Thought Machine’s core banking platform Vault Core and its Universal Product Engine provide Payset with the functionality to offer multi-currency IBAN accounts, debit cards, budget management, payment accounts, and many more products, with no dependency on Thought Machine for product changes or configuration.
Payset currently operates in the UK, Israel, and Gibraltar, with further EU expansion planned through its Danish EMI. Under application for EMI authorisation in Denmark, the firm intends to acquire 5,000 new customers across the EU by 2024. The single clear architecture of Vault Core ensures Payset can scale quickly, free from the constraints of legacy technology.
In addition, Vault Core’s real-time data and analytics capabilities and API-based architecture will vastly improve the user experience for Payset’s customers, along with providing Payset with enhanced Open Banking capabilities and simple integration to the fintech ecosystem.
Commenting on the partnership, Payset’s officials state that using Thought Machine’s core banking software, Payset can now deliver modern financial services to current and new customer segments and markets. As a payments solution for SMBs, they need a flexible banking platform that will allow them to build tailored and innovative solutions for customers. Thought Machine’s technology provides the cutting-edge architecture they need to support fast growth.
Using Vault Core, Payset can provide secure, stable, low-latency transaction processing and communications for a seamless user experience. The Universal Product Engine liberates the company from the restraints of traditional banking and provides the freedom to implement almost anything it wants. Using Vault Core as its foundational technology, it will deliver financial services in the UK, EU, and beyond.
Representatives from Thought Machine said that 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. They’re looking forward to working closely with Payset as it realises its ambitious plans for the future of financial services.
Thought Machine’s client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than USD 500 million in funding and has headquarters in London, with regional headquarters in Singapore, New York, and Sydney.
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