Card consolidation platform Curve has teamed up with banking technology provider Thought Machine to power its new credit and loan offering Curve Credit.
Through Thought Machine’s technology, Curve Credit will allow customers to split their payments into instalments over three, six, or nine-month periods.
In addition, Curve Credit will augment customer credit scores using their transaction history across various bank accounts. The aim is to give customers greater transparency and flexibility in the borrowing decisions they make.
Paul Harrald, Head of Curve Credit, said: “We are excited about launching Curve Credit with Thought Machine’s core banking technology, which is unrivalled in the market. Thought Machine is the only technology that allows us to deliver the flexibility and manageability we desired for our customers.
“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.”
The announcement comes after Curve released its initial plans to tap into the BNPL market in July.
Thought Machine technology
Curve will use Thought Machine’s solution Vault to build financial products by writing them as code in the Smart Contracts interface.
Vault was selected by Curve Credit as a SaaS offering to power this new functionality. Furthermore, Vault SaaS offers all the features of Vault and can support a bank of any size, scaling as required.
Paul Taylor, CEO of Thought Machine, said: “Unbeatable financial services organisations are those which embrace modern, cloud native technology, like Curve. We look forward to working alongside Shachar, Paul, and the Curve team, to bring this truly unseen proposition to the market.
“Our teams share a passion for building expertly-engineered products that give customers choice and flexibility in managing their finances, and to do so in a meaningful way.”