Thought Machine Vault
A modern core banking platform in the cloud, giving banks full control to do, and build, anything they want.
Our solution partner
ClearPoint is proud to be official partners with Thought Machine and their solution “Vault”, the leading modern core banking platform.
As Australasia’s only local services company with an established practice and hands-on experience with Thought Machine Vault, we are best placed to build out the future state for banks in New Zealand, Australia and Asia-Pacific looking to leverage the next generation of Cloud Native Core Banking.
Thought Machine
Thought Machine is modernising core banking systems through Vault, a next generation, cloud native, core banking engine. Vault is a scalable, DevOps enabled, event driven system, aligning strongly with high performance engineering capability that has always been in the DNA of ClearPoint.
What is Core Banking
Core banking is the back-bone system that centrialises and processes banking transactions across the various areas of the bank. Core Banking empowers customers to have greater freedom and flexibility with their account and enables safer, faster and less burdensome transactions from anywhere in the world.
Our approach
We work with digital banks across the board throughout New Zealand and Australia and are enabling banks with Thought Machine Vault as the core banking system and ClearPoint as the strategic implementation partner.
We have a team of certified Vault engineers, product specialists and delivery managers from ClearPoint, who ensure our customers are supported throughout the implementation.
Our approach outlines key product specifications and provides best practice engineering required to enable a successful core banking implementation that seamlessly integrates these with Vault within the wider technology ecosystem.
We empower banks to provide their customers with greater freedom and an increase in efficiency.
Why Vault
Vault is a next generation, cloud native core banking platform that is designed to be scalable, resilient and highly available. Its microservices and application programming interface (API) driven architecture is designed to be highly configurable. Vault decouples bank configuration items from the underlying core platform, thereby offering full flexibility and control to the bank in order to define products and business processes.
Vault provides the following functionality and advantages:
Accessible anywhere at any time and frees banks from complex software and hardware management. Vault SaaS offers a managed service to support those without the internal resource.
Data is encrypted within the database and in transit between services. Customer data is protected from unauthorised access.
Can grow and contract for any size of bank. Vault can handle customer volume growth as its load balancing and horizontal auto-scaling matches to the size of deployment.
Legacy systems are unable to cope with immediate transactions. Vault gives the ability to process data in real time allowing for immediate transactions and business teams to analyse trends and adapt.
As a highly automated DevOps environment, software upgrades and testing are all automated.
Launch new products and changes quickly with minimal disruption resulting in huge reductions in change costs.
Through a configuration layer, banks can program the functionality they require with no restrictions on the type of product they offer, their operating model or the way data is processed and analysed. Banks can build flexible and modern banking products such as loans, current accounts and more.
With a simple, comprehensive set of APIs for key services, Vault can quickly and easily adapt to work with other systems.
Through the Kubernetes orchestration layer, Vault is robust against hardware and software failure and is secure from outages as it runs across multiple data centres. No need for downtown for system upgrades.
Allows for innovation and creation of different offerings which allows banks to be competitive.