Atom Bank in tech refresh with Thought Machine
Atom turns to Thought Machine for tech “coherence and elegance”
UK-based challenger Atom Bank has agreed a multi-year deal with start-up tech firm Thought Machine to put its personal and business banking products onto Thought Machine’s Vault platform.
Edward Twiddy, Atom’s chief innovation officer, says the deal will combine “the customer focus and experience of Atom with the engineering skills and ambition of Thought Machine”.
He elaborates: “The coherence and elegance of Thought Machine’s Vault platform offers Atom a radically innovative and agile alternative to traditional banking technologies.
Vault’s unique features such as its smart contract system for products, and workflow engine for bank processes, enables Atom to develop a bank which transmits its vision and values through the business and into the hands of our customers.”
Atom’s current technology set-up consists mainly of older generation systems, such as FIS’s Profile for core, Phoebus for mortgages and FIS/Sungard’s Ambit for treasury and risk management.
Paul Taylor, CEO of Thought Machine, says the two firms have been working together for a couple of years now, but have just gone public on this.
Set up in 2014 and based in Durham, UK, Atom is now in the “unicorns” club with an over $1 billion valuation (according to CB Insights). It employs 310 people. Among its investors is Spanish banking heavyweight BBVA. Atom offers savings and lending products (including mortgages) to individuals and businesses.
Meanwhile, Thought Machine settled its differences with consultancy firm Capco earlier this year and received a £11 million investment from Lloyds Banking Group.
