Italian banking giant Intesa Sanpaolo has launched its digital banking offering, Isybank, on Thought Machine’s Vault core. This marks a significant milestone in Intesa Sanpaolo’s transformation and investment in technology to cater to digitally savvy customers.
Facts
- Isybank has gone live on Thought Machine’s Vault core, 12 months after the initial partnership deal was initiated.
- Intesa Sanpaolo invested £40 million in Thought Machine’s Series D funding round, valuing the company at $2.7 billion.
- The launch of Isybank and the strategic partnership with Thought Machine align with Intesa Sanpaolo Group’s 2022-2025 Business Plan, focusing on technology investment and growth.
- With Thought Machine’s Vault core banking platform, Isybank can offer a range of current accounts and a salary finance advance product.
- Isybank allows users to access their earned funds before payday, targeting young, digitally savvy customers.
- Intesa Sanpaolo plans to gradually transition a portion of its retail customers to the cloud-native technology offered by Thought Machine.
- Isybank offers digital banking services through a mobile app, with three plans available, including a free plan with digital debit cards and paid subscription plans with physical debit cards and instant wire transfers.
