Payments giant Mastercard and cloud-native banking technology firm Thought Machine are deepening their partnership to offer improved payments and core banking solutions to financial institutions aiming to modernise their technology infrastructure.
By combining Mastercard’s global network and digital innovations with Thought Machine’s advanced core banking and payments platform, the collaboration aims to help financial institutions transition from outdated systems to cloud-native technologies.
This transition is expected to provide customers with more efficient and seamless banking experiences.
The Mastercard and Thought Machine partnership seeks to improve banking efficiency, reduce costs, and enable the swift introduction of integrated, personalised, and customer-centric services—from account opening to credit scoring.
It will also allow banks to offer more innovative pay-now solutions, particularly with the digitisation of debit cards linked to current accounts.
Additionally, Mastercard and Thought Machine have extended their collaboration since 2022 to include an issuer processing solution, Vault Payments, which is enhanced by Mastercard’s cloud technology across card and non-card use cases.
Paul Taylor
“As we expand our partnership with Mastercard, we plan to leverage their global presence and payment expertise to deliver our core banking and payment platforms to banks worldwide.
We are excited to simplify and enhance the modernisation experience for complex banks worldwide and make it even easier for them to deliver sophisticated customer experiences.”
said Paul Taylor, CEO and founder, Thought Machine.
Mark Barnett
“We’ve had a longstanding relationship with Thought Machine, and they’re now our first strategic, end-to-end partner in the core banking space.
We’re providing leading banks and financial institutions with a comprehensive core banking and card issuing solution that meets tomorrow’s payment needs, and we look forward to scaling our joint capabilities.”
said Mark Barnett, President, Mastercard Europe.
Featured image credit: Edited from Freepik
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