Thought Machine expands its partnership with Mastercard

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.