Thought Machine expands its partnership with Mastercard

Monday 17 June 2024 12:55 CET | News

Cloud-native banking technology company Thought Machine, together with Mastercard, has announced the expansion of their collaboration.

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.

Cloud-native banking technology company Thought Machine, together with Mastercard, has announced the expansion of their collaboration.

What do Thought Machine and Mastercard plan to offer?

Initially, Thought Machine and Mastercard partnered in 2022 to provide an issuer processing solution, Vault Payments, with the latter’s cloud technology enabling and supporting the offering across card and non-card use cases. Vault Payments intended to allow banks to develop enhanced payment flows, consolidate disparate systems, and minimise the cost and complexity of executing cards and payment processing. In addition, Thought Machine participated in the Mastercard Start Path startup engagement program in 2020.

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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Keywords: mobile banking, online banking, partnership, cloud services, cloud banking, digital banking
Categories: Banking & Fintech
Companies: Mastercard, Thought Machine
Countries: World
This article is part of category

Banking & Fintech



Thought Machine

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