Thought Machine signs Hungary’s Magyar Bankholding

As part of Magyar Bankholding’s strategy to become the most forward-looking financial services provider in Hungary, the banking group has formed Foundation, a new division dedicated to building a state-of-the-art digital bank for Hungarians. Foundation will use Thought Machine’s core banking platform, Vault, to power the new digital bank and launch a full range of new digital-first retail products.

With Thought Machine at the core, the bank plans to launch products and services enabling customers to conveniently save, pay and borrow –– all in one place. The new banking service will be available to existing customers of Magyar Bankholding, in addition to new customers seeking highly-automated, always-on and digital-first banking services.

Foundation will take full advantage of the configurability and flexibility built into Vault, which is designed to allow banks to create any type of product, personalise them to the customer’s individual needs and launch them at a breathtaking speed. Unlike other core banking providers, Thought Machine is proven to have supported world-class Tier 1 banks as they launch exceptional greenfield propositions to the market.

Thought Machine’s clients include JPMorgan Chase, Standard Chartered, Lloyds Banking Group, Intesa Sanpaolo, ING Bank, among others around the world. The company has raised more than $340m in funding, at a billion dollar plus valuation, and has headquarters in London, with regional offices in New York, Singapore, and Sydney.

Balázs Vinnai, Chief Advisor to the Chairman responsible for the technology transformation of Magyar Bankholding: “We are very proud to work with the Thought Machine team to provide a completely new kind of banking experience for our clients. The Thought Machine combines in-depth market knowledge with award-winning engineering expertise to create a product that is truly unique. We are confident that together we can build a new and exciting digital bank from Hungary’s second largest banking group, which will provide high-quality products and a world-class user experience for our clients.”

Paul Taylor, founder and chief executive officer of Thought Machine, said: “We believe that the most successful banks will deploy modern technology to unlock innovation and ultimately benefit competition–and thus, customers. Our partnership with the Magyar Bankholding team is a further demonstration of how established banks are taking technologies of tomorrow to create systemic change in banking. This is a huge milestone for the bank which will undoubtedly have a great and long-term impact on financial services in Hungary.”