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Payset to Be Reinvented With Thought Machine Integration

News and announcements

Nov 24, 2022

4 min. read

James Irwin

Author

This spring, Payset paves the way for enhanced Open Banking capabilities, faster transaction processing, budget management, and much more.

Payset is preparing to launch a new and improved service, running on core banking technology from Thought Machine, a cloud-native banking technology company based in London. The partnership with Thought Machine will dramatically improve every aspect of our platform and our user experience.

Using Thought Machine’s next-generation core banking platform, Vault Core, we will offer improved multi-currency IBAN accounts, debit cards, budget management, payment accounts, and many more products.

As the new core technology powering our international payments platform, Vault Core allows Payset to offer an improved user interface and higher levels of availability to customers and integrate more easily into third-party platforms. The platform also unlocks the possibility for Payset to provide enhanced Open Banking and budget management services to customers alongside the services currently offered.

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Big Advancements on the Horizon for Payset

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Thought Machine integration is the capstone event in a huge upcoming winter for Payset:

December 2022: We launch our new onboarding system from Zoral Labs to improve the efficiency and user experience for new clients
Q1 2023: We expect to receive our EMI license in Denmark (under application) and be able to expand to serve clients in the EU‍
April 2023: Go live on Vault Core – Thought Machine’s cloud-native core banking system

Payset CEO, Perry Asforis, emphasized the new possibilities that Thought Machine introduces in a press release this week. “Using Thought Machine’s Vault Core, we can provide secure, stable, low-latency transaction processing and communications for a seamless user experience,” he said in a statement.

Asforis specifically highlighted Vault Core’s smart contract feature, noting that this capability “liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want.”

Asforis also noted the improvement Payset’s business clients will see thanks to the new platform. “As an elite payments solution for SMBs, we need a flexible banking platform that will allow us to build tailored and innovative solutions for our customers,” Asforis said this week.

“Thought Machine’s technology provides us with the cutting-edge architecture we need to support our fast growth,” he added, noting that the addition will allow the company to “deliver modern financial services to current and new customer segments and markets.”

“As a cloud-based solution with the ambition of providing financial services all over the world, we are confident Payset can accomplish our goals with the Vault Core SaaS solution,” Asforis concluded.

Paul Taylor, CEO, Thought Machine, added: “We are delighted to partner with Payset as it takes the next step in its growth journey. With Vault Core at the heart of its business, Payset can now configure, launch and run innovative new products – and scale at speed to support an ever-growing number of SMEs across Europe. We’re looking forward to working closely with Payset as it realises its ambitious plans for the future of financial services.”

We are thrilled to join Thought Machine’s client list, which includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.

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About Thought Machine

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Thought Machine has developed the foundational layer of modern banking. Its cloud-native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world – including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve, and more.

Vault Core has been written from scratch as an entirely cloud-native platform and gives banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne and has raised more than $500m in funding.

For more information, visit thoughtmachine.net
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About Payset

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Payset, a UK regulated company authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (FRN 900920) for the issuing of electronic money and provision of payment services, is an elite online payments platform that provides diverse payment solutions, including multi-currency accounts and currency exchange.

We help individuals and businesses to easily pay and get paid globally. For more information, visit www.payset.io.

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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