today announces that Intesa Sanpaolo’s newly launched digital bank, Isybank, has now launched, running on Vault Core. The bank went live just 12 months after initiating the deal with Thought Machine.
Leveraging the advanced capabilities of Thought Machine’s cloud-native core banking platform, Vault Core, Isybank provides a range of current accounts and a salary finance advance product, allowing users to access their earned funds before payday.
In February 2022, Intesa Sanpaolo partnered with Thought Machine to build and power its new digital bank. The partnership with Thought Machine is one component of Intesa Sanpaolo Group’s 2022-2025 Business Plan, which outlines investment in technology and growth to cater to its digitally savvy customers. Intesa Sanpaolo also invested into Thought Machine’s Series D investment round, solidifying its commitment to the project. In March 2023, Intesa Sanpaolo began testing Isybank with staff.
The public launch of Isybank represents a significant milestone in transforming Intesa Sanpaolo's operational model. The bank plans to gradually transition a portion of its retail customers to the cloud-native technology offered by Thought Machine.
Vault Core is uniquely positioned to support Intesa Sanpaolo's digital transformation project and assist Isybank as it expands its services and introduces new products. Vault Core is now proven to serve millions of customers with highly differentiated and personalised products.
Paul Taylor, CEO and founder of Thought Machine, says: “We are proud to support Intesa Sanpaolo in launching Isybank, which we anticipate will be an incredibly popular service. This achievement marks a significant milestone in our partnership with one of Europe’s leading banks and underscores our commitment to powering the world’s financial institutions. With excellent work underway, we look forward to applying best practices in cloud computing, engineering, and delivery to support the bank in this next phase.”
Last year, Thought Machine completed a Series D funding round, valuing the company at $2.7bn. Thought Machine’s client roster includes Lloyds Banking Group, Standard Chartered Bank, Intesa Sanpaolo, Atom Bank, and Curve, among others worldwide.