London-based fintech Thought Machine has entered into a partnership with the Swedish financial group SEB in order to deploy its core banking system into the strategic initiative SEBx.

Payl Taylor, CEO of Thought Machine

Paul Taylor, CEO of Thought Machine

SEBx is an innovation studio which explores new technologies and new customer offerings, and with the partnership, it will incorporate Thought Machine’s cloud-based core banking engine Vault.

Christoffer Malmer, CEO of SEBx, said in a statement that the first product to be built on the joint platform aims to serve the “solopreneur”, or the self-employed, in “completely new ways.

He 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.”

Nicholas Moch, the group CIO of SEB noted: “The SEBx-team has a clear mandate to explore leading technologies in its quest for creating next-generation customer offerings, and also to explore viable technology options for the future of the group. Having the opportunity to build a bank from the ground up within SEBx, we are determined to work with partners that bring new perspectives to a traditional industry, and the team at Thought Machine does that.”

Vault is Thought Machine’s core product, and the growth-stage fintech has developed it over the past four years using software engineering techniques which aim to offer a next-generation alternative to legacy systems.

Paul Taylor, its CEO, said: “This is very exciting news for us at Thought Machine and we see it as an important endorsement of our revolutionary cloud-native core banking engine, called Vault. 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.”

Vault is also used as a core banking system by UK challenger bank Atom, which implemented the system last November, and Thought Machine has partnerships with IBM and a major UK bank – securing an £11m investment from Lloyds Banking Group last year to support its digitalisation journey.

Sunniva Kolostyak
by Sunniva Kolostyak
FinTech Reporter at IBS Intelligence
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