Paymentology & Thought Machine to develop model digital banking platform

By Megha Bhattacharya

UK-based payment processor Paymentology has teamed up with digital banking platform Thought Machine in a bid to bring rapid integration solutions to established and challenger banks. The companies stated that the partnership would deliver a direct payment processing integration into Thought Machine’s Vault and develop a future banking module that removes the need for middleware.

Paymentology’s CEO Shane O’Hara said, “Working in conjunction with like-minded fintech businesses means that client-facing solutions can be brought to market much more efficiently and more speedily than would be possible through individual platform builds. Through our partnership with Thought Machine, we can genuinely meet the requirements of banks requiring digital solutions through direct integrations.”

The collaboration is expected to enable banks currently operating inflexible legacy systems to benefit from digital solutions through the arrangement, enabling them to bring quality services to market in short timeframes, simplified integrations and without the need to draw on additional third-party components.

Paymentology and Thought Machine have recently supported the launch of Standard Chartered’s new digital bank, MOX bank, in Asia which has this month announced its full launch following its initial phase during which it attracted 20,000 pre-registrations.

Recently, Paymentology announced the launch of its new global credit card processing solution under the branding of Credit.Works. Thought Machine also announced that it has joined the Banking Industry Architecture Network (BIAN) in a bid to contribute to open standards in banking IT.

ALSO, READ: UK Financial Services Technology Market Report by IBS Intelligence