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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.

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