Thought Machine and Form3 Partnership: Real-time Payment Revolutionaries
In the fast-evolving landscape of modern banking, technology remains the catalyst for transformation. A remarkable collaboration between Thought Machine and Form3 is set to redefine the world of real-time payments in the US and European markets, offering a seamless, end-to-end solution for financial institutions.
Revolutionising Real-time Payments
Thought Machine, a leading cloud-native banking technology company, has joined forces with Form3, a cloud-native account-to-account platform, to usher in a new era of real-time payment technology. Their partnership is poised to make waves by integrating FedNow, TCH RTP, and SEPA Instant Credit Transfer connectivity into Thought Machine’s cutting-edge payment platform, Vault Payments.
The Power of Vault Payments
Vault Payments, designed as a cloud-native and API-enabled platform, simplifies bank payment processing, setting a new standard for efficiency and versatility. It’s a Universal Payment Engine that can process all payment types and seamlessly integrate with any global method, scheme, or region. This capability grants financial institutions unprecedented control over payment orchestration with unmatched customizability.
The Seamless Integration
The Thought Machine and Form3 collaboration streamlines payment processing by offering a comprehensive end-to-end solution. By combining Vault Payments with Form3’s account-to-account platform, clients can harness Thought Machine’s powerful configuration capabilities alongside Form3’s direct connections to various payment schemes.
Cloud-Native Technologies and ISO 20022 Standards
They thought Machine and Form3 had developed their platforms using cloud-native technologies, ensuring reliability, scalability, performance, and robust disaster recovery capabilities. Moreover, both platforms natively support ISO 20022 messaging standards, simplifying the transition for banks. This eliminates the resource-intensive migration process, offering streamlined processing, improved analytics, enhanced regulatory reporting, and superior customer experiences.
Meeting the Demand
The demand for modern, real-time payment systems in the United States has surged following the launch of FedNow in July 2023, poised to revolutionize the US money transfer market. Thought Machine is heading toward the US payment market to meet this demand head-on.
A Vision for the Future
Paul Taylor, the founder and CEO of Thought Machine, expressed his enthusiasm for the partnership, highlighting their shared vision of creating a truly Universal Payment Engine. In his words, “As real-time payments become the new standard, our combined expertise ensures financial institutions are equipped with cutting-edge, cloud-native technologies. Together, we are shaping the future of payments.”
Form3’s Perspective
Mike Walters, CEO of Form3, echoed the sentiment, emphasizing their commitment to providing leading banks and financial institutions with a fully-rounded, multi-cloud solution for real-time payments. This collaboration unites two exceptional cloud technology providers in a rapidly changing payments landscape.
Looking Ahead
In a world where digital transformation is the driving force, partnerships like the one between Thought Machine and Form3 serve as a beacon of innovation and progress. With their combined expertise, they are poised to redefine the future of real-time payments, offering financial institutions the tools they need to thrive in the modern banking landscape.
