Atom Bank partners with Thought Machine

Wednesday 28 November 2018 14:26 CET | News

UK-based challenger Atom Bank has agreed a multi-year deal with startup tech company Thought Machine to put its personal and business banking products onto Thought Machine’s Vault platform.

Vault’s features such as its smart contract system for products, and workflow engine for bank processes, enables Atom to develop a bank which transmits its vision and values.

Atom’s current technology set-up consists mainly of older generation systems, such as FIS’s Profile for core, Phoebus for mortgages and FIS/Sungard’s Ambit for treasury and risk management.

Set up in 2014 and based in UK, Atom is now in the “unicorns” club with an over USD 1 billion valuation. Among its investors is Spanish banking heavyweight BBVA. Atom offers savings and lending products (including mortgages) to individuals and businesses.

Meanwhile, Thought Machine received a GBP 11 million investment from Lloyds Banking Group.

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Keywords: Atom Bank, partnership, Thought Machine
Countries: World