Monese integrates Thought Machine’s core banking platform as it sets sights on rapid expansion

By Aisling Finn on Monday 5 October 2020

Digital Banking

Monese will migrate its existing customers over the Thought Machine’s cloud-based platform, Vault.

Monese integrates Thought Machine’s core banking platform as it sets sights on rapid expansion
Image source: Norris Koppel/Monese

 

Monese and banking technology provider Thought Machine have teamed up to help the digital bank realise its expansion plans. 

The digital bank has integrated Thought Machine’s core banking platform, Vault, to help it build products quickly while improving customer experience at the same time. 

Monese, which is available in 31 European countries, will be able to use Vault to introduce new features and onboard more customers than was previously possible.  

Norris Koppel, CEO of Monese, said: “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.” 

The partnership will see Monese migrate its more than 2m customers onto Thought Machine’s cloud-based core banking platform, helping the digital bank to strengthen its own banking infrastructure. 

Paul Taylor, CEO of 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.” 

Monese joins a long list of financial institutions to have implemented Thought Machine’s Vault technology including the likes of Lloyds Banking Group, Atom Bank, Nordic bank SEB and Standard Chartered.

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