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.
פרי אספוריס, 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.
