TransferGo and Thought Machine team up to boost market expansion
By Megha Bhattacharya
Money transfer company TransferGo has announced a partnership with core banking technology company Thought Machine in a bid to boost its expansion into new markets. The collaboration will enable the money transfer company to leverage Thought Machine’s core banking platform Vault for enhancing its customer experience with the provision of advanced platform capabilities. It will also be able to expand its real-time payments platform, build products rapidly and release future card and account capabilities without delay.
“Hot off the heels of a $4m investment from Silicon Valley Bank in November, this partnership demonstrates our momentum in investing, innovating and disrupting the global remittance market,” says Justinas Lasevicius, CFO and Co-Founder of TransferGo. “Our customers are at the heart of every decision we make, and through our work with Thought Machine and their intuitive product Vault, we will introduce more enhanced services and drive impactful experiences for our migrant worker community.”
According to TransferGo, Vault will allow it to build and deliver payment services as well as improve its digital payments service for the migrant worker community. Recently, TransferGo and Mastercard teamed up for facilitating international money transfers for customers across 20 European countries. The transfers can be made from any payment card or bank account directly to a Mastercard debit or credit card. TransferGo customers can now transfer money in real-time to Mastercard cardholders in 20 countries including Austria, Bulgaria, Czech Republic, Denmark, Estonia, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Romania, Russian Federation, Slovakia, Spain, Sweden, Turkey, Ukraine and the United Kingdom.
“We are proud to be supporting TransferGo on their global rollout and product expansion. It is a testament to Vault’s flexibility and future-proof design that fast-growing, innovative institutions like TransferGo select us to architect their future. Vault’s cloud native design provides banks and fintech companies the tools to build their bank of the future,” says Paul Taylor, CEO and Founder of Thought Machine.
“By tapping into the power of the cloud, TransferGo will enjoy a host of benefits, including unparalleled scalability, reliability, security and speed. Coupled with Vault’s unique horizontal architecture – they will be unshackled from the constraints of legacy product building – free to focus on providing an exceptional customer service and a world-class remittance service.”
IBSi Daily News Analysis
May 17, 2022
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