27 Jul Thought Machine launches Vault Payments: a highly configurable cloud-native cards and payments processing platform
Thought Machine, the cloud-native banking technology company, today 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 in a consistent manner, 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.
Vault Payments will enable banks to create powerful payment flows, consolidate disparate systems, and dramatically reduce the cost and complexity of executing cards and payment processing.
Vault Payments can be adopted as a standalone product and integrated into a variety of legacy core banking systems, or it can be integrated into next-generation core banking systems, such as Vault Core. Vault Payments and Vault Core together 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.
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.”
Last month, Thought Machine announced the close of a $160m series D funding round, pushing its valuation to $2.7bn. These new funds will be used to continue developing Vault Core and Vault Payments – enabling banks to leave behind the old world of legacy technology and move towards a modern, cloud-native future with increased reliability, security, and performance