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audax & Thought Machine team to offer digital banking & BaaS solutions

By Gloria Mathias

February 28, 2024

  • audax
  • BaaS
  • Banking as a Software
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audax, Standard Chartered Bank, Fintech News, Payments technology, Digital Banking, Modern Banking, Banking Solutions, Digital Banking, BaaS, Banking as a Service, Banking as a Software, Singapore, Thought Machine,  audax Financial Technology (audax), a comprehensive digital banking technology solution backed by Standard Chartered, and Thought Machine have announced a partnership to transform and modernise the banking technology landscape.

The partnership is centred on delivering digital banking and BaaS solutions that meet consumers’ needs, at scale with faster speeds and lower costs.

The collaboration between audax and Thought Machine combines audax’s scalable digital banking platform, which enables seamless API-based integration with partners and banks, with Thought Machine’s highly configurable cloud-native core banking platform, Vault Core, which enables financial institutions to offer fully customisable financial products for their end customers. This integrated solution reduces the need for multiple vendors, streamlining the entire process.

The flexibility and scalability of the combined technologies allow incumbent banks and financial institutions to swiftly modernise their infrastructure and create new revenue streams by opening new business models that offer various financial products at scale.

audax and Thought Machine’s joint solution can also seamlessly integrate with a bank’s current infrastructure, enabling financial institutions to rapidly establish a new digital bank or offer BaaS at speed. The partnership, combined with ready components and extensive customer journeys, facilitates seamless plug-and-play experiences and eliminates the complexities of development and legacy system integration for swift market entry.

“audax understands that the future of financial services hinges on the strategic collaboration between technology solution providers to empower incumbent banks and financial institutions as they begin their journey to adapt to a rapidly evolving financial services landscape,” said Kelvin Tan, CEO of audax. “This joint solution provides customers with the ability to obtain hyper-customised offerings, and we look forward to delivering these robust end-to-end digital banking solutions that address the diverse needs and use cases and needs of various financial institutions.”

Randy McFarlane, global head of partnerships, Thought Machine, added, “Our collaboration with audax reduces the challenges of building a modern technology stack, providing a seamless, efficient, and scalable digital banking experience. By integrating both innovative technologies we are empowering banks and financial institutions to navigate the complexities of modern banking with confidence.”

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