Vault Core

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Thought Machine is headquartered in London, with additional offices located in New York, Singapore, Melbourne and Sydney. We have 567 full time employees globally, with 360 employees based out of the London office. Thought Machine provides Core Banking Services, and in terms of vision, many banks have the ambition to deliver better technology to their customers, but are held back by the legacy platforms and technology. Banks spend an incredible amount just to stand still. Cost of change is huge, and the cost of operations is too expensive because of an inability to automate processes. Banks have built interface layers with more modern technology, but there is only so far you can go before the foundations themselves have to be replaced. Building the new foundations for banking is Thought Machine’s mission.

Vault has been written from scratch by Thought Machine to be a cloud native modern core banking platform alternative to the legacy platforms that plague the banking industry. It can be deployed on the major public cloud platforms like GCP.

Vault can run any type of banking products, from mortgages to current accounts. It has a workflow engine which defines how the bank operates. All data runs in real time within the system, meaning data analytics and regulatory reporting can be fully automated. Customer Apps and APIs create the ability to have fully automated customer interaction.

Thought Machine currently has 51 signed MSA's with numerous clients either live in production or live in beta inclusive of 11 Tier 1 banks, 4 Tier 2 banks, 8 Tier 3 banks, 10 Tier 4 banks & 11 Fintech companies. Please note that although we have 51 signed MSA’s, some of these represent separate deals with one specific bank, hence why only 46 banks and Fintechs are listed here, with 13 of our signed MSA's being UK clients. We can confirm that 26 clients are currently live in production, and this includes a multitude of products, ranging from BNPL, DDA, Credit Cards, Current Accounts, Personal Deposit Accounts, Reward Accounts, SME Unsecured Loans and Transaction Accounts etc. The spread of our institutions is global with clients in all continents.

Key Features

Thought Machine, a prominent fintech company based in the UK, offers innovative products primarily centered around its flagship core banking system, Vault. Vault is engineered to redefine how banks operate by providing a highly configurable, cloud-native platform. This platform enables banks to create and manage any type of deposit, loan, or mortgage products with complete flexibility, thus facilitating a transition away from legacy systems to a more agile, technology-driven approach. It offers real-time processing capabilities and the promise of enhanced security, making it an attractive option for financial institutions aiming to modernize their infrastructure.

Another key product from Thought Machine is the Smart Contracts system, which integrates seamlessly with Vault. This feature utilizes blockchain-inspired technology, allowing banks to define the exact logic and parameters of their financial products. Each product operates as its own Smart Contract, ensuring that all transactions are automatically executed according to predefined rules without the need for manual intervention. This automation not only reduces the potential for human error but also significantly speeds up transaction times.

Leveraging the power of cloud computing, Thought Machine emphasizes scalability and resilience in its products. The company’s solutions are designed to scale effortlessly with the growing demands of a bank, supporting the rapid launch of new products while ensuring continuous availability. This scalability is coupled with a commitment to compliance and regulatory standards across different jurisdictions, making Thought Machine’s offerings both powerful and reliable tools for transformative banking.

Key Benefits

Vault Core by Thought Machine offers several key benefits designed to transform the banking experience for both institutions and their customers:

1. Flexibility - Vault Core allows banks to create and configure any type of banking product, providing unparalleled flexibility in product management and customisation.

2. Cloud-Native - Being fully cloud-native, Vault supports seamless scaling, reducing hardware constraints and allowing banks to expand services without the limitations of traditional banking infrastructure.

3. Real-Time Processing - The system processes transactions in real-time, offering up-to-the-minute accuracy that enhances customer satisfaction and operational efficiency.

4. Reduced Operational Risk - Automation and the elimination of legacy systems help reduce operational risks associated with manual processes and outdated technologies.

5. Cost Efficiency - By automating many core banking processes and reducing reliance on physical data centres, Vault can significantly lower operational costs.

6. Enhanced Security - Built with modern security frameworks and compliance measures, Vault ensures high levels of data protection and security for banking operations.

7. Agility - The platform's agility facilitates quick responses to market changes and customer needs, allowing banks to rapidly develop and launch new products.

8. Integration Capabilities - Vault Core integrates smoothly with other banking systems and third-party services, enhancing its functionality and usability.

9. Regulatory Compliance - Thought Machine regularly updates Vault to ensure compliance with evolving regulatory requirements across different markets, reducing compliance burdens for banks.

10.Customer Experience - By enabling faster and more reliable banking services, Vault Core directly contributes to a better, more satisfying customer experience.

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