UK paytech Payset signs for Thought Machine’s Vault Payments tech

Payset to Deploy Thought Machine’s Vault Payments: Key Points

1. Extended Partnership:
   • Payset extends its partnership with Thought Machine.
   • Will deploy Thought Machine’s cloud-native payments processing platform, Vault Payments.
2. Current Operations:
   • Payset operates an international payments platform offering multi-currency accounts and currency exchange services powered by Thought Machine’s Vault Core.
3. 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.
4. Capabilities of Vault Payments:
   • Facilitates prepaid, debit, and credit cards.
   • Supports instant payments, bulk clearing, RTGS, and cross-border transactions.
5. 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.