Payset to Be Reinvented With Thought Machine Integration
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.
Big Advancements on the Horizon for Payset
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.
About Thought Machine
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
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.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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