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IBS Journal August 2016


13


The retailer continues to resist the hype around Apple Pay, which launched in the US during 2014. It was onboard with the Merchant Customer Exchange (MCX) consortium and its payments service CurrentC, which has now been


shelved, before launching Walmart Pay. Other major US retailers, including Best Buy and Rite Aid, have, however, changed course and started to accept Apple’s offering.


Scott Thompson Thought Machine tackles core challenges


engineers, has emerged from two years in stealth mode, claiming to have solved that greatest of FinTech challenges: how to replace the core software that weighs down so many retail banks. Thought Machine, whose team of 50 have worked at the likes of Goldman Sachs, Merrill Lynch, Morgan Stanley and UBS, says that its new cloud-based Vault OS solution enables a bank of any age or size to deliver innovative end-to-end financial systems that run smoothly in real-time.


A


Vault OS was built from the ground up by the new entrant, featuring private blockchain-style technology and cryptographic ledgers for “watertight security”. It runs in the cloud as a Software-as-a-Service.


Paul Taylor, CEO of Thought Machine, says: “People have suffered for too long from the archaic software banks are


London startup, fronted by ex-Google


built on and their CIOs stay awake at night worrying if these systems will cope with one more day. It’s time for new ideas, built with today’s technology. Vault OS fixes broken banking and will be the engine for the banks of tomorrow.”


IBS Journal says: Today’s technology, cloud, blockchain etc. It sounds great on paper. And whilst many CIOs are undoubtedly losing sleep over creaking legacy IT systems, they would also surely shudder at the word ‘cloud’, let alone blockchain. We suspect migration and integration considerations would cause just as many, if not more, sleepless nights. IBS Journal has reached out to Thought Machine and is aiming to bring you a more indepth look at the venture’s offering in the September issue.


Scott Thompson


www.ibsintelligence.com


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