Trafalgar is set to utilise Thought Machine’s core banking platform, Vault Core, and develop a suite of additional financial services, including digital cards, POS systems, digital authentication, and more.
Trafalgar plans to launch the new platform, named turbofintech, in the second quarter of 2024. As emphasised in the official press release, this partnership is an important move toward empowering Mexican SMEs with the digital tools they need in a dynamic economy.
Moreover, Trafalgar’s main goal is to create an all-in-one financial platform to serve this sector. The platform will offer a wide range of services, such as credit cards, lending, and borrowing, overcoming the limitations of legacy banks in serving SMEs with digital and personalised solutions.
As per the press release, Trafalgar chose Thought Machine’s Vault Core for its simplicity and flexibility. Vault Core is a cloud-native, API-first core banking platform featuring various product development capabilities. This functionality will empower Trafalgar to create innovative financial products for SMEs based in Mexico.
Officials from Trafalgar and Thought Machine stated that their shared vision is to combine the agility and innovation of fintech with the reach and impact of traditional banks to create the turbofintech. This, in turn, will allow them to reshape the financial experience for SMEs in Mexico.
More about Thought Machine
Based in the UK, Thought Machine has developed the foundations of modern banking with its cloud-native core banking engine, Vault Core, and its payments technology. Vault Payments is a cloud-native payments processing platform, launched with card processing on the Mastercard network. The company aims to create technology that can run the world’s banks according to the designs and software practices of the modern age.
In October 2023, the company
partnered with Form3 to offer real-time payment technology to the US and European markets. Following this announcement, Thought Machine would add the FedNow TCH RTP and SEPA Instant Credit Transfer connectivity into Vault Payments. The partnership aims to bring together the firms’ solutions to provide banks and financial institutions with an end-to-end service for secure and efficient real-time payment processing.
In September 2023. digital transformation company, GFT,
partnered with Thought Machine to accelerate the digitalisation process of US banks. The firms would build on their multi-year partnership in the US in order to introduce banks and financial institutions with improved and secure digital infrastructures. GFT and Thought Machine are set to continue moving banks towards the usage of cloud-native systems. Thought Machine will combine its cloud-native core banking technology with GFT’s suite of services to develop and deliver digital banking and payment products to UK banks in a more cost-effective and secure approach.
