Curve to launch new credit facility powered by Thought Machine’s Vault
Payments fintech Curve has picked Vault from Thought Machine to power a new credit offering.
Curve Credit allows customers to pay for their purchases in instalments. Curve says it is launching the product with “an ethos of responsible lending and borrowing”.
Users can spread their payments across three, six, or nine months. Credit can be applied retrospectively and prospectively.
Vault’s Smart Contracts product-building system will deliver this functionality for the live product. Vault is deployed by the fintech on a Software-as-a-Service (SaaS) basis.
“Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers,” says Curve Credit head, Paul Harrald.
“Curve Credit’s ethos is about responsible lending and responsible borrowing.
“Alongside Curve OS, this three-way dynamic will be able to give each customer the clearest possible terms via a simple and beautiful product and experience.”
Curve recently underpinned the launch of Samsung Pay’s new card.
The service allows Samsung hardware users to make purchases using those devices. It will utilise Curve’s multi-bank platform to enable users to select accounts to pay with.
The Samsung Pay Card will also feature Curve’s “back in time” feature. Through it, transactions can be moved from one account to another after they have been made.
Paul Taylor, Thought Machine CEO, says the product is “truly unseen”.
He adds: “Our teams share a passion for building expertly-engineered products that give customers choice and flexibility in managing their finances.
“Unbeatable financial services organisations are those which embrace modern, cloud native technology.”
Thought Machine signed up UK banking app Monese at the beginning of the month.
The firm will migrate its existing customer base on to Thought Machine’s cloud-native core banking system. The deal is part of an infrastructure digitalisation strategy.