C6 Bank, a progressive Brazilian financial institution, has taken a significant step towards sustainable banking by introducing the country’s first automatic carbon footprint calculator product.
Developed in collaboration with Thought Machine, a pre-eminent provider of cloud-native core banking technology, the carbon calculator has remarkably offset more than 900 tonnes of carbon within its first month of launch.
In a world increasingly focused on climate change and sustainable living, the purpose of the carbon calculator product is timely and resonates with the public sentiment. C6 Bank aims to enable its customers to acknowledge and measure the environmental impact of their financial transactions, thereby promoting a more sustainable banking culture.
C6 Bank has consistently been at the forefront of FinTech innovation in Brazil. The bank strives to challenge the traditional banking paradigm with customer-centric, inventive solutions. Its dedication to sustainable banking practices is underscored by the recent unveiling of the automatic carbon footprint calculator, a product that empowers customers to make environmentally conscious decisions.
The new carbon footprint calculator, realised in a record period of under six months, serves as an industry-first for Brazilian banking. It provides customers with the facility to automatically calculate the estimated carbon footprint of their payment transfers and card transactions. Additionally, customers are given the opportunity to counterbalance their carbon usage with forest preservation credits, integrating environmental responsibility with everyday banking.
Built on Thought Machine’s Vault Core technology, the calculator exemplifies a real-time, API-enabled solution for sustainable banking. The product offers an all-inclusive data source, enabling automatic conversion of payment transfers and card transactions into carbon emissions. The technology provides customers with an instant quantification of the environmental impact of their financial activities.
The alliance with Thought Machine has proved fruitful for C6 Bank, paving the path for future technological integration. C6 Bank envisages the use of Vault Core’s Universal Product Engine for the incorporation of new features and products, potentially marking a new era of innovation in sustainable banking.
Reflecting on the partnership, C6 Bank CTO, Nelson Novaes, noted, “As we embarked on our project to build Brazil’s first automatic carbon footprint calculator product in a bank’s app, we needed to partner with a world-class core banking technology provider. We selected Vault Core for its product quality and modern design: it is highly performant and event-driven. It allows us to access data in real-time, scale quickly, and build a better and more sustainable future.”
Thought Machine’s CEO and founder, Paul Taylor, voiced similar optimism: “C6 has been at the forefront of banking innovation in the Latin American region. It has developed an incredibly popular banking service that is not only well-designed but is also mitigating climate risk. The bank has made a clear commitment to build a robust infrastructure to deliver its long-term vision for the future of financial services. We look forward to working with C6 to deliver on this ambition.”
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