Thought Machine states that Vault is an API-driven platform that exposes data and underlying Kernel functionality using a well-documented set of RESTful and Streaming APIs. All events, associated data and metadata are streamed in real time for consumption by downstream applications, systems, data lakes and repositories belonging to the bank. APIs can be used to interact and query data residing within Vault. Thought Machine can also deploy data pipelines to deliver aggregated data sets to external systems.
Thought Machine states that contrary to incumbent approaches, Thought Machine ensures its client banks are in full control of their instance of Vault, and retain access to all data, both primary and derivative, contained therein if they choose to do so.
Thought Machine has not yet formally engaged with the Financial Data Exchange. However, this is part of the roadmap and will align with plans to establish a U.S. hub in 2020. Thought Machine and Vault’s APIs adhere to the principles of access, control, transparency, traceability and security in line with requirements across the globe from initiatives such as PSD2 and open banking. As such, exposing the Vault API framework to the FDX API for a particular integrator (financial institution) is likely to be a straightforward technical exercise. As Thought Machine builds its U.S. hub, it expects to formally become part of the financial data sharing ecosystem.
Thought Machine has taken a “white box” approach to building financial products on their platform. This will provide banks with the ability to develop their own IP using the platform or partner with Fintechs to develop on the platform.