Build and run any financial product on a cloud-native core banking platform
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TL;DR - Thought Machine
- Vault Core is a cloud-agnostic core banking platform that supports any financial product and a library of 200+ preconfigured products.
- Vault Payments is a cloud-native payments platform handling all payment types, with initial card issuing and processing on Mastercard.
- Trusted by major global banks including JPMorgan Chase, Lloyds, ING, Standard Chartered, and Intesa Sanpaolo, many of which are also investors.
Pricing: Paid only
Best for: Enterprises & pros
What is Thought Machine?
Thought Machine provides the Vault platform, a modern core banking and payments system built from scratch for the cloud. Vault Core is a cloud-agnostic core banking platform that allows banks to run any financial product, from current accounts to mortgages, and to create new products quickly. It includes a Product Library of over 200 preconfigured financial products. Vault Payments is a cloud-native payments processing platform that supports all payment types, schemes, and regions, starting with card issuing and processing on the Mastercard network. The platform gives banks complete control over their product strategy and payment life cycles, enabling them to innovate and compete effectively.
Pros & Cons
Pros
- Complete control for banks to design and run any financial product or payment scheme.
- Cloud-agnostic architecture allows flexibility in hosting and avoids vendor lock-in.
- Trusted and invested in by top-tier global banks, validating its reliability and innovation.
Cons
- Designed for large banks and fintechs, may be overkill or too complex for very small institutions.
- Migration from legacy core banking systems could be a significant project requiring careful planning.
Preview
Key Features
Cloud-native core banking platform (Vault Core) built from scratch for the cloud.Cloud-agnostic deployment with flexibility to choose hosting provider and location.Product Library of over 200 preconfigured financial products, from current accounts to mortgages.Ability to create custom products like buy-now-pay-later, combined debit/credit cards, and offset mortgages.Vault Payments for processing all payment types, schemes, and regions, with card issuing and processing on Mastercard.
Pricing
Paid
Thought Machine offers paid plans. Visit their website for current pricing details.
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Thought Machine FAQ
How does Vault Core's cloud-agnostic approach benefit banks?
Vault Core is cloud-agnostic, meaning banks can choose their preferred cloud provider and hosting option, giving them flexibility and avoiding vendor lock-in.
What types of preconfigured financial products are available in the Product Library?
The Product Library contains over 200 preconfigured financial products including current accounts, savings accounts, credit cards, loans, and mortgages.
Can banks create entirely new products not in the Product Library?
Yes, banks can build their own products using Vault Core, such as buy-now-pay-later offerings, combined debit and credit cards, and offset mortgages.
What payment types does Vault Payments support?
Vault Payments is designed to support all payment types for every method, scheme, and region globally, starting with card issuing and processing on the Mastercard network.
Which major banks are clients or investors in Thought Machine?
Thought Machine's client list includes Tier 1 multinationals like JPMorgan Chase, Lloyds Banking Group, ING, Standard Chartered, SEB, and Intesa Sanpaolo, many of whom are also investors.
How does Vault Payments embed financial products into the payment platform?
Vault Payments seamlessly and dynamically embeds new and existing financial products into the payment platform, granting clients complete control over the payment life cycle.
What is the typical deployment model for Vault Core?
Vault Core is cloud-native and can be deployed on any cloud provider of the bank's choice, offering flexibility in hosting and operations.
Does Vault Core support both retail and commercial banking products?
Yes, Vault Core can run any product a bank wishes, including those for retail and commercial banking, such as current accounts, savings accounts, credit cards, loans, and mortgages.
Source: thoughtmachine.net