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Digital disruptor Atom bank partners with Thought Machine

27 November 2018


Atom bank, the UK’s first bank built for mobile and the country’s fastest growing mortgage lender, has agreed a multi-year partnership with leading fintech Thought Machine to put its next generation of personal and business banking products onto Thought Machine’s Vault platform.

Announcing the news, Edward Twiddy, Atom’s Chief Innovation Officer, said: “We are absolutely delighted to be combining the customer focus and experience of Atom with the engineering skills and ambition of Thought Machine.”

“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.”

“This will be a spectacular change in the way we shape our bank and serve customers. The partnership confirms Atom’s determination to remain at the cutting edge of implementing technologies that create better customer experiences and outcomes. Just as we did when we brought biometrics to UK banking we will continue to innovate for a purpose.”

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Note to Editors

After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and mediumsized enterprises (‘SMEs’). From the start, Atom set out to build a customer- driven bank, designed to meet their new needs and optimised for mobile technologies.

Atom bank launched its first mobile mortgage product in December 2016 and has taken over £1.7bn of deposits and lent over £1.9bn to small businesses and homeowners.

Atom is here to change banking, creating a disruptive and digital bank, keeping costs low and passing back the value to its customers. The Atom app is at the heart of the bank, with a 24/7 support team on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.

The Atom executive team are highly experienced, having built and run some of the most well respected banks in the UK. CEO Mark Mullen has 25 years’ experience in the sector and was previously CEO at the multi award-winning telephone and internet bank first direct. The team are supported by a strong non-exec board, which includes Chairman, Bridget Rosewell. Bridget has an economics background is also Chairman of the Driver Vehicle Standards Agency and on the board of Network Rail as well as a Commissioner with the National Infrastructure Commission.

About Thought machine

Media contact: press@thoughtmachine.net

Thought Machine is a UK-based growth stage technology company which builds cloud native technology for banks. Founded in 2014 by CEO Paul Taylor, Thought Machine’s mission is to enable banks to deploy modern systems and move away from the legacy platforms that plague the banking industry.

About Vault Vault is a next generation cloud native core banking platform which has been written from scratch by Thought Machine. Vault is completely flexible, and can be configured to run any type of bank. Smart contracts are used to implement the full range of banking products, from mortgages to current accounts, and its workflow engine is used to define the operating model of the bank.

All data runs in real time within the system, meaning data analytics and regulatory reporting can be fully automated. APIs create the ability to have fully automated customer interaction via mobile and web applications, greatly reducing the time and effort for customer interaction.

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