Payset will use Thought Machine’s core banking platform Vault Core and its Universal Product Engine, to improve its capabilities to offer multi-currency IBAN accounts, debit cards, payment accounts, and other products
Payset selects Thought Machine. (Credit: Towfiqu barbhuiya on Unsplash)
UK-based payments company Payset has selected Thought Machine, a cloud-native banking technology company, to support its financial services offering.
Payset is an online payments platform that offers multi-currency accounts, debit cards, and currency exchange services to small and medium businesses.
The company currently operates in the UK, Israel, and Gibraltar, with plans to further expand in the European Union (EU), starting with Denmark.
Under the partnership, Payset will use Thought Machine’s next-generation core banking platform Vault Core and its Universal Product Engine, to improve its service offering.
The company will enhance its capabilities to offer multi-currency IBAN accounts, debit cards, budget management, payment accounts, and several other products.
Payset principal CEO Perry Asforis said: “Thought Machine’s technology provides us with the cutting-edge architecture we need to support our fast growth.”
“Using Vault Core, we can provide secure, stable, low-latency transaction processing and communications for a seamless user experience.
“The Universal Product Engine liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want.”
Payset has filed an application with the Danish authorities seeking authorisation for Electronic Money Institutions (EMI) license in Denmark.
The company intends to acquire 5,000 new customers across the EU by 2024.
The Vault Core from Thought Machine comes with a single clear architecture, which ensures Payset rapidly scale, eliminating the constraints related to legacy technology.
The solution offers real-time data and analytics capabilities, and API-based architecture to enhance the user experience for Payset’s customers.
Also, Vault Core provides Payset with enhanced Open Banking capabilities and simple integration into the fintech ecosystem.
Thought Machine CEO Paul Taylor said: “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.”