Atom Bank’s ongoing project to maneuver to a cloud-based core banking platform will be boosted the the corporate’s success in elevating an additional £50m.
Atom, which delivers its services and products by means of an app for cell gadgets and desktop computer systems, received its banking licence in 2015 and opened its doorways to the general public in October 2016 following an preliminary invite-only launch.
Two years later, it dedicated to placing future services and products on a cloud-based platform developed by a group of former Google executives at a startup generally known as Thought Machine.
Thought Machine, arrange by Paul Taylor, Google’s former head of text-to-speech, gives banks a cloud-based core banking platform generally known as Vault.
At the time of its public launch, the startup stated its Vault system supplied a real-time, high-volume structure that would deal with billions of transactions a day, with cryptographic safety by way of a non-public centralised ledger and smart contracts to allow banks to launch new merchandise rapidly.
Part of the brand new capital raised by Atom will be used to maneuver to Thought Machine’s Vault. “The new capital will be used to fund further growth and to continue the bank’s investment in technology,” stated the financial institution.
Mark Mullen, CEO at Atom, stated: “What is important to customers is good products, good service and good value, so that’s where we’ve spent the majority of our time and energy. We are growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with instant access savings in the autumn. More than ever, we are convinced of the importance of Atom’s role to drive positive change in UK banking.”
Atom isn’t alone in shifting to Thought Machine’s platform. In January, Lloyds Banking Group stated it deliberate to maneuver 500,000 buyer accounts from its legacy IT onto Thought Machine’s Vault.