Fintech
Mastercard and Thought Machine Partner to Advance Cloud-Native Banking
Payments giant MasterCard and cloud-native banking technology company Thinking machine are deepening their partnership to offer enhanced payments and core banking solutions to financial institutions looking to modernize their technology infrastructure.
By combining Mastercard’s global network and digital innovations with Thought Machine’s advanced banking and payments platform, the collaboration aims to help financial institutions transition from legacy systems to cloud-native technologies.
This transition is expected to provide customers with more efficient and seamless banking experiences.
The partnership between Mastercard and Thought Machine aims to improve banking efficiency, reduce costs and enable the rapid introduction of integrated, personalized and customer-centric services, from account opening to credit scoring.
It will also allow banks to offer more innovative pay-now solutions, in particular with the digitalisation of debit cards linked to current accounts.
Additionally, Mastercard and Thought Machine have extended their collaboration from 2022 to include an issuer processing solution, Payments in the safewhich is powered by Mastercard’s cloud technology across card and non-card use cases.
Paul Taylor
“As we expand our partnership with Mastercard, we intend to leverage their global presence and payments expertise to provide our leading banking and payments platforms to banks around the world.
We are excited to simplify and improve the modernization experience for complex banks around the world and make it even easier for them to deliver sophisticated customer experiences.”
said Paul Taylor, CEO and founder of Thought Machine.
Mark Barnett
“We have a long-standing relationship with Thought Machine and they are now our first end-to-end strategic partner in core banking.
We provide leading banks and financial institutions with a complete banking and card issuing solution that meets the payment needs of tomorrow, and we look forward to expanding our joint capabilities.”
said Mark Barnett, President of Mastercard Europe.
Featured image credit: Edited by Freepik
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