Thought Machine, the cloud-native banking technology company, today announces that Payset will deploy Vault Payments, Thought Machine’s cloud-native payments processing platform. Payset is an existing customer of Thought Machine and is currently live with Vault Core, Thought Machine’s next-generation core banking platform.
Payset began working with Thought Machine in 2022 to enhance its services for small- and medium-sized businesses. These offerings include multi-currency accounts and currency exchange services, which are now live in production and available for Payset’s customers.
By adopting both Thought Machine products, Payset has created a future-proof, cloud-native technology stack for products, cards, account-to-account, and payment orchestration.
Scheduled for launch this year, Payset will offer virtual business and retail card products in 10 countries, starting with the UK. The initial rollout will feature tokenisation and customer portal capabilities for managing payments, including setting limits, controls (daily vs. monthly), and viewing transaction history. Vault Core and Vault Payments provide an unparalleled level of configurability, which will allow Payset to rapidly add new features and products.
Vault Payments is a single platform that enables any bank to run all payment types for every method, scheme, and region globally. It supports all payment types, including prepaid, debit, credit cards, instant payments, bulk clearing, RTGS, and cross-border transactions. It is a pure, modern, cloud-native system that does not reuse legacy code, offering a clean and simple design that simplifies clients’ operations.
Perry Asforis, managing director of Payset, comments: "Vault Core's clean design and engineering excellence impressed us so much that we've expanded our partnership with Thought Machine by signing up for Vault Payments. The unparalleled configurability of the Vault Payments platform, seamlessly integrated with Vault Core, allows us to innovate freely and fully control payment flows for our business customers, unlocking vast opportunities. This positions Payset at the forefront of financial innovation, setting new industry standards with our end-to-end, next-generation technology stack."
Paul Taylor, CEO and founder of Thought Machine, comments: “By deploying Vault Core and Vault Payments together, Payset has modernised the foundations of its stack with truly next-generation cloud-native technology. The first-class integration of our two products will enable Payset to deliver highly integrated, flexible, innovative products, cards, and payment flows for its business customers, setting a new benchmark for banking.”
Vault Core is now used by the world’s most prestigious banks, including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, and many more worldwide. Thought Machine recently announced a strategic partnership with Mastercard, becoming the first and only partner to provide end-to-end core banking and payments processing solutions for financial institutions. Payset will leverage this partnership, utilising Mastercard cards to enhance efficiency, reduce costs, and accelerate its speed-to-market.