Mar 10, 2021

Vacuumlabs and Thought Machine partner to transform banking

Vacuumlabs
ThoughtMachine
Banking
Fintech
Vacuumlabs
3 min
Vacuumlabs and Thought Machine partner to transform banking
Vacuumlabs has announced a global partnership with Thought Machine following the two firms’ successful cooperation in Asia...

Vacuumlabs, the global provider of full-stack fintech solutions, today announced a global partnership with Thought Machine, the cloud-native core banking technology company, following the two firms’ successful cooperation in Asia.

Vacuumlabs recently completed the first-ever installation in Asia of Thought Machine’s core banking engine Vault. This significant project has enabled a new virtual bank to launch in Hong Kong – along with Asia’s first numberless payment card. The bank went from initial licensing to market deployment in just 18 months. 

Thought Machine’s technology and Vacuumlabs’ expertise provided this new bank with unparalleled security, scalability, flexibility and availability. The Vacuumlabs team of specialist engineers worked both remotely and on-site throughout the build to lead the installation. This highly successful collaboration evolved into forging a global strategic partnership.

Steve Hoy, Partnerships Director of Thought Machine explains why Vacuumlabs was the first-choice partner for this ambitious and successful endeavor: “Vacuumlabs has the specialist skillsets, technical expertise, and can-do attitude which enabled the client to embrace our cloud native core banking technology – the collaboration between our two companies was a key factor for the overall success of the project.”

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Paul Kenny, Chief Growth Officer comments: “Thought Machine’s cloud native core banking platform, Vault, is a proven gamechanger for banks around the world. This partnership is the logical step forward for our two companies which share a vision of engineering excellence and transforming industries with modern, pioneering technology. We are looking forward to continuing our partnership with Thought Machine in our future client implementations.”

Based on the first implementation of Thought Machine in Asia, Vacuumlabs aims to strengthen its presence in the APAC region and broaden its services to existing and new clients in Asia with the launch of new regional headquarters in Hong Kong.

Vacuumlabs has a well-established track record in supporting those companies and brands that accelerate change in global financial services and make up this ecosystem. It has recently partnered on developing the 2030 Carbon Impact Calculator for Doconomy, and in supporting changemakers by building Daylight, the USA’s first LGBT+ digital banking platform.

Vacuumlabs and Thought Machine also launched the report Building a digital bank in August 2020, providing practical insights on how to future-proof any bank with modern cloud native technology. This report can be downloaded here.

Pictured: Vaccumlabs leadership team

About Vacuumlabs

Vacuumlabs, a trusted global technology partner with a proven track record in successfully delivering full-stack fintech solutions, provides teams of agile, remote by nature, software engineers, and designers with years of experience building fintech, cryptocurrency, online marketplaces, and digital products.

Every step of the way, our experts guide our clients, ensuring they can most fast, learn, and iterate. When it comes to world-class product development, we are here to be your guide and partner. From our seven offices, we guide our global clients in their product development needs. Since 2012, our team of engineers has grown to 250, and today we count over 60 clients around the world, from Europe to North America and Asia.

For more information visit vacuumlabs.com 

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.

For more information visit thoughtmachine.net

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Jun 23, 2021

CMA warns UK and Irish banks over bank transaction histories

Banking
CMA
Monzo
NatWest
2 min
The UK’s Competition and Markets Authority has issued warnings to several high-profile banks in the UK and Ireland over customer transaction histories

Specifically, the CMA named prominent challenger bank Monzo, the Bank of Ireland, NatWest Group, and Virgin Money as not providing customers with records of their bank transactions within the maximum outlined timescale (40 days after closing the account).

Such information is crucial not only for ensuring a smooth transition from one bank to another, but also to provide a foundation for credit applications in the future. 

According to the Retail Banking Market Investigation Order 2017, 95% of bank and building society customers should receive their bank transaction histories in at least 10 days.

Reputation: A bank’s greatest asset?

Of the 150,000 customers affected, Monzo was by far the main contributor - 143,000 (95.3%) - with the other three dividing the remaining 7,000.

The extent to which the magnitude of its mistake is attributable to being a digital-only bank is not clear, although it may give some customers pause for thought. With a superior customer experience being among the bank’s greatest assets, continued reputational damage is something that it cannot afford to sustain.

Although the CMA’s action in this instance has been to issue each bank a warning and order the immediate dispatch of all outstanding information, it has warned that future breaches will carry heavier consequences. Measures could include legally enforceable compliance audits on a yearly basis.

Helping customers get a better deal

Condemning the banks for negligence that could negatively impact customers’ desires to take out loans or mortgages, Adam Land, CMA Senior Director of Remedies Business and Financial Analysis, promised that his organisation would remain vigilant to similar behaviour moving forward.

“Banks must comply with all the rules – that includes providing a full transaction history promptly.

“We will be watching closely to make sure these leading names stick to their word and don’t let their customers down again. The Bank of Ireland, Monzo, Natwest Group, and Virgin Money should be in no doubt that the CMA stands ready to take further action if these failures are repeated.

Image source: gov.uk

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