Mastercard and Thought Machine accelerate core banking capabilities, providing seamless payment experiences
June 17, 2024 | London, UKMastercard and Thought Machine, a cloud-native banking technology company, are advancing their partnership to deliver high-quality payments and core banking (critical back-end technology for product and account management and the customer ledger) capabilities to financial institutions looking to modernise their technology stack.
Mastercard’s global network and innovative digital solutions, paired with Thought Machine’s next-generation core banking and payments platform, can enable financial institutions to accelerate the transition from legacy core banking and payment technologies to cloud-native ones and provide their customers with efficient, seamless banking experiences.
The collaboration aims to enhance banking efficiency, lower costs, and enable the rapid introduction of more integrated, personalised, and customer-centric experiences–from account opening to credit scoring. It also enables banks to offer more innovative pay-now solutions, especially with the digitisation of debit cards typically linked to current accounts.
“As we expand our partnership with Mastercard, we plan to leverage their global presence and payment expertise to deliver our core banking and payment platforms to banks worldwide,” says Paul Taylor, CEO and founder, Thought Machine. “We are excited to simplify and enhance the modernisation experience for complex banks worldwide and make it even easier for them to deliver sophisticated customer experiences.”
“We’ve had a longstanding relationship with Thought Machine, and they’re now our first strategic, end-to-end partner in the core banking space,” says Mark Barnett, President, Mastercard Europe. “We’re providing leading banks and financial institutions with a comprehensive core banking and card issuing solution that meets tomorrow’s payment needs, and we look forward to scaling our joint capabilities.”
Beyond core banking, Mastercard and Thought Machine partnered on an issuer processing solution, Vault Payments, in 2022, leveraging Mastercard Cloud Edge. Mastercard's technology powers and enhances the Vault Payments offering across card and non-card use cases. Thought Machine also participated in the Mastercard Start Path startup engagement program in 2020.
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About Thought Machine
Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.
Vault Payments is a cloud-native payments processing platform – comprising a Universal Payment Engine to support all card and account-to-account payment types.
Vault Core and Vault Payments have been written from scratch as an entirely cloud-native system and give banks full control to build any product required to flourish in a rapidly changing world.
Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.
For more information, visit thoughtmachine.net
About Mastercard (NYSE: MA)
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
