SEB Embedded taps Thought Machine to power BaaS offering
Swedish corporate bank Skandinaviska Enskilda Banken (SEB) is using Vault Core, the cloud-based core banking system of UK-based banking tech vendor Thought Machine, to power its new Banking-as-a-Service (BaaS) platform, SEB Embedded.
SEB leverages Thought Machine to power BaaS unit, SEB Embedded
The core’s smart contracts-based product-building framework and universal product engine have been utilised to launch the platform’s first offering, the Hemköp Matkonto current account, which has been delivered for the Swedish supermarket chain Hemköp.
Offering single and joint current accounts, Hemköp Matkonto is fitted with budget management tools and spending-linked rewards, and according to Thought Machine, was launched in “less than 10 months” of a partnership agreement being inked in December.
It adds that SEB Embedded, established in 2023, intends to “scale the services to a broader customer base in the near future”, with additional product launches and client deals expected to be announced later this year.
SEB first partnered with Thought Machine in 2018, and previously leveraged Vault Core in its innovation studio, SEBx, cited as a predecessor to SEB Embedded.
The bank more recently selected Singapore-based regtech Blacksmith KYC to automate its data collection and management capabilities this time last year.
