Founded in 2014, London-based fintech unicorn Thought Machine will be working together with Synpulse in future, offering banks a cloud-based operating model. The new operating model and the cloud-based core bank platform Vault from Thought Machine enable new digital banks to be hosted via the cloud.
The Synpulse Group with headquarters in Hergiswil in the canton of Nidwalden and Synpulse Schweiz operating out of Zurich and Geneva have been advising banks and insurance companies worldwide for 25 years. According to a press release, Synpulse will act as the strategic delivery partner. The STORM operating model combines “Synpulse’s in-depth expertise in all areas of digital transformation enabling banks to be compliant across all cross-functional requirements with a fast speed to market and broad product offering through Thought Machine’s cloud native core-banking platform, Vault”.
The development team will be able to use the more than 100 baseline processes of the preconfigured STORM operating model, all essential for setting up a new digital bank. This approach reduces time-to-market for new banks by up to 35 percent compared with a typical planning approach.
This will result in “a more trusted partnership with our clients,” said Yves Roesti, Managing Partner and CEO of the Synpulse Group. “Together, we ensure we deeply understand our customers’ requirements and systematically use our combined capabilities to best serve our mutual customers,” added Nick Wilde, Managing Director Asia Pacific of Thought Machine. We can “systematically use our combined capabilities to best serve our mutual customers”.