Following this announcement, Payset will deploy Vault Payments, Thought Machine’s cloud-native payments processing platform. Payset represents an existing customer of Through Machine, and it is currently live with Vault Core, the company’s core banking platform.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
By adopting both Thought Machine products, Payset developed a cloud-native technology stack for products, cards, account-to-account (A2A), and payment orchestration. The firm began working with Thought Machine in order to optimise its services for small and medium-sized businesses (SMBs), including capabilities such as multi-currency accounts and currency exchange solutions. Those offerings are now live in production and available for Payset clients and users.
Payset is expected to offer virtual business and retail card solutions in 10 countries, starting with the region of the UK. The initial rollout will feature tokenisation and client portal capabilities, designed for managing payments. These will include setting limits, daily vs monthly controls, as well as viewing transaction history. In addition, Vault Core and Vault Payments will provide an optimised level of configurability, which will allow Payset to rapidly add new tools and features.
Vault Payments represents a single platform that allows any bank to run all payment types for every method, region, and scheme globally. It also supports all payment types, including credit cards, prepaid cards, bulk clearing, instant payments, RTGS, and cross-border transactions. The configurability of the Vault Payments platform is set to be integrated with Vault Core, allowing Payset to control payment flows for its business clients, as well as unlock new opportunities.
In addition, through the partnership between Thought Machine and Mastercard, Payset will be given the possibility to leverage Mastercard cards in order to optimise efficiency, reduce costs, as well as accelerate its speed-to-market.
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