CMS and Orsingher Ortu assisted, respectively, Intesa Sanpaolo and Thought Machine in the definition of the agreements concerning the use of “Vault Core”, the technology selected by the Intesa Sanpaolo Group for the core banking engine of Isybank, the new digital bank for retail clients based on cloud technologies, artificial intelligence and fintech.
Isybank represents one of the key elements of the 2022-2025 Business Plan and aims to serve – with a wide range of digital banking services – the 4 million retail customers of Intesa Sanpaolo in Italy who do not use the branches. The new digital bank is one of the tools through which Intesa Sanpaolo intends to go from incumbent to challenger towards fintech companies, to make the bank even more resilient.
The “Vault Core” product object of the agreements between Intesa Sanpaolo and Thought Machine employs “smart contracts” technology allowing banks to be flexible in their offer and confirms the firm’s leadership position in the fintech market.
Thought Machine is a UK-based banking technology company formed in 2014. It has developed innovative cloud technology that allows banks to run their core services from the cloud, save costs and create innovative new products. It has over 500 people located in offices in London, Singapore, New York, Sydney and Melbourne.
In the transaction, Intesa Sanpaolo was assisted by CMS with a team made up of the lawyers Italo de Feo and Matia Campo.
Orsingher Ortu assisted Thought Machine with a team made up of Domenico Colella and Enrico Pernice, who assisted General Counsel Martin Cotteril, Senior Counsel Aaron Hulston and Counsel Sarah Subba Row.
Involved fees earner: Matia Campo – CMS Adonnino Ascoli & Cavasola Scamoni; Italo de Feo – CMS Adonnino Ascoli & Cavasola Scamoni; Domenico Colella – Orsingher Ortu – Avvocati Associati; Enrico Pernice – Orsingher Ortu – Avvocati Associati;