Cloud-based digital banking has long been on the horizon as the next big thing in consumer banking offerings. Now, with the announcement of modular banking platform BankLiteX, that technology appears to be closer than previously imagined.
BankLiteX is the result of a collaboration between international software firm GFT and fintech company Thought Machine, making use of GFT cloud-native asset Digital Bank Launcher and Thought Machine’s cloud-native core banking engine Vault. Built on Amazon Web Services’ existing cloud infrastructure, BankLiteX is equipped with the capability to design and launch “lite” banking platforms in multiple geographic sectors simultaneously. Cloud-based business has become a key part of the modern workplace, with instant international collaboration now a requirement for most businesses, but BankLiteX represents a major step forward in complexity and security.
The upshot of this new application of cloud-based infrastructure is BankLiteX’s expected delivery of high degrees of scalability, quality, and—most of all—speed. GFT’s U.S. and Latin America President Marco Santos claims that the new platform will offer key advantages over traditional digital banking platforms, allowing clients to reap immediate benefits including “reducing time to market, minimizing project risks, and controlling operational and development expenditure.”