IT key to Vast Bank’s bold bet on crypto



In this era of constant change, the cutting edge can come from seemingly unlikely places.Squeezed between megabanks and a rash of emerging fintechs, family-owned Vast Bank is seeking to stand out by becoming among if not the first US bank to offer cryptocurrency services directly to retail customers.The move, which sees the Tulsa, Okla.-based nationwide chartered bank partnering with crypto exchange platform Coinbase to offer integrated cryptocurrency services, caps off a five-year digital transformation centered around SAP enterprise software.The bank, founded 40 years ago as Valley Bank, is betting on a crypto-friendly financial future in the US. To capitalize, Vast shifted to an SAP banking core back-end system that supports multiple currencies, cryptocurrencies, and customization capabilities to extend support for other digital assets, says CIO Stephen Taylor.  “Over the last five years, we’ve been on a journey to completely re-digitize our technology platform based on a [banking] core that is used by many large money center banks in Europe,” Taylor tells CIO.com, noting that 70% of transactions at the Commonwealth Bank of Australia and Deutsche Bank in Germany, for example, run through SAP’s core banking platform.



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