Thought Machine, the cloud-native banking technology company, today announces it has been selected to power Payset, the online payments platform and provider of multi-currency accounts, debit cards, and currency exchange services to small and medium businesses.
Thought Machine’s next-generation core banking platform Vault Core and its Universal Product Engine provide Payset with the functionality to offer multi-currency IBAN accounts, debit cards, budget management, payment accounts, and many more products – with no dependency on Thought Machine for product changes or configuration.
Payset currently operates in the UK, Israel, and Gibraltar, with further EU expansion planned through its Danish EMI. Under application for EMI authorisation in Denmark, the firm intends to acquire 5,000 new customers across the EU by 2024. The single clear architecture of Vault Core ensures Payset can scale quickly, free from the constraints of legacy technology.
In addition, Vault Core’s real-time data and analytics capabilities and API-based architecture will vastly improve the user experience for Payset’s customers, along with providing Payset with enhanced Open Banking capabilities and simple integration to the fintech ecosystem.
Perry Asforis, Principal CEO of Payset, says: “Using Thought Machine’s core banking software, Payset can now deliver modern financial services to current and new customer segments and markets. As an elite payments solution for SMBs, we need a flexible banking platform that will allow us to build tailored and innovative solutions for our customers. Thought Machine’s technology provides us with the cutting-edge architecture we need to support our fast growth.
“Using Vault Core, we can provide secure, stable, low-latency transaction processing and communications for a seamless user experience. The Universal Product Engine liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want. Using Vault Core as our foundational technology, we are excited to deliver cutting-edge financial services in the UK, EU, and beyond.”
Paul Taylor, CEO, Thought Machine, says: “We are delighted to partner with Payset as it takes the next step in its growth journey. With Vault Core at the heart of its business, Payset can now configure, launch and run innovative new products – and scale at speed to support an ever-growing number of SMEs across Europe. We’re looking forward to working closely with Payset as it realises its ambitious plans for the future of financial services.”
Thought Machine’s client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than $500m in funding and has headquarters in London, with regional headquarters in Singapore, New York and Sydney.