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November 2019-January 2020

Sweden’s SEB explores core banking in the cloud

Swedish Bank SEB will use its innovation department to deploy and explore a Google-inspired cloud native platform for core banking. The bank’s SEBx unit, which was established to test out new technologies, will use Thought Machine’s cloud native Vault platform to build new banking products. The first product to be built on the platform will aim to service self-employed customers “in completely new ways”, according to 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,” said SEB CIO Nicholas Moch. “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.” Thought Machine’s technology platform, known as Vault, is considered to be a possible means of overcoming large banks’ reliance on legacy core infrastructure. The platform is...

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