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Thought Machine and Flexys introduced a brand new partnership this week.
The partnership wil combine Flexys Management+ debt administration platform with Thought Machine’s core banking answer, Vault Core.
UK-based Thought Machine made its Finovate debut at FinovateEurope in London in 2018.
Core banking platform Thought Machine and debt administration and collections firm Flexys introduced a brand new partnership this week. The partnership will combine Flexys Management+ debt administration platform with Thought Machine’s Vault Core.
Rising client debt ranges and legacy know-how in debt administration have created processes which are labor-intensive, costly, and inefficient. To this finish, the real-time integration between platforms will allow banks to boost their debt administration capabilities and modernize their banking operations with a brand new core. Thought Machine’s Vault Core is a cloud-native, cloud-agnostic, API-first core banking platform. It contains a Common Product Engine that offers customers quite a lot of flexibility within the design of recent monetary merchandise created by good contracts. That is along with a large variety of pre-built monetary options. These vary from financial savings accounts and bank cards to Islamic banking options and purchase now pay later (BNPL) merchandise.
“Banks can now profit from a seamless cloud-native ecosystem, abandoning the constraints of legacy methods to enhance effectivity, reduce friction, and vastly enhance the expertise for patrons in arrears,” Flexys CEO James Hill stated.
For its half, Management+ automates and digitizes buyer engagement. This improves effectivity. Nevertheless it additionally makes it potential for brokers to supply personalised, optimistic experiences for patrons. Emphasizing engagement over confrontation, Management+’s “clever debt decision” strategy empowers collections brokers whereas defending companies from reputational and regulatory danger.
“Thought Machine and Flexys are eradicating pointless burden and human error,” Flexys International Head of Partnerships Randolph McFarlane stated. “In flip, this allows banks to higher serve their prospects, offering a superior expertise in a time when buyer expectations are greater than ever.”
Bristol-based Flexys was based in 2016. In current months, the corporate has cast partnerships with TSB Financial institution and Virgin Cash. In each cases, Flexys helped the establishments handle Bounce Again Mortgage Scheme (BBLS) repayments and Pay As You Develop (PAYG) choices.
Thought Machine completed 2023 with a partnership with Mexico-based fintech Trafalgar. The partnership marked Thought Machine’s first collaboration in Mexico, and is designed to assist Trafalgar higher serve its SME prospects. Moreover, the corporate plans to launch its new Thought Machine-powered platform in Q2 of this yr. Trafalgar may also leverage Thought Machine’s know-how to develop and provide further monetary providers starting from digital playing cards to point-of-sale (POS) methods.
Based in 2014, Thought Machine made its Finovate debut at FinovateEurope in London in 2018. The corporate has raised greater than $562 million in funding, in line with Crunchbase. Thought Machine contains Temasek Holdings and Intesa Sanpaolo amongst its buyers. Paul Taylor is CEO.
Desirous about demoing at FinovateEurope in London subsequent month? Functions are nonetheless being accepted from revolutionary corporations with new options which are prepared to point out. Go to our FinovateEurope hub right this moment to be taught extra.
Photograph by Pixabay
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