Payset Has Adopted Vault Payments, the Cloud-Native Payments Processing Platform from Thought Machine

News and announcements

Jun 26, 2024

4 min. read

James Irwin

Author

Payset is advancing its technological capabilities with another cutting-edge solution from Thought Machine. Building on its successful integration of Vault Core, Payset has now adopted Vault Payments, Thought Machine’s cloud-native payments processing platform.

Since initiating its collaboration with Thought Machine in 2022, Payset has significantly enhanced its offerings, including multi-currency accounts and currency exchange services. By embracing Vault Payments in tandem with Vault Core, Payset has fortified its infrastructure with a future-proof, cloud-native technology stack that supports seamless debit card management, account-to-account transfers, and payment orchestration.

Scheduled for launch later this year, Payset will introduce virtual business and retail debit card products across 10 countries, beginning in the UK. This rollout will feature advanced capabilities such as tokenisation, (an anti-fraud feature wherein the actual card number is replaced with a ‘token’ number during network transactions), and a customer portal for managing payments, setting limits, and accessing transaction histories.

The flexibility and configurability of Vault Core and Vault Payments empower Payset to swiftly introduce new features and products, ensuring it remains at the forefront of financial innovation.

One Platform for All Payment Types

Vault Payments serves as a unified platform enabling comprehensive management of all payment types globally, from prepaid and debit cards to instant payments and cross-border transactions. Built as a modern, cloud-native system without legacy code, Vault Payments offers a streamlined design that simplifies operational processes for Payset.

Perry Asforis, Managing Director of Payset, had this to say about the new collaboration: “Our decision to expand our partnership with Thought Machine to include Vault Payments was driven by the exceptional design and engineering excellence of Vault Core. This strategic move allows us to innovate freely and precisely manage payment flows for our business customers, unlocking significant growth opportunities and setting new standards in financial services.”

Paul Taylor, CEO and founder of Thought Machine, adds, “By integrating Vault Core and Vault Payments, Payset has transformed its technology foundation with state-of-the-art cloud-native solutions. This integration enables Payset to deliver integrated, flexible, and innovative financial products and payment solutions, establishing a new benchmark in the banking industry.”

Strategic Partnerships

Vault Core, trusted by leading global banks such as Intesa Sanpaolo, Lloyds Banking Group, and Standard Chartered, underscores Thought Machine’s reputation for excellence in core banking technology. Thought Machine’s strategic partnerships pave the way to further enhance Payset’s operational efficiency, cost-effectiveness, and speed-to-market capabilities, leveraging Thought Machine’s global network for enhanced payment solutions.

Through this partnership with Thought Machine, Payset is poised to continue its leadership in financial innovation, offering unparalleled payments services tailored to the evolving needs of its business customers worldwide.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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