Payments giant master Card A cloud-native banking technology company Thinking Machine The two companies are deepening their collaboration to provide improved payments and core banking solutions to financial institutions looking to modernize their technology infrastructure.
The collaboration aims to help financial institutions migrate from outdated systems to cloud-native technology by combining Mastercard’s global network and digital innovation with Thought Machine’s advanced core banking and payments platform.
The move is expected to provide customers with a more efficient and seamless banking experience.
The partnership between Mastercard and Thought Machine aims to improve banking efficiency, reduce costs and accelerate the adoption of integrated, personalized and customer-centric services, from account opening to credit scoring.
The digitisation of debit cards, especially those linked to current accounts, will also enable banks to offer more innovative instant payment solutions.
Additionally, Mastercard and Thought Machine will expand their partnership starting in 2022 to include issuer processing solutions. Safe deposit paymentThis is powered 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 payments expertise to offer our core banking and payments platform to banks around the world.
We are excited to simplify and enhance the complex modernization experience for banks around the world, making it even easier to deliver sophisticated customer experiences.”
Paul Taylor, CEO and founder of Thought Machine, said:
Mark Burnett
“We have had a long-standing relationship with Thought Machine and they are now our first strategic end-to-end partner in core banking.
We provide leading banks and financial institutions with comprehensive core banking and card issuance solutions to meet their future payment needs, and we look forward to expanding our capabilities together.”
Mark Barnett, President of Mastercard Europe, said:
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