Edward Twiddy, chief innovations officer, Atom bank

Atom, UK’s top challenger bank has partnered with London-based Fintech company, Thought Machine for implementing Thought Machine’s Vault platform. A multi-year deal has been agreed upon that will see Atom’s new range of personal and business banking products making use of Thought Machine’s Vault platform.

Edward Twiddy, chief innovations officer, Atom bank says, “We are absolutely delighted to be combining the customer focus and experience of Atom with the engineering skills and ambition of Thought Machine.”

Vault is Thought Machine’s cloud-native core banking platform that utilizes smart contracts to implement the full suite of banking products and offers fully automated data analytics and regulatory reporting along with API integration features.

Edward Twiddy said: “The coherence and elegance of Thought Machine’s Vault platform offers Atom a radically innovative and agile alternative to traditional banking technologies. Vault’s unique 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 through the business and into the hands of our customers.”

Paul Taylor, chief executive officer of Thought Machine, said: “Thought Machine is built for banks and brands that want to take customer expectations to a new level. Being genuinely cloud native – rather than simply put into the cloud – our Vault platform offers agility, scalability and resilience alongside the very highest levels of security.”

Earlier this year, Atom received a vote of confidence as BBVA increased its stake to around 39% with an investment of £85.4m, complementing Atom’s innovation strategy and vision.

by Sumit Vengurlekar