UK digital bank Monese is parting ways with Thought Machine three years after signing up for its Vault core banking platform, with the company instead implementing new core tech developed in-house by the company’s recently launched fintech subsidiary XYB.
Monese first tapped Thought Machine for its cloud-based Vault offering in October 2020 in a highly publicised deal. The agreement included the migration of the bank’s customer base and technology infrastructure to the new platform.
