By expanding their partnership, Thought Machine and Mastercard intend to provide improved payments and core banking capabilities, including back-end technology for product and account management and the customer ledger, to financial institutions aiming to modernise their technology stack. With the merge of Mastercard’s global network and digital solutions and Thought Machine’s core banking and payments platform, the two companies aim to allow financial institutions to accelerate the transition from traditional core banking and payment solutions to cloud-native ones. In addition, the collaboration is set to offer their customers a more efficient and simplified banking experience.
What do Thought Machine and Mastercard plan to offer?
As part of their extended alliance, Thought Machine and Mastercard focus on improving banking efficiency and convenience, decreasing costs, and allowing the accelerated introduction of more integrated, customised, and user-centric experiences. Also, considering the digitalisation of debit cards typically linked to current accounts, banks are set to receive the ability to deliver enhanced pay-now solutions. According to Thought Machine’s officials, the company plans to utilise Mastercard’s worldwide presence and payment knowledge to provide its core banking and payment platforms to banks globally. In addition, the two companies intend to focus on simplifying and advancing the modernisation experience for complex banks and allow them to provide improved customer experiences.
Furthermore, representatives from Mastercard underlined their company and Thought Machine’s plans to deliver banks and financial institutions with a core banking and card issuing solution that is capable of meeting their payment needs and requirements. The company also mentions that it aims to continue its work with Thought Machine and scale their merged abilities and offerings.
More information about Thought Machine
Focusing on developing the capabilities of modern banking via its cloud-native core banking and payments technology, Thought Machine intends to create technology that can support the world’s banks according to the designs and software practices of the modern age. Currently, the company’s cloud-native core banking platform, Vault Core, is leveraged by banks and financial institutions globally, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom Bank, and Curve, among others.
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