Nordic FinTech Lunar updates core banking system

Nordic FinTech Lunar has selected Thought Machine, the cloud-native core banking technology, to modernize its system and develop new services, the companies announced on Tuesday (January 18th).

According to the announcement, Lunar’s goal is to “challenge” banks and payment standards in Scandinavia, and Thought Machine offers the flexibility and configurable products that Lunar was looking for.

The partnership will use Thought Machine’s core banking engine, Vault, and the release notes that Vault’s cloud-native nature will help Lunar benefit from scalability and adaptability.

“To continue to grow our service in the region, investing in the latest and greatest technologies is a top priority for Lunar,” said Ken Villum Klausen, CEO and Founder of Lunar, in the announcement. “We looked for a central banking engine that would allow us to meet our product roadmap, not dictate it.

“Thought Machine’s core banking platform, Vault, was by far the most flexible technology available on the market. By removing constraints and opening up opportunities, Vault will allow us to create targeted products and streamline workflows as we scale. »

Paul Taylor, CEO and Founder of Thought Machine, said in the statement that the Lunar team is building the most comprehensive financial powerhouse in the region.

“We are thrilled to be part of Lunar’s journey as they have certainly created a winning formula setting them up for success,” Taylor continued.

The report says that other Thought Machine clients include BankŚląski, Standard Chartered, Lloyds and SEB. Meanwhile, PYMNTS writes that Lunar purchased the Paylike payment platform last October, helping Lunar customers receive direct e-commerce payments.

See also: Digital banking Payment platform Lunar Snags Paylike

Lunar also launched a one-step payment offer from the same acquisition, making online payments easier and faster.

At the time, Villum Klausen said the acquisition would be good for the company’s goal of going “beyond banking”. Payments, he said, top the list for the next phase of growth.

Paylike said at the time that it processes 100 million euros each year in Europe, and Lunar has more than 325,000 customers in its offices in Denmark, Sweden and Norway. Lunar started in 2015 as a personal finance management app. It received a banking license at the end of 2019 and rolled out a banking platform in April 2020.



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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