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 resolution, 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 expertise 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 reinforce 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 incorporates a Common Product Engine that offers customers an excessive amount 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, forsaking the constraints of legacy programs to enhance effectivity, reduce friction, and vastly enhance the expertise for patrons in arrears,” Flexys CEO James Hill mentioned.
For its half, Management+ automates and digitizes buyer engagement. This improves effectivity. However it additionally makes it doable for brokers to supply customized, optimistic experiences for patrons. Emphasizing engagement over confrontation, Management+’s “clever debt decision” strategy empowers collections brokers whereas defending companies from reputational and regulatory threat.
“Thought Machine and Flexys are eradicating pointless burden and human error,” Flexys International Head of Partnerships Randolph McFarlane mentioned. “In flip, this permits banks to raised 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 latest months, the corporate has solid partnerships with TSB Financial institution and Virgin Cash. In each situations, 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 12 months. Trafalgar may even leverage Thought Machine’s expertise to develop and supply extra monetary companies starting from digital playing cards to point-of-sale (POS) programs.
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 keeping with Crunchbase. Thought Machine contains Temasek Holdings and Intesa Sanpaolo amongst its traders. Paul Taylor is CEO.
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Photograph by Pixabay
