Product Engine | Thought Machine

An example of a smart contract checking denominations for transactions

Smart contracts

Smart contracts use developer-friendly code to build any financial product. This gives banks full control over product logic, providing them with flexibility and control in the design and build of new innovative products, as well as replicating their existing back book.

Read less

All financial product creation and changes are abstracted away from the platform via a configuration layer. Any financial product can be built and improved entirely through the writing of smart contracts – no code, in the platform layer, is modified and banks have no reliance on us for product changes.

The logic of a financial product in Vault Core is fully encapsulated, transparent, and described in smart contract code
Smart contracts are written in developer-friendly code enabling flexibility of design while exposing common functions via the Contracts API
Financial logic is executed automatically at account lifecycle events or at specific times through functions called hooks
Logic is driven by parameters, enabling the creation of highly configurable custom products
Financial logic can be changed and updated instantly, and on demand via API

Product Library

Vault Core comes with the full array of financial products already built.

These include market-standard products such as current accounts, deposits, loans, mortgages, and credit cards. Vault Core also supports Islamic banking products, and more innovative products such as buy-now-pay-later, wallets, rewards, offset mortgages, and more. There are no product or feature limitations.

Vault Core is shipped with more than 200 base smart contracts in our extensive Product Library. These smart contracts are ready for launch and can easily be tailored for the specific needs of the bank. More than 30 countries have their own Product Library and new products are added continuously – either by us or through client request.

Click on the tab buttons below to explore each feature.

‍Wallets

‍‍

- Wallet

- Crypto wallet

Unsecured Lending

‍

- Personal loan

- Buy-now-pay-later

- Education loan

- Renovation loan

- Credit card

- Revolving line of credit

- Charge card

- SME loan

Secured Lending

‍‍

- Interest-only loan

- Fixed-rate home loan

- Variable rate home loan

- Commercial property loan

- Home extension / renovation loan

- Bridging loan

- Secured overdraft

- Balance offset home loan

- Car loan

- Medical / practice finance

- Asset finance

Deposits‍

‍

- Current account (including overdraft)

- SME / business bank account

- Savings account

- ISA / IRA account

- Student account

- Multi-currency account

- Time deposit

Shariah Products

‍

- Murabahah savings account

- Murabahah loan

- Wadiah savings account

Customer accounton a mobile phone screen

Click to enlarge

Simulation

Banks can simulate the performance of any financial product before it is launched. This allows banks to exactly show the future performance of all the products over any time span.

The behaviour of a smart contract can be simulated to show its behaviour over its lifetime. This enables a bank to have full confidence in the behaviour of a product before they launch to customers. This simulation is easily accessible as part of the Core API.

Banks can also enhance their customer experience by enabling customers to simulate the performance of the product they are purchasing. For the first time, every customer can see exactly how every product will behave. There is no further need for error-prone and hard-to-maintain illustration tools.

Product SDK

Our simple and easy SDK allows banks to build, test and manage their product portfolio, with an excellent developer experience. With this, banks can build, launch, and maintain products faster and at lower cost than has ever been possible.

Read less

Our powerful SDK allows banks to write smart contracts with the bank having full control over the logic of the financial product.

Product-as-code: enables the creation of products with any configuration
Out-of-the-box library: reusable business rules for product behaviour and pricing that banks can use to accelerate launch

Once built and launched, our SDK allows banks to manage and understand product usage and operations through a simple interface.

Create product versions: create multiple versions of a product from a single smart contract (i.e. youth and child savings account)
Manage specific or mass change: simply modify groups of smart contracts via simple operations or scripts
Simple and easy product migration: ‘no code’ migration between different products
Real-time analytics: access to analytics on a specific product or group of products for bank or regulator

Universal Product Engine