The happy times continue with core banking technology firm Thought Machine announcing its latest signing thanks to a deal with US-based Mascoma Bank.
Mascoma Bank is a mutual savings bank with offices throughout New Hampshire, Vermont and Maine.
The bank has signed a licence agreement to deploy and migrate its customers onto Vault, Thought Machine’s cloud native core banking platform, for its branch, mobile and internet channels.
Clay Adams, President and CEO of Mascoma Bank, says: “We believe that modern technology is the key to unlocking superior customer service.”
Paul Taylor, Founder and CEO of Thought Machine, adds: “We have the unique product building capabilities not only to serve the biggest retail banks in the world, but the smaller, more focused community banks, like Mascoma Bank.”
The bank, which offers mortgages, checking (current) accounts, loans and business banking, will also be using Vault to add and configure products.
According to London-based Thought Machine, Vault also gives the bank a single source of record by bringing all of its data into one space.
Mascoma Bank will be the second publicly-named community bank running on Vault. This news follows the announcement of Arvest, an Arkansas-based community bank, signing to use Vault in September 2021.
Despite 2022 still being fresh, Thought Machine has been busy this year.
As reported last month, the fintech firm got a new core banking deal with Al Rajhi Bank Malaysia (ARBM).
ARBM, a wholly-owned subsidiary of “the world’s largest Islamic bank by assets”, Al Rajhi Bank of the Kingdom of Saudi Arabia, started a digital transformation last year. ARBM will deploy Thought Machine’s core banking engine, Vault, to launch a new digital bank in 2022 with a range of retail and SME financial services, such as savings and financing products.
That followed the deal with Danish company Lunar, which chose Vault to power its financial services offering in the Nordic region.