“Can a smart-contract-based, cloud-native core replace legacy mainframe banking infrastructure at scale?”
Thought Machine was founded in 2014 by former Google engineer Paul Taylor to build a cloud-native core banking platform — Vault Core — based on smart-contract-defined financial products. The strategic bet is that incumbent banks running mainframe cores need a fully programmable replacement, and that new banks (Zopa, SEB's UNQUO, Atom) want to launch on modern infrastructure. The company has steadily layered Vault Payments alongside Vault Core and built an ecosystem of pre-integrated partner connectors (Marqeta, Currencycloud, Wise, Salt Edge) so customer banks can assemble a full BaaS-grade stack on top of Vault.
Vault Core discloses Vault Core (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Vault Core does not disclose a bank charter of its own; its banking services are provided through Vault Core (in-house).
Vault Core processes payments through Vault Payments (self-operated).
Vault Core's cards are issued through Marqeta.
Vault Core runs its ledger on Vault Core (in-house smart-contract ledger).
Vault Core connects to bank accounts through Salt Edge.
Vault Core uses Currencycloud and Wise Platform for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 8 layers in Vault Core's stack: Payments / PSP (Vault Payments (self-operated)); Banking / BaaS (Vault Core (in-house)); Card issuing (Marqeta); Ledger (Vault Core (in-house smart-contract ledger)); Lending (Loan products built via Vault Core smart contracts and BNPL); Open banking (Salt Edge); Unified APIs (Currencycloud and Wise Platform); FX & payouts (Currencycloud and Wise Platform).
Vault Core was founded by Paul Taylor and is founded in 2014, headquartered in London, United Kingdom.
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