Atom Bank partners with Thought Machine

Mobile bank Atom has partnered with cloud platform Thought Machine for the next stage of its business banking and mortgage lending services.

The digital bank has signed a multi-year partnership with the banking software FinTech to put its next generation of personal and business banking products onto the Thought Machine Vault platform.

Thought Machine, founded by former Google engineers in 2014, develops cloud-based core banking software backed up by advanced machine learning to power smart contract systems for products and workflow engines for bank processes.

Edward Twiddy, chief innovation officer at Atom Bank said: “This will be a spectacular change in the way we shape our bank and serve customers. The partnership confirms Atom’s determination to remain at the cutting edge of implementing technologies that create better customer experiences and outcomes.”

Paul Taylor, chief executive of Thought Machine, said: “Being genuinely cloud native – rather than simply put into the cloud – our Vault platform offers agility, scalability and resilience alongside the very highest levels of security. We’ve been working with the Atom bank team now for a couple of years and it’s a real pleasure to announce this partnership.”

Earlier this month, Atom Bank announced it was partnering with researchers from Newcastle University to research issues of security and data, create a toolkit to help businesses design appropriate interactions with customers and investigate the potential of blockchain for mortgages.

Atom Bank secured its banking licence in June 2015 and launched fixed savings accounts along with SME banking services in April 2016.

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