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. In conjunction with this partnership, Intesa Sanpaolo has made a £40 million investment in Thought Machine to become part of the company’s growth story.
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.