HMBradley inks deal with Thought Machine for digital banking services
By Gloria Methri
HMBradley, a financial technology platform built to reward savers, has entered a strategic partnership with Thought Machine, a leading provider of banking technology.
The partnership enables HMBradley to eliminate its waitlist and open new accounts for the first time in over 16 months. The FinTech has also partnered with New York Community Bank, a division of Flagstar Bank, which will maintain the customer deposit accounts.
HMBradley adopted Thought Machine’s cloud-native core banking platform Vault Core, which when combined with NYCB, allows HMBradley to offer all its current and prospective customers a more personalized and efficient banking experience.
“We are excited to partner with NYCB and Thought Machine to bring the best of both worlds to our customers,” said Zach Bruhnke, CEO and Co-founder of HMBradley. “With Thought Machine’s cutting-edge technology, we can quickly create and build the products we have imagined, and with NYCB’s long-standing reputation as a stable and successful financial institution, we can exceed customer expectations at scale.”
Thought Machine’s smart contracts capabilities allow HMBradley to seamlessly build and deploy a full range of products tailored to everyone’s needs.
“We are thrilled to partner with HMBradley to create a long-lasting impact on the banking industry,” said Paul Taylor, CEO of Thought Machine. “By running on Vault Core, HMBradley will undoubtedly grow and improve its service in ways customers never imagined. We look forward to supporting HMBradley as it bakes power and efficiency into its operations and rolls out innovative new features with speed.”
HMBradley also announced that its customers will have the opportunity to set their annual percentage yield (APY) on their accounts each month based on their savings and spending habits. Additionally, customers will be able to earn interest on balances up to $250,000, up from $100,000 previously.
“NYCB is excited to be a part of this next phase of HMBradley’s customer experience evolution,” said Douglas Pagliaro, Senior Managing Director, and Deputy Chief Digital and Banking as a Service Officer at NYCB. “This partnership aligns with our strategy of working with best-in-class innovators and helps NYCB broaden its banking as a service distribution channel.”
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