Payset to Deploy Thought Machine’s Vault Payments: Key Points
- Extended Partnership:
- Payset extends its partnership with Thought Machine.
- Will deploy Thought Machine’s cloud-native payments processing platform, Vault Payments.
- Current Operations:
- Payset operates an international payments platform offering multi-currency accounts and currency exchange services powered by Thought Machine’s Vault Core.
- Technological Advancements:
- Combining Vault Core and Vault Payments creates a “future-proof, cloud-native technology stack” for products, cards, account-to-account, and payment orchestration.
- Capabilities of Vault Payments:
- Facilitates prepaid, debit, and credit cards.
- Supports instant payments, bulk clearing, RTGS, and cross-border transactions.
- Virtual Cards Offering:
- Payset will roll out virtual business and retail cards to 10 countries, starting with the UK, “this year”.
- The initial rollout will include tokenisation and customer portal capabilities for managing payments, setting limits, controls, and viewing transaction history.
