Iress partners with Thoughtworks on wealth overhaul
Thu, 7th May 2026 (Today)
Iress has entered a strategic, multi-phase partnership with Thoughtworks focused on its wealth management business.
The deal is intended to help modernise Iress's core platforms, simplify its technology architecture and introduce more AI into its software and data systems.
Iress, which supplies software to financial services firms across Asia-Pacific, North America, Africa, the UK and Europe, will focus the work on its Wealth division. Thoughtworks, a technology consultancy operating in 18 countries, will provide advisory, engineering, cloud and design support.
The programme centres on four priorities: changes to Iress's technology operating model; product development for wealth advisers and providers; a staged overhaul of applications rather than full replatforming; and broader use of data and AI across the platform.
The work is designed to improve software quality, speed up delivery and reduce complexity. On the product side, the partnership is expected to support data-led features aimed at reducing manual work, improving adviser productivity and creating new revenue opportunities for wealth providers.
Modular approach
Rather than pursuing a large-scale replacement of existing systems, Iress will take a staged, modular path to modernisation. The approach is intended to limit the risks that often accompany broad replatforming efforts in regulated financial software markets.
Thoughtworks will also bring its AI/works development platform into the project, alongside customer experience and product design services, as Iress reshapes parts of its technology stack.
The partnership also aims to make greater use of Iress's proprietary data. Embedding AI more deeply into the platform is intended to improve decision-making and create additional value for customers as the advice market evolves.
Market pressure
The move comes as wealth management groups and their technology suppliers face pressure to update older systems while meeting rising demands for speed, efficiency and compliance. Software vendors in the sector are also looking for practical uses of AI tied to measurable commercial returns rather than broad experimentation.
Andrew Russell, Group Chief Executive Officer and Managing Director, Iress, said the partnership reflects those pressures.
"Our clients operate in increasingly complex and regulated environments, where speed, insight and efficiency matter more than ever. By working with a partner that brings world-leading thinking in software design and AI-enabled capabilities, we are accelerating how we evolve our core platforms," Russell said.
He also linked the agreement to the group's wider strategy in wealth software.
"Our partnership with Thoughtworks is a deliberate step to accelerate Iress' strategy through modernising our software and embedding practical, ROI-led AI capabilities. It strengthens our ability to deliver better outcomes for clients, while driving faster innovation, improving the speed of delivery and reducing the cost to serve. It also positions Iress to capture long-term growth opportunities in global wealth management," Russell said.
Advisory role
For Thoughtworks, the agreement adds to its work with financial services clients seeking to update platforms without disrupting core operations. The consultancy said its combination of advisory work, product design and AI tools would support Iress as it adapts its software for wealth firms and advisers.
Wayne Te Paa, Managing Director, Banking, Financial Services and Insurance, APAC, Thoughtworks, outlined the scope of the collaboration.
"We are proud to partner with Iress to accelerate their transformation into a modern, AI enabled software platform," Te Paa said.
"By combining our strategic tech advisory and CXPD expertise with our agentic development platform, AI/works, we're bringing Thoughtworks' modern product and AI capabilities together with Iress's strong market position and data assets. In doing so, we're helping build an engine that transforms how wealth advisers engage with their clients," added Te Paa.
The work is intended to support Iress's global client base as firms move away from legacy systems and adapt to changing demands in financial advice and wealth management.