Thought Machine, a leading cloud-native banking technology company, has announced that Payset is set to deploy Vault Payments, Thought Machine's cutting-edge cloud-native payments processing platform.
Enhancing Payment Services
Payset, an existing customer of Thought Machine, is currently using Vault Core, Thought Machine's state-of-the-art core banking platform. The collaboration between Payset and Thought Machine, which began in 2022, aimed to improve services for small- and medium-sized businesses. These services include multi-currency accounts and currency exchange services, which are now operational and accessible to Payset's customers.
Creating a Future-Proof Technology Stack
By adopting both Thought Machine products, Payset has established a future-proof, cloud-native technology stack for various products, cards, account-to-account transactions, and payment orchestration. The integration of Vault Core and Vault Payments will empower Payset to introduce new features and products swiftly.
Innovative Offerings
Scheduled for launch this year, Payset will introduce virtual business and retail card products in 10 countries, starting with the UK. This launch will incorporate tokenisation and a customer portal for managing payments, including setting limits, controls, and viewing transaction history.
Versatile Payment Platform
Vault Payments is a unified platform that enables banks to process all payment types globally. It supports prepaid, debit, credit cards, instant payments, bulk clearing, RTGS, and cross-border transactions. The modern, cloud-native system offers a clean design that simplifies clients' operations by eliminating legacy code.
Perry Asforis' Insight
Perry Asforis, the managing director of Payset, expressed his admiration for Vault Core's design and engineering excellence, leading to the decision to expand the partnership with Thought Machine by adopting Vault Payments. Asforis highlighted the unparalleled configurability of the Vault Payments platform, enabling Payset to innovate and fully control payment flows for its business customers.
Thought Machine's Perspective
Paul Taylor, CEO and founder of Thought Machine, praised Payset's decision to deploy Vault Core and Vault Payments, modernizing the foundation of its technology stack. The seamless integration of the two products will allow Payset to deliver highly integrated, flexible, and innovative products and payment flows for its business customers.
Industry Recognition
Vault Core is already utilized by renowned banks globally, including Intesa Sanpaolo, Lloyds Banking Group, and Standard Chartered. Thought Machine's strategic partnership with Mastercard further enhances its position in providing end-to-end core banking and payment processing solutions for financial institutions. Payset aims to leverage this partnership to enhance efficiency, reduce costs, and accelerate its market presence.