Payset partners with Thought Machine to adopt Vault Payments

By Gloria Methri

London-based online payments platform Payset has decided to adopt Vault Payments, Thought Machine’s cloud-native payments processing platform. Payset is already live with Vault Core, which is Thought Machine’s next-generation core banking platform.

Payset signed its first partnership with the tech company 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.

Adopting both Thought Machine platforms enables Payset to create a 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 a high level of configurability, which will allow Payset to add new features and products rapidly.

Perry Asforis, managing director of Payset, said, “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.”

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.

Paul Taylor, CEO and founder of Thought Machine, said, “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.”