StanChart's audax partners with Thought Machine

audax Financial Technology, backed by Standard Chartered, and Thought Machine, a cloud-native banking technology company, have tied up to reshape the banking technology landscape. The collaboration is set to deliver digital banking and Banking-as-a-Service (BaaS) solutions designed to meet the growing consumer demands efficiently and cost-effective.

Joining forces for seamless banking integration

By combining audax’s scalable digital banking platform, which facilitates seamless API-based integration, with Thought Machine’s Vault Core, a configurable cloud-native core banking platform, the alliance aims to offer financial institutions the ability to provide fully customisable financial services to their customers.

This integrated approach seeks to simplify the technological landscape for banks, reducing the dependency on multiple vendors and streamlining the process of offering diverse financial products. The synergy of audax and Thought Machine’s technologies offers flexibility and scalability, enabling traditional banks and financial institutions to quickly modernise their operations and explore new revenue opportunities.

Furthermore, the partnership ensures that banks can easily integrate these solutions with their existing infrastructure, thereby speeding up the creation of digital banks or the offering of BaaS. The combined offering is designed to eliminate the complexities associated with development and integration with legacy systems, facilitating rapid market entry.

Harnessing the potential of digital banking thorough industry collaboration

audax and Thought Machine’s alliance is expected to play a key role in harnessing the potential of the digital banking market, projected to grow to a USD 13 trillion opportunity for banks by 2032.

Executives from audax underscored the pivotal role of strategic collaboration among technology solution providers in shaping the future of financial services. They emphasised the joint solution's capacity to augment customers with hyper-customised offerings. The focus remains on delivering robust end-to-end digital banking solutions tailored to diverse needs and use cases across various financial institutions.

Also commenting on this development, officials from Though Machine explained that their collaboration with audax reduces the challenges of building a modern technology stack, providing a seamless, efficient, and scalable digital banking experience. By integrating both innovative technologies they are enabling banks and financial institutions to navigate the complexities of modern banking with confidence.