Thought Machine, the cloud-native banking technology company, and Salt Edge, leader in providing open banking solutions, joined efforts to offer open banking SaaS solutions that, pre-integrated with Thought Machine’s core banking engine, Vault Core, help banks tackle open banking at 360 degrees: „enabling them to comply with any open banking regulation in the world,” according to the press release.
In an era of constantly evolving technology and regulatory requirements, cloud-integrated solutions help banks and financial businesses stay on top while constantly improving their performance. The future financial services look very different from what we are living nowadays and market players need to start facing the changing consumer expectations, meet the new business models, and start adjusting their strategies. Moving to cloud computing is a priority and Thought Machine’s Vault Core is the answer they have been looking for.
Salt Edge offers its open banking solutions on Vault Core Open Banking Compliance, Account Information, Payment Initiation, White Label PFM, and Mobile SCA. This means that, alongside banks and financial institutions, any company interested in benefiting from Salt Edge’s open banking solutions, will be able to do so including through Vault Core, as well.
Salt Edge’s Open Banking Compliance, which is pre-integrated with Vault Core, helps financial institutions from Europe, the UK, Australia, soon Saudi Arabia, and beyond to make the compliance journey seamless and eliminate the friction between the stakeholders: banks, TPPs, regulators. It includes a set of APIs, third party (TPP) access verification system, strong customer authentication app, consent management system, and more.
„We’ve launched a curated collection of technology vendor integrations to make it easier and faster for our clients to build a best-in-class technology stack. We have selected Salt Edge to be part of our first cohort of partners featured in the Integration Library due to its world renowned high standards of security, adjustability to the clients’ expectations, and experience in open banking. With access to this integration, our clients can seamlessly access Salt Edge’s expert solution at a reduced cost and accelerated speed.” – said Bradley Steele, general manager North America and global MD partnerships at Thought Machine
„With the end-customers’ best interest in mind, we are happy to be contributing to businesses’ development with our open banking solutions. Thought Machine and we see eye to eye when it comes to delivering enhanced digital experiences while sustaining these companies’ competitive edge, and joining the Integration Library is an important step towards it.” – said Iulian Mitrea, Business Development Manager at Salt Edge.
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Thought Machine has developed the foundational layer of modern banking. Its cloud native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world – including Intesa Sanpaolo, JPMorgan Chase, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more. Vault Core has been written from scratch as an entirely cloud native platform and gives banks full control to build any product required to flourish in a rapidly changing world.
Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and has raised more than $500m in funding.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
