Monese, pan-European banking service, announced that it will adopt Thought Machine’s cloud native core banking platform Vault.

Monese will migrate its existing customer base onto Thought Machine’s cloud native platform, as it focusses on strengthening the company’s core technology platform and its banking infrastructure.

Vault’s product building toolkit, known as Smart Contracts, is said to empower banks and fintech companies to build new products rapidly while improving the onboarding and ongoing customer experience unlike banks who are constrained by inflexible legacy technology.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine brings cloud native technology to core banking. Thought Machine names Lloyds Banking Group, Atom, SEB and Standard Chartered as clients and users of its platform, Vault.

Monese was launched in 2015 by entrepreneur Norris Koppel after his first-hand experience of the hassle involved with opening a bank account in a new country. It has mobile money accounts, portability across 31 countries, and its availability in 14 languages.

Its UK and European accounts will be powered by Vault to enable faster product delivery, greater resilience and improved banking experience for new and existing customers.

Norris Koppel, CEO at Monese, comments:

“At Monese, our goal is to provide truly modern portable banking services so customers have the freedom to thrive wherever they are in the world. By adopting Vault, we unlock new possibilities to deliver a seamless banking experience that will inevitably help us reach more customers.”

Paul Taylor, CEO at Thought Machine, adds:

“Monese has now joined an elite group of financial services companies which deliver innovation, security, and resilience to its customers, at scale. Vault’s hyper flexible core banking platform enables its clients to build and deliver banking services exactly as they want. We are excited to see Monese deliver on its vision of financial freedom using our truly cloud native platform.”