Arvest has launched an equipment finance lending product. Photo by Kelly Sikkema on Unsplash.

US-based Arvest Bank has launched a new credit offering using Thought Machine’s cloud-native core banking technology.

Arvest, which has some $26bn in assets, teamed up with Thought Machine in September 2021 to drive its multi-year digital transformation strategy. 

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Through the alliance, the bank said it developed and deployed its equipment finance lending product, which was first introduced in October 2022. 

The product takes advantage of the technology vendor’s Vault Core banking platform and is intended to eliminate inefficiencies in the more than $1 trillion equipment finance market in the country.

Arvest chief transformation and operations officer Laura Merling said: “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.”

Thought Machine CEO and founder Paul Taylor said: “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 personalised, targeted products to specific customer segments. 

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“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.”

Arvest announced a partnership with Google Cloud in July 2022 to upgrade its IT architecture.

The collaboration will see Arvest migrate its technology to the Google Cloud Platform, enabling it to extend its cloud services and provide new solutions to clients more quickly.