India’s PayU selects Thought Machine’s Vault Core to power LazyPay credit service
PayU, an Indian payment services vendor, has successfully migrated its credit solution LazyPay to Thought Machine’s core banking tech.
India’s PayU taps Thought Machine
UK-based Thought Machine says PayU was able to move its current LazyPay clients to the vendor’s cloud-native Vault Core platform in just 12 months.
The banking tech firm claims that with Vault Core, PayU can generate “differentiated and personalised financial products at scale”, adding that its tech has “streamlined PayU’s real-time financial statement generation and simplified multi-account management, providing a unified view of products”.
PayU also intends to continue transferring additional products to Vault Core and leveraging the platform for the development, testing, and deployment of new lending and credit offerings.
Thought Machine’s managing director, Asia Pacific, Nick Wilde, says the partnership with PayU will enable the company to bring its “cloud-native technology to the Indian market”.
The partnership highlights Thought Machine’s continued global expansion after Mexican start-up Trafalgar became the country’s first fintech to be deployed on cloud-native core banking technology after it went live with the vendor’s Vault Core platform last year.
