Arvest Bank launches real-time banking capabilities using Thought Machine core technology

 Arvest becomes the first bank in the U.S. to offer lending on Thought Machine's real-time, cloud-native core banking platform

FAYETTEVILLE, Ark., Feb. 23, 2023 /PRNewswire/ -- ArvestBank (Arvest), a leading community-focused bank with more than $26 billion in assets, today announced the launch of its first product running on cloud-native core banking technology provided by Thought Machine.

The equipment finance lending product, which launched in October 2022, was built, tested, and delivered by Arvest in less than nine months leveraging Thought Machine's global product library. The custom product makes Arvest the first bank in the U.S. to offer lending capabilities on Thought Machine's core banking platform, Vault Core, and is designed to address inefficiencies in the nation's more than $1 trillion equipment financing market.

"As we think about the future of banking, we identified equipment financing as an area of opportunity to address pain points with obtaining important, business-sustaining equipment for commercial customers of all sizes," said Laura Merling, chief transformation and operations officer at Arvest. "Through Thought Machine's modern, cloud-native platform, Arvest is able to differentiate its entire banking experience and release financial products faster. This is just the first of many exciting services to come as we continue to build a best-in-breed banking service that supports the growing needs of our business customers."

Adopting this platform is a significant step in Arvest's multi-year transformation journey to replace legacy infrastructure and differentiate its offerings with a solution that benefits both customers and associates through self-servicing on commercial loans.

In July 2022, Arvest announced a collaboration with Google Cloud to overhaul its IT architecture. By hosting its technology on Google Cloud Platform, Arvest will be able to scale its services in the cloud and deliver new solutions to customers faster.

"Thought Machine's core banking platform has been designed to give banks the power to build, launch, and manage any financial product through its Universal Product Engine – providing highly personalized, targeted products to specific customer segments. We are delighted that Arvest has gone live with its loan product and look forward to the bank expanding its product offering running on our cloud-native core technology," said Paul Taylor, chief executive officer and founder at Thought Machine.

"Disruption in the financial services industry has only just begun," continued Merling. "From reshaping credit risk modeling to rethinking data-driven relationship management, Arvest's new cloud-based platform will enable us to build business agility, drive sustainability and advance our digital banking services to better support our customers now and in the future."

About Arvest

With more than $26 billion in assets, Arvest Bank is a leading community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking engine, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.

Vault Payments is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023.

The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne and has raised more than $500m in funding.

For more information, visit thoughtmachine.net

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SOURCE Arvest