Intesa Sanpaolo, Italy’s largest bank by total assets and one of Europe’s most profitable and sustainable financial institutions, has selected Thought Machine, the UK-headquartered core banking technology company, to power its new digital banking platform. Intesa Sanpaolo has selected Thought Machine’s core banking engine, Vault, to power Isybank, its new digital banking platform announced recently as part of the group’s 2022-2025 Business Plan. Isybank will initially target 4 million of Intesa Sanpaolo’s mass-market customers in Italy with a wide range of digital banking services, while driving a structural cost reduction for the group. Intesa Sanpaolo has also indicated an intention to extend Thought Machine’s core banking platform into the group’s wider infrastructure as it continues to invest heavily in the bank’s digital transformation, replacing mainframe-based core technology and moving to cloud infrastructure. Vault was chosen for its flexibility to serve multi-currency and multi-country clients – with an intention announced by the bank to extend Thought Machine’s role to other client segments beyond mass-market retail banking, both in Italy and internationally.
Thought Machine has developed the foundational layer of modern banking. Our cloud native core banking engine, Vault, is trusted and used by leading banks and financial institutions around the world – including JPMorgan Chase, Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more. Intesa Sanpaolo is Italy’s leading banking group – serving families, businesses and the real economy – with a significant international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management, Protection & Advisory, highly focused on digital and fintech. An efficient and resilient Bank, it benefits from its wholly owned product factories in asset management and insurance. The Group’s strong ESG commitment includes providing €115 billion in impact lending by 2025 to communities and for the green transition, and €500 million in contributions to support people most in need, positioning Intesa Sanpaolo as a world leader in terms of social impact. Intesa Sanpaolo is committed to Net Zero by 2030 for its own emissions and by 2050 for its loan and investment portfolios. An engaged patron of Italian culture, Intesa Sanpaolo has created its own network of museums, the Gallerie d’Italia, to host the bank’s artistic heritage and as a venue for prestigious cultural projects.