Thought Machine & Form3 partner on real-time payment processing
By Gloria Methri
Thought Machine has partnered with Form3 to add FedNow, TCH RTP, and SEPA Instant Credit Transfer connectivity to its payment platform, Vault Payments. This partnership brings together two next-generation payment solutions, offering banks and financial institutions an end-to-end solution for seamless real-time payment processing.
Thought Machine’s Vault Payments is a cloud-native and API-enabled platform designed to simplify payment processing for banks. Its Universal Payment Engine processes all payment types and seamlessly integrates with any method, scheme, or region globally, granting total payment orchestration control with unparalleled customisation of payment flows.
Through the integration of Vault Payments with Form3’s account-to-account platform, clients can harness the powerful configuration capabilities of Thought Machine, in conjunction with Form3’s direct connections to various payment schemes.
Both Thought Machine and Form3 have built their platforms using cloud-native technologies, guaranteeing reliability, scalability, performance, and disaster recovery as core capabilities. Additionally, both platforms natively support ISO 20022 messaging standards, eliminating the resource-intensive migration process for banks.
Thought Machine is entering the US payment market to meet the strong demand from financial institutions seeking modern, real-time payment systems.
Paul Taylor, founder and CEO of Thought Machine said, “We are delighted to partner with Form3, marking a significant step towards realising our vision of a truly Universal Payment Engine. As real-time payments become the new standard, our combined expertise ensures financial institutions are equipped with cutting-edge, cloud-native technologies. Together, we are shaping the future of payments.”
Mike Walters, Form3 CEO, said, “We are very pleased to be working with Thought Machine, to provide leading banks and financial institutions with a fully-rounded, multi-cloud solution for their real-time payments needs. This partnership brings together two best-in-class cloud technology providers, working in a changing payments landscape, highlighted by the introduction of the FedNow Service and the new ISO 20022 messaging standards.”
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