Curve selects Thought Machine to boost new credit and loan offering

By Megha Bhattacharya

Core banking technology provider Thought Machine has been selected by Curve today with an aim to boost the latter’s new credit and loan offering – Curve Credit. The FinTech Curve will leverage Thought Machine’s Vault and use its Smart Contracts product building system. Vault SaaS offers all of the features of Vault and can support a bank of any size, scaling as required.

Paul Taylor, CEO of Thought Machine, commented, “Unbeatable financial services organisations are those which embrace modern, cloud-native technology, like Curve. We look forward to working alongside Shachar, Paul, and the Curve team, to bring this truly unseen proposition to the market. Our teams share a passion for building expertly-engineered products that give customers choice and flexibility in managing their finances, and to do so in a meaningful way.”

Curve Credit is a newly launched startup by the FinTech. It allows customers to pay for purchases in instalments. Curve Credit allows its users to spread payments over three, six, or nine-month period. Credit can be applied both retrospectively and prospectively – utilising Thought Machine’s core platform and Curve’s ‘Go Back in Time’ technology. The new startup also aims to enhance customer scores by using their transaction history across different bank accounts.

Paul Harrald, Head of Curve Credit, commented, “We are excited about launching Curve Credit with Thought Machine’s core banking technology, which is unrivalled in the market. Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers. Curve Credit’s ethos is about responsible lending and responsible borrowing. Alongside Curve OS, this three-way dynamic will be able to give each customer the clearest possible terms via a simple and beautiful product and experience.”

Recently, IT services and software engineering solutions provider, GFT announced a global strategic partnership with Thought Machine. The collaboration was signed after an AWS-based integration project featuring the FinTech’s core banking platform, Vault.