SEB Embedded partners with Thought Machine

This collaboration enabled SEB Embedded to roll out a new banking service for Hemköp, a Swedish supermarket chain, within a 10-month time frame. The initial product, named Hemköp Matkonto, provides single and joint current accounts designed to help customers manage grocery budgets while earning loyalty points at Hemköp. The service includes features that allow users to deposit and spend funds, accrue loyalty points, and access in-store discounts.  

Additionally, the product offers a debit card compatible with Apple Pay, as well as key self-service options such as card management functions that allow users to freeze, block, or reorder cards, set and view PINs, and access details for online purchases. SEB Embedded intends to expand its BaaS services over the coming year, with plans for additional products and new clients by 2024.

A closer look at Vault Core

SEB Embedded developed and launched Hemköp’s banking service in less than 10 months following its partnership with Thought Machine in December 2023. Vault Core’s smart contract-based framework enabled SEB Embedded to build and control its product roadmap without reliance on legacy systems or retrofitted cloud platforms. 

Representatives from SEB Embedded noted that Vault Core’s capabilities have been integral to SEB’s approach to integrating financial products into everyday customer experiences. According to them, SEB Embedded’s long-standing partnership with Thought Machine has facilitated a fast product development, enabling SEB Embedded to quickly deliver solutions that are fully embedded into customer transactions. 

Thought Machine officials also emphasised the speed and control afforded by Vault Core, noting that SEB Embedded’s rollout in under 10 months highlights the operational flexibility of cloud-native systems. They remarked that the initiative showcases the potential for banks to move beyond outdated systems by embracing cloud technology, setting a benchmark for innovation in BaaS offerings. 

SEB’s initial collaboration with Thought Machine began in 2018 through its innovation studio, SEBx, which explored emerging technologies and laid the groundwork for SEB Embedded. SEB Embedded was later established to help businesses integrate financial services without the need to operate as a bank.