Thought Machine Partners With Form3 to Bring Real-Time Payment Technology to Europe

Thought Machine Partners With Form3 to Bring Real-Time Payment Technology to Europe

by October 30, 2023

Thought Machine, the cloud-native banking technology company, announced it has partnered with Form3, a cloud-native account-to-account platform, to add FedNow, TCH RTP and SEPA Instant Credit Transfer connectivity to Thought Machine’s payment platform, Vault Payments.

This partnership brings together two payment solutions, offering banks and financial institutions an end-to-end solution for seamless real-time payment processing.

‍Thought Machine’s Vault Payments is a cloud-native and API-enabled platform designed to simplify payment processing for banks. Its Universal Payment Engine processes all payment types and seamlessly integrates with any method, scheme or region globally, granting total payment orchestration control with unparalleled customisation of payment flows.

‍Both Thought Machine and Form3 have built their platforms using cloud-native technologies, guaranteeing reliability, scalability, performance and disaster recovery as core capabilities.

‍In 2022, global real-time transaction volumes soared by more than 60% yearly, reaching a record high. However, legacy systems can prevent banks and fintechs from fully leveraging new real-time schemes. Legacy systems can be difficult to integrate with real-time technologies and can lack compliance with ISO 20022 standards.

‍Thought Machine is entering the US payment market to meet the strong demand from financial institutions seeking modern, real-time payment systems. This demand has grown since the launch of FedNow in July 2023, which is set to revolutionise the US money transfer market.‍

Paul Taylor

Paul Taylor

Paul Taylor, founder and CEO of Thought Machine, commented:

“We are delighted to partner with Form3, marking a significant step towards realising our vision of a truly Universal Payment Engine. As real-time payments become the new standard, our combined expertise ensures financial institutions are equipped with cutting-edge, cloud-native technologies. Together, we are shaping the future of payments.”


Mike Walters, Form3 CEO

Mike Walters

‍Mike Walters, Form3 CEO, said:

“We are very pleased to be working with Thought Machine, to provide leading banks and financial institutions with a fully-rounded, multi-cloud solution for their real-time payments needs. This partnership brings together two best-in-class cloud technology providers, working in a changing payments landscape, highlighted by the introduction of the FedNow Service and the new ISO 20022 messaging standards.”



Featured image credit: Paul Taylor, founder and CEO of Thought Machine and Mike Walters, Form3 CEO