Thoughtmachine- Vault Core- Template

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud native core banking engine, Vault Core, is trusted by leading banks and financial institutions around the world including JPMorgan Chase, Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve and more. Vault Payments is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023. The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.

About the Template

The template shows how to open a new account and create a new customer using Thought Machine conenctor.

Challenges

Customers demand more personalised experiences given the amount of data that is available on them and their needs. Yet, data integration challenges persist across most organisations, but especially in Banking and Financial Services.

Infact, 68% of senior IT leaders say that a lack of data or system integration creates a disconnected customer experience, which damages customer loyalty and retention.

The Solution

The MuleSoft Certified Connector for Vault Core enables financial institutions to easily connect Vault Core to the banking ecosystem to reduce integration development time and power next-generation business processes using real-time data. Financial institutions can accelerate speed-to-market by rapidly surfacing data from Vault Core via the connector and pre-built integration templates.

Benefits to Banks

The Vault Core connector, will offer the following benefits to banks:

• Improved Customer Experiences: Better understand customers by leveraging pre-built integration use cases with BIAN-informed APIs for common processes like retrieving account data and updating customer information
• Faster Implementation: Deploy fully integrated processes configured with clicks, not code
• Improved Efficiency: Reduce development costs and improve total cost of ownership with turn-key integration solutions, purpose-built for banking

How the solution works

The Vault Core connector reduces development time by simplifying integrations to Vault Core, unlocking access to real-time data, and powering next-generation business processes. Banks can now utilise the Vault Core connector to adopt pre-built integration use cases with BIAN-informed APIs for common servicing processes like retrieving account balances and postings as well as updating account information. Beyond account servicing, the connector proliferates Vault Core’s real-time data and reduces the level of effort required to integrate to external applications powering banking operations. IT operations can now configure processes with clicks, not code, to accelerate value realisation and innovation.

Vault Core Release 5

Vault Core 5 includes the most significant product improvements since the launch of the first production release of Vault in 2019. With Vault Core 5, we are bringing to our clients unprecedented performance results across several bank journeys, a drastically improved financial model, redesigned account journeys, a brand new parameters model, processing groups, a read optimised warm storage of postings and accounts, a brand new Vault Jobs app, and many more improvements.

All new Vault Core 5 endpoints are now available to use in this connector, including:

• Accounts version 2 - /v2/accounts
• Parameters - /v1/parameters
• Processing groups - /v1/processing-groups

For more Vault Core 5 release information, see our documentation.