back Back

Thought Machine launches Vault Payments, a cards and payments processing platform

By Joy Dumasia

June 07, 2022

  • Card Payments
  • Cards
  • Europe
Share

Thought Machine, HD BankThought Machine, the cloud-native banking technology company, launches Vault Payments: a new, cloud-native cards and payments processing platform. Launching with card processing on the Mastercard network, Vault Payments has been built from scratch as a cloud-native payments processing platform, ensuring the platform is scalable, highly configurable, and can operate in real-time. 

All payment flows coming into and out of Vault Payments are set up and processed consistently, meaning any payment type, card and non-card, is accepted in the same way by the system. The platform natively represents payments as ISO20022 messages, and its unique rails-based configuration approach will support any payment type, card, or payment scheme as compatibility expands.

Launching initially with card issuing and processing support on the Mastercard network, Vault Payments supports virtual, physical, and tokenised cards. Vault Payments natively integrates with 3DS providers, card manufacturers, BIN sponsors, and clients can leverage this in a plug-and-play model. Designed for banks, Vault Payments can seamlessly integrate any financial product with the Mastercard network through a highly flexible payment routing mechanism.

Vault Payments can be adopted as a standalone product and integrated into various legacy core banking systems, or it can be integrated into next-generation core banking systems, such as Vault Core. Vault Payments and Vault Core can accelerate product innovation and time-to-market, enabling the creation of products such as an end-to-end credit card processing solution or a buy-now-pay-later proposition. 

Clients of Vault Payments and Vault Core can also access Thought Machine’s global library of pre-built financial products, for example, buy-now-pay-later products, e-wallets, Shariah-compliant banking products, and more. This will allow clients to route payment information into these products as they build integrated services rich with personalised features. 

Founded in 2014 by Paul Taylor, Thought Machine’s cloud-native core banking platform, Vault Core, has been selected by large-scale multinational banks, including JPMorgan Chase, Standard Chartered and Intesa Sanpaolo, as well as challenger banks and FinTechs, such as Curve, Atom Bank, and Lunar. With the launch of Vault Payments, Thought Machine has developed another foundational technology for modern banking underpinned by best practices in software design and cloud-native technology.

Paul Taylor, Founder and CEO of Thought Machine, said: “We have built Vault Payments entirely from first principles free from the constraints of legacy technology. Vault Payments is fully configurable by clients, giving them the power to process card and payment scheme messages freely with execution logic they design themselves. This is a first for the payments industry and the next foundational technology we have built, underpinned by our product excellence.”

Recently, IBS Intelligence reported that Thought Machine, the cloud-native banking technology company, announced it has closed its Series D funding round, led by Temasek, the global investment company headquartered in Singapore, with participation from Intesa Sanpaolo and Morgan Stanley. Existing investors following on in this round include Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.

Previous Article

June 07, 2022

Tink and Revolut partner for European payments

Read More
Next Article

June 07, 2022

Ripple and Lunu partner to enable luxury retailers to accept cryptocurrency payments

Read More








IBSi Daily News Analysis

March 22, 2024

Card Payments

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023