UK-based software firm Thought Machine has been selected by Swedish banking group SEB as part of technology exploration.
Thought Machine’s core banking platform Vault will be implemented in SEB’s recently created innovation studio, dubbed SEBx, which seeks to explore the future of banking.
The Vault platform comes with a full suite of retail banking products, including current accounts, loans, savings, mortgages and credit cards.
It uses a data streaming architecture to produce analytics on the primary database information. The platform’s workflow engine enables a bank to define how the processes operate.
Vault provides a single view of the customer through its customer data management system.
SEBx CEO Christoffer Malmer said: “While matching our ambition to develop excellent customer experiences in a speedy manner, we believe that Vault also offers the benefits of flexibility, scalability and security through its cloud native design.
“The first product to be built on Vault and the SEBx platform will aim to service the solopreneur – or the self-employed – in completely new ways.”
Thought Machine CEO and founder Paul Taylor said: “SEB is one of the most innovative banks in Europe, and it is significant that they have decided to deploy Vault as part of their technology exploration. We are delighted to work with the team at SEBx on their goal to champion the solopreneur.”
In November 2018, UK’s Atom bank agreed a multi-year partnership with Thought Machine to put its next generation of personal and business banking products onto Vault platform.