The US-based financial technology company partnered with Thought Machine for its cloud-native core banking platform Vault Core, and New York Community Bank (NYCB) to maintain the customer deposit accounts
US-based financial technology company HMBradley has announced a strategic partnership with banking technology provider Thought Machine for a cloud-based banking platform.
The company has also partnered with New York Community Bank (NYCB), a division of Flagstar Bank, to maintain the customer deposit accounts.
It will use Thought Machine’s highly configurable cloud-native core banking platform Vault Core, together with NYCB’s scale, expertise, and reputation.
The partnerships will enable the company to provide all its current and prospective customers with a personalised and effective banking experience.
In addition, the alliances will help eliminate its waitlist, and open new accounts for the first time in more than 16 months, said HMBradley.
HMBradley CEO and co-founder Zach Bruhnke said: “We are excited to partner with NYCB and Thought Machine to bring the best of both worlds to our customers.
“With Thought Machine’s cutting-edge technology, we can quickly create and build the products we’ve imagined, and with NYCB’s long-standing reputation as a stable and successful financial institution, we can exceed customer expectations at scale.
“This will result in an unparalleled customer experience with more personalised tools and benefits for our customers.”
Under the partnership, Thought Machine will enable HMBradley to transition from overnight batch transaction processing to real-time ledger capabilities.
With Thought Machine’s technology, HMBradley can respond to market demands in real time and improve the customer experience for action-driven and personalised products.
The company can easily build and deploy a full range of products customised to the needs of each individual, based on Thought Machine’s smart contracts capabilities.
HMBradley’s customers can set their annual percentage yield (APY) on their accounts each month based on their savings and spending habits
The new programme was made possible through its partnerships with both Thought Machine and NYCB, said HMBradley.
Thought Machine CEO Paul Taylor said: “By running on Vault Core, HMBradley will undoubtedly grow and improve its service in ways customers never imagined. We look forward to supporting HMBradley as it bakes power and efficiency into its operations and rolls out innovative new features with speed.”
NYCB senior managing director and deputy chief digital and banking as a service officer Douglas Pagliaro said: “This partnership aligns with our strategy of working with best-in-class innovators and helps NYCB broaden its banking as a service distribution channel.”