Mastercard taps Thought Machine to advance its core banking capabilities

By Gloria Methri

Mastercard and Thought Machine are advancing their partnership to deliver high-quality payments and core banking capabilities to financial institutions looking to modernise their technology stack.

Mastercard’s global network and innovative digital solutions, paired with Thought Machine’s next-generation core banking and payments platform, can help banks transition from legacy core banking and payment technologies to cloud-native ones and provide their customers with efficient, seamless banking experiences.

The collaboration aims to enhance banking efficiency, lower costs, and enable the rapid introduction of more integrated, personalised, and customer-centric experiences–from account opening to credit scoring. It also enables banks to offer more innovative pay-now solutions, especially with the digitisation of debit cards typically linked to current accounts.

“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,” said Paul Taylor, CEO and founder, Thought Machine. “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.”

“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,” said Mark Barnett, President of Mastercard Europe. “We are 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.”

Beyond core banking, the two companies will partner in 2022 on an issuer processing solution, Vault Payments. Mastercard’s cloud technology powers and enhances the Vault Payments offering across card and non-card use cases.