PR85922

LONDON and SINGAPORE,Oct.5,2020/PRNewswire=KYODO JBN/--

-Monese to migrate European and UK account holders onto Thought Machine's core

banking platform

-Thought Machine's modern core banking technology combined with Monese's

mobile-first approach will unlock new features and capabilities for millions of customers

Monese, the popular pan-European banking service that provides instant and

localised mobile money accounts in 31 countries, today announces it will adopt

Thought Machine's cloud native core banking platform Vault. Monese, which

provides accounts to both consumers and businesses, will migrate its existing

customer base onto Thought Machine's cloud native platform, as it focuses on

strengthening the company's core technology platform and its banking infrastructure.

Logo-https://photos.prnasia.com/prnh/20201002/2936839-1LOGO 

Vault's unique product building toolkit, known as Smart Contracts, empowers

banks and fintech companies to build new products rapidly while radically

improving the onboarding and ongoing customer experience. This is in stark

contrast to banks who are constrained by inflexible legacy technology. Vault

will provide Monese with the cloud technology foundation required to deliver

pioneering customer experiences at speed, and enhanced resilience for millions

of its customers.

This partnership brings together two fintech companies with a shared vision for

the future of financial services and a deep passion for engineering excellence

in product development. Founded in 2014 by former Google engineer Paul Taylor,

Thought Machine brings truly cloud native technology to core banking. Thought

Machine names Lloyds Banking Group, Atom, SEB and Standard Chartered as clients

and users of its platform, Vault.

Monese was launched in 2015 by entrepreneur Norris Koppel after his first-hand

experience of the hassle involved with opening a bank account in a new country.

With its mobile money accounts, portability across 31 countries, and its

availability in 14 languages, Monese is instant, on-demand and financially

inclusive. Its UK and European accounts will be powered by Vault to enable

faster product delivery, greater resilience and a more seamless banking

experience for new and existing customers.

Norris Koppel, CEO at Monese, comments: "At Monese, our goal is to provide

truly modern portable banking services so customers have the freedom to thrive

wherever they are in the world. By adopting Vault, we unlock new possibilities

to deliver a seamless banking experience that  will  inevitably help us reach

more customers."

Paul Taylor, CEO at Thought Machine, adds: "The most ambitious, and most

dominant technology companies, all run their systems entirely in the cloud.

Monese has now joined an elite group of financial services companies which

deliver innovation, security, and resilience to its customers, at scale.

Vault's hyper flexible core banking platform enables its clients to build and

deliver banking services exactly as they want. We are excited to see Monese

deliver on its vision of financial freedom using our truly cloud native platform."

About Thought Machine

Thought Machine was founded in 2014 with a mission to enable banks to deploy

modern systems and move away from the legacy IT platforms that plague the

banking industry. We do this through our cloud native core banking platform,

Vault. This next generation system has been written from scratch as an entirely

cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.

Founded by entrepreneur Paul Taylor, Thought Machine's customers include Lloyds

Banking Group, SEB, Standard Chartered and Atom bank. We are currently a team

of more than 350 people spread across offices in London and Singapore and have

raised more than GBP110m in funding from Eurazeo Growth, Draper Esprit, SEB,

British Patient Capital, IQ Capital, Playfair Capital, Lloyds Banking Group and Backed.

For more information visit thoughtmachine.net or email press@thoughtmachine.net

About Monese

Monese is one of the most popular and trusted pan-European banking services

that provides instant and portable mobile money accounts. Launched in 2015 by

entrepreneur Norris Koppel, after his first-hand experience of the hassle

involved with opening a bank account in a new country, Monese is working

towards giving people the freedom to thrive anywhere.

With its multi-currency accounts, its portability across 31 countries, and

availability in 14 languages, Monese allows people and businesses to bank like

a local across the UK and Europe.

For more information visit: http://www.monese.com, or email press@monese.com 

SOURCE Thought Machine