Paymentology teams up with Thought Machine to create market leading model digital bank platform

Paymentology, the UK cloud-native payment processor, is partnering with digital banking platform Thought Machine, to bring rapid integration solutions to established and challenger banks.

By delivering a direct payment processing integration into Thought Machine’s Vault, the partnership will see the creation of a future banking module that removes the need for middleware.

Banks that are currently operating inflexible legacy systems will now be able to benefit from market leading digital solutions through the arrangement, enabling them to bring quality services to market in short timeframes, simplified integrations and without the need to draw on additional third-party components.

Working together, Paymentology and Thought Machine have recently been able to support the successful launch of Standard Chartered’s new digital bank, MOX bank, in Asia which has this month announced its full launch following its initial phase during which it attracted 20,000 pre registrations.

Welcoming the partnership from Paymentology, CEO Shane O’Hara said, “Working in conjunction with like minded fintech businesses means that client facing solutions can be brought to market much more efficiently and more speedily than would be possible through individual platform builds. Through our partnership with Thought Machine we can genuinely meet the requirements of banks requiring digital solutions through direct integrations.”