Fintech
Mastercard partners with Thought Machine to modernize banking systems
Mastercard and Thought Machine, a cloud-based banking technology company, have partnered to provide financial institutions with banking and payment solutions. This collaboration aims to transform banking by integrating Mastercard’s vast global network with Thought Machine’s cloud-native banking technology.
According to the press release, MasterCard and Thought Machine are collaborating to enable banks to move from outdated core banking systems to modern banking systems and cloud -native platforms. This change aims to offer customers more efficient, convenient and seamless banking experiences. By leveraging Thought Machine’s core banking technology, financial institutions can enhance their technology with this new offering.
The partnership focuses on providing banks with the tools needed to provide personalized and integrated services to customers. This includes strengthening account opening processes and offering instant payment solutions. It also includes the digitization of debit cards, which are typically linked to checking accounts.
Paul Taylor, CEO and founder of Thought Machine, said: “As we expand our partnership with Mastercard, we intend to leverage their global presence and payments expertise to provide our banking services and
payment 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.”
Mastercard targets key partnerships
Meanwhile, Mastercard aims to eliminate the need for users to manually enter their card numbers during online transactions in Europe, regardless of platform or device, by 2030. This shift towards
tokenization and biometric authentication aims to improve security and convenience for users.
According to a recent report from CNBC, the payments giant will phase out manual card number entry in favor of a randomly generated “token” to improve the way users pay for online services. The tokens will replace the familiar 16-digit card number and this offer will be available for all Mastercard cards issued in Europe.
Elsewhere, Mastercard and Doha Bank recently collaborated to improve the operations of the Qatar-based financial institution. This collaboration aims to strengthen Doha Bank’s status as a key player in the country’s financial sector.
Mastercard and Thought Machine, a cloud-based banking technology company, have partnered to provide financial institutions with banking and payment solutions. This collaboration aims to transform banking by integrating Mastercard’s vast global network with Thought Machine’s cloud-native banking technology.
According to the press release, MasterCard and Thought Machine are collaborating to enable banks to move from outdated core banking systems to modern banking systems and cloud -native platforms. This change aims to offer customers more efficient, convenient and seamless banking experiences. By leveraging Thought Machine’s core banking technology, financial institutions can enhance their technology with this new offering.
The partnership focuses on providing banks with the tools needed to provide personalized and integrated services to customers. This includes strengthening account opening processes and offering instant payment solutions. It also includes the digitization of debit cards, which are typically linked to checking accounts.
Paul Taylor, CEO and founder of Thought Machine, said: “As we expand our partnership with Mastercard, we intend to leverage their global presence and payments expertise to provide our banking services and
payment 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.”
Mastercard targets key partnerships
Meanwhile, Mastercard aims to eliminate the need for users to manually enter their card numbers during online transactions in Europe, regardless of platform or device, by 2030. This shift towards
tokenization and biometric authentication aims to improve security and convenience for users.
According to a recent report from CNBC, the payments giant will phase out manual card number entry in favor of a randomly generated “token” to improve the way users pay for online services. The tokens will replace the familiar 16-digit card number and this offer will be available for all Mastercard cards issued in Europe.
Elsewhere, Mastercard and Doha Bank recently collaborated to improve the operations of the Qatar-based financial institution. This collaboration aims to strengthen Doha Bank’s status as a key player in the country’s financial sector.