SEB Embedded, the banking-as-a-service platform of Swedish bank SEB, has partnered with Thought Machine to launch a new offering powered by the latter’s cloud-native core banking platform, Vault Core.
This partnership has enabled SEB Embedded to launch a new banking service for its first client, Hemköp, one of Sweden’s largest supermarket chains, in under 10 months.
The service, Hemköp Matkonto, offers customers single and joint current accounts designed to help manage food budgets and earn loyalty points, with the added benefit of in-store discounts.
Hemköp Matkonto includes a linked debit card with Apple Pay and features self-service options such as card freezing, blocking, reordering, and managing PINs.
This rapid launch was facilitated by Vault Core’s smart contract-based framework and Universal Product Engine system.
It empowers SEB Embedded with greater control and agility in product development compared to traditional banking systems.
The collaboration between SEB and Thought Machine dates back to 2018, when SEB began using Vault Core in its innovation studio, SEBx.
The success of SEBx served as a catalyst for the creation of SEB Embedded, a service designed to allow businesses to seamlessly integrate financial services into their offerings.
Looking ahead, SEB Embedded plans to expand the Hemköp Matkonto service to a wider customer base and introduce new products and clients throughout 2024.
Emelie Eriksson, Head of SEB Embedded, said,
“With Vault Core, SEB Embedded aims to transform banking by seamlessly integrating excellent financial products into customers’ daily lives.
Our long-standing partnership with Thought Machine, a technology leader by the highest standards, has empowered us to rapidly innovate and bring new solutions to market faster than ever before.”
Paul Taylor, CEO and Founder, Thought Machine said,
“SEB Embedded’s go-live on Vault Core in under 10 months demonstrates the speed and control a truly cloud-native platform provides.
By independently using our smart contract and Universal Product Engine system for this pioneering product, they’ve shown banks worldwide the possibilities that emerge when embracing modern engineering practices and moving beyond legacy systems.”
Featured image credit: edited from freepik
