08 Oct 2019 12:00

SEBx chooses Thought Machine for cloud-based banking platform

SEBx is entering into a partnership with the fintech company Thought Machine to use its cloud-based core banking engine Vault, as part of the SEBx technology platform. The first product to be built on the new platform will be aimed at solopreneurs.

“We believe that Vault can give us the ability to quickly create excellent customer experiences at the same time that it offers the flexibility, scalability and security we need,” says Christoffer Malmer, head of SEBx.

SEBx was initiated a bit over a year ago with the mission to explore new technologies that can benefit all of SEB, as well as research new business opportunities and customer offerings. The first product launch will be designed for so-called solopreneurs – the self-employed – with the aim of reducing their administrative burden and simplify their everyday lives. The first beta customer has just been onboarded to the platform.

Thought Machine is a London-based fintech company whose product, Vault, is a cloud-native core banking engine that is based on state-of-the-art software engineering techniques. Vault aims to simplify the technical and operational complexity of banking while offering the highest levels of security and operating stability.

“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,” comments Paul Taylor, founder and CEO of Thought Machine. “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.”

Read more about SEBx at sebx.io