API-driven data exchange between the two fintechs will enable banks using Vault Core to add Trade Ledger’s loan origination and management capabilities
API-driven data exchange between the two fintechs will enable banks using Vault Core to add Trade Ledger’s loan origination and management capabilities.
Thought Machine, from offices in London, New York, Singapore, Sydney and Melbourne, serves banks and financial institutions such as JPMorgan Chase, Intesa Sanpaolo and Curve, with its cloud native core banking engine, Vault Core.
They will now be able to configure and launch new products such as secured loans and invoice and asset finance through Vault via the integration with Trade Ledger’s lending-as-a-service platform.
London-based Trade Ledger is currently scaling globally to accommodate “a fast-growing client base” of global trade banks, regional and national banks, and alternative finance providers. To date, the fintech has raised £16.6 million of funding.
Commenting on the partnership, Shivani Jaswal, partner manager at Thought Machine, said: “Introducing Trade Ledger to our expanding and evolving Integration Library allows banks to add commercial lending products with super-fast origination, automated data ingestion and implementation of risk policies for decision support.”
Martin McCann, chief executive officer and co-founder of Trade Ledger, said: “Our partnership with Thought Machine demonstrates the value that the Trade Ledger platform is giving commercial lenders at a time when access to business finance could be highly influential on long-term customer retention.”
“The ease with which the Trade Ledger capabilities can be integrated into the Thought Machine platform means banks can increase their competitive advantage in building new working capital offerings that are fit for purpose in the current challenging economy.”