Payset selects Thought Machine to expand financial services in Europe

By Gloria Methri

Payset has selected Thought Machine, the cloud-native banking technology company to power its payment offerings in the UK and European markets.

Thought Machine’s core banking platform Vault Core and its Universal Product Engine will provide Payset with the functionality to offer multi-currency IBAN accounts, debit cards, budget management, payment accounts, and more.s

Payset currently operates in the UK, Israel, and Gibraltar, with further EU expansion planned through its Danish EMI. The firm intends to acquire 5,000 new customers across the region by 2024. Vault Core’s single clear architecture can help Payset 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 improve the user experience for Payset’s customers and provide the company with enhanced Open Banking capabilities and simple integration to the FinTech ecosystem.

Perry Asforis, Principal CEO of Payset, said, “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. Using Vault Core as our foundational technology, we are excited to deliver cutting-edge financial services in the UK, EU, and beyond.”

Paul Taylor, CEO, Thought Machine, said, “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 are looking forward to working closely with Payset as it realises its ambitious plans for the future of financial services.”

Thought Machine has an elite list of clients which includes the 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 $500m in funding and has headquarters in London, with regional offices in Singapore, New York, and Sydney.