SEB partners with London fintech Thought Machine to power SEBx technology platform

SEB, the Swedish financial group, announced it had entered into a partnership under which SEB’s innovation studio SEBx will deploy Thought Machine’s core banking platform. SEBx is a strategic initiative to explore new technologies and new customer offerings (read more at sebx.io).

Thought Machine is a growth stage financial technology company headquartered in London, whose core product, Vault, is a cloud-native core banking engine. Over the past four years, the Thought Machine team has developed Vault using the latest software engineering techniques to offer a next-generation alternative to traditional legacy systems.

Nicholas Moch, Group CIO of SEB: “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.

Christoffer Malmer, CEO of SEBx: “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.”

Paul Taylor, CEO and founder of Thought Machine: “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. We are delighted to work with the team at SEBx on their goal to champion the solopreneur.”

Author: Yash Hirani

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