UK paytech Payset signs for Thought Machine’s Vault Payments tech
Payset has extended its partnership with banking technology company Thought Machine and will deploy the vendor’s cloud-native payments processing platform, Vault Payments, to power its upcoming virtual cards offering.
Payset to deploy Thought Machine’s Vault Payments
The UK-based paytech first partnered with Thought Machine in late 2022 and currently operates an international payments platform offering multi-currency accounts and currency exchange services powered by the vendor’s core banking platform, Vault Core.
Payset claims that by deploying both Vault Core and Vault Payments, it has now created “a future-proof, cloud-native technology stack for products, cards, account-to-account, and payment orchestration”.
Vault Payments offers a single platform capable of facilitating prepaid, debit and credit cards, instant payments, bulk clearing, real-time gross settlement (RTGS), and cross-border transactions.
Payset plans to utilise the offering to roll out virtual business and retail cards to 10 countries, which are scheduled to arrive “this year” and will first launch in the UK.
“The initial rollout will feature tokenisation and customer portal capabilities for managing payments, including setting limits, controls (daily vs monthly), and viewing transaction history,” the company says.
