Monese selects Thought Machine’s core banking platform Vault

By Megha Bhattacharya

Pan-European banking service provider Monese today announced that it will be implementing Thought Machine’s core banking platform Vault. Monese stated that it will be migrating its existing customer base onto the core banking provider’s platform in a bid to boost its core technology platform and banking infrastructure.

Launched in 2015, Monese’s UK and European accounts will be powered by Vault to enable faster product delivery, resilience and seamless banking experience for new and existing customers.

Norris Koppel, CEO at Monese, commented, “At Monese, our goal is to provide truly modern portable banking services so customers have the freedom to thrive wherever they are in the world. By adopting Vault, we unlock new possibilities to deliver a seamless banking experience that will inevitably help us reach more customers.”

According to Monese, Thought Machine’s Vault will offer cloud technology foundation required to deliver enhanced customer experiences. Vault’s product building toolkit- Smart Contracts enables banks and FinTechs to develop new products along with improvements in onboarding and customer experience.

Paul Taylor, CEO at Thought Machine, added, “The most ambitious, and most dominant technology companies, all run their systems entirely in the cloud. Monese has now joined an elite group of financial services companies which deliver innovation, security, and resilience to its customers, at scale. Vault’s hyper flexible core banking platform enables its clients to build and deliver banking services exactly as they want. We are excited to see Monese deliver on its vision of financial freedom using our truly cloud native platform.”

Recently, UK-based payment processor Paymentology teamed up with Thought Machine in a bid to bring rapid integration solutions to established and challenger banks.

ALSO, READ: Core Banking Systems and Suppliers Report 2020 by IBS Intelligence