UK-based mobile banking solution provider Atom bank has agreed to put its next generation of personal and business banking products onto Thought Machine’s Vault platform.
Thought Machine stated that its Vault core banking platform, which has been written from scratch, is a cloud native modern alternative to legacy platforms that plague the banking industry.
Atom’s chief innovation officer Edward Twiddy said: “We are absolutely delighted to be combining the customer focus and experience of Atom with the engineering skills and ambition of Thought Machine.
“The coherence and elegance of Thought Machine’s Vault platform offers Atom a radically innovative and agile alternative to traditional banking technologies. Vault’s unique features such as its smart contract system for products, and workflow engine for bank processes, enables Atom to develop a bank which transmits its vision and values through the business and into the hands of our customers.”
The Vault comes with a suite of retail banking products such as current accounts, loans, savings, mortgages and credit cards. These are implemented via its system of smart contracts.
Smart contracts are written in code and hold both the legal side of the contract and product servicing. They are digitally signed by the customer and the bank and are placed in smart contracts ledger. This will act as a single source of truth for all the bank’s positions, current and historical.
Vault also offers a single source of truth, with real time access to all data in the bank. Two of the important aspects of the database are the transactions ledger and the (smart) contracts ledger. These are stated to be immutable ledgers which store every transaction and signed contract in a single place.
Bank staff can use the banking operations website to conduct their work. Each of the employees are assigned a role, which determines the permissions that they have to view information and in carrying out actions. These roles can be customised for a bespoke organisational structure.
Thought Machine CEO Paul Taylor said: “Thought Machine is built for banks and brands that want to take customer expectations to a new level. Being genuinely cloud native – rather than simply put into the cloud – our Vault platform offers agility, scalability and resilience alongside the very highest levels of security.
“We’ve been working with the Atom bank team now for a couple of years and it’s a real pleasure to announce this partnership.”