KEY FACT: Payset has extended its partnership with banking technology company Thought Machine and will deploy the vendor’s cloud-native payments processing platform, Vault Payments, to power its upcoming virtual cards offering..

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Payset deploys Thought Machine’s Cloud-Native Stack and Vault Payments

Payset, a leading online payments platform based in London, England has partnered with London-based cloud banking technology company, Thought Machine to adopt Thought Machine's full cloud-native payments processing platform and signed for Vault Payments. This development was announced by Thought Machine in a press release.

"Payset adopts the full Thought Machine cloud-native stack and signs for Vault Payments. - Thought Machine

Payset has been an existing customer of Thought Machine since 2022 and is currently live with Vault Core, Thought Machine’s next-generation core banking platform, which offers multi-currency accounts and currency exchange services. Adopting Thought Machine's cloud-native stack and Vault Payments pitches Payset to have created a future-proof, cloud-native technology stack for products, cards, account-to-account, and payment orchestration.

"Vault Core and Vault Payments provide an unparalleled level of configurability, which will allow Payset to rapidly add new features and products". - Thought Machine

The Vault Payments technology offers a single platform capable of facilitating prepaid, debit, credit cards, instant payments, bulk clearing, real-time gross settlement (RTGS), and cross-border transactions. The technology is considered a modern cloud-native system that offers a clean and simple design that simplifies clients’ operations and does not reuse legacy code.

‍The launch is scheduled for this year and will enable Payset to offer virtual business and retail card products in 10 countries, starting with the UK. According to Thought Machine, the initial rollout will feature tokenization and customer portal capabilities for managing payments, including setting limits, controls (daily vs. monthly), and viewing transaction history.

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Thought Machine's Core Banking Software - Cloud Native

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Responding to the development, the Managing Director of Payset, Perry Asforis, expresses optimism in its latest technology acquisition, tagging Vault Core as a "clean design and excellent engineering". He believes the technology will allow Payset to innovate freely as well as unlock vast opportunities.

“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.”

From Thought Machine's end, its CEO and founder, Paul Taylor, of Thought Machine, tags the technology delivered to Payset as "first-class", capable of helping Payset set a new benchmark for banking.

“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.”

Payset is a leading online payment platform based in London, England, providing a diverse suite of payment solutions for individuals and companies. Thought Machine also based in London is a cloud banking technology company founded in 2014 by Paul Taylor and operates in the United Kingdom, Singapore, the United States, and Australia.

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