Intesa Sanpaolo’s Isybank goes live on Thought Machine core
Italian banking giant Intesa Sanpaolo’s new digital banking offering Isybank has gone live on banking tech vendor Thought Machine’s Vault core.
Isybank launches on Thought Machine’s Vault core
The digital bank went live 12 months after it first initiated the deal with Thought Machine. The partnership between the pair also saw Intesa Sanpaolo invest £40 million in Thought Machine’s Series D funding round at a valuation of $2.7 billion.
The launch of Isybank and the strategic partnership with Thought Machine are components of Intesa Sanpaolo Group’s 2022-2025 Business Plan, which outlines investment in technology and growth to cater to digitally savvy customers.
With Thought Machine’s cloud-native core banking platform, Vault, Isybank is now able to provide a range of current accounts and a salary finance advance product, allowing users to access their earned funds before payday.
Intesa Sanpaolo says Isybank’s launch is a “significant milestone” in transforming its operational model, with plans to gradually transition a portion of its retail customers to the cloud-native technology offered by Thought Machine.
Targeting young, digitally savvy customers, Isybank offers digital banking services through a mobile app, with three plans to choose from. The free plan includes a digital debit card, free SEPA transfers and free cash withdrawals, while the paid monthly subscription plans include physical debit cards and instant wire transfers.
