Online payments platform Payset has plumped for Thought Machine’s core banking platform to grow its service and launch new products to European SMEs.
It will utilise Thought Machine’s cloud-native core banking platform Vault Core to expand into new markets as well as serve up new services.
Vault Core, alongside Thought Machine’s Universal Product Engine, gives Payset the functionality to offer products including multi-currency IBAN accounts, debit cards, budget management and payment accounts. In addition, Payset won’t need to depend on Thought Machine for product changes or configuration.
Payset, which currently operates in the UK, Israel and Gibraltar, plans further expansion after securing a Danish EMI. The firm also intends to acquire 5,000 new customers across the EU by 2024.
Perry Asforis, principal CEO of Payset, says: “Using Thought Machine’s core banking software, Payset can now deliver modern financial services to current and new customer segments and markets. As an elite payments solution for SMBs, we need a flexible banking platform that will allow us to build tailored and innovative solutions for our customers. 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. Using Vault Core as our foundational technology, we are excited to deliver cutting-edge financial services in the UK, EU, and beyond.”
Working with Thought Machine
Thought Machine’s client list includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar as well as Atom bank. It has raised more than $500million in funding and has headquarters in London, with regional headquarters in Singapore, New York and Sydney.
Paul Taylor, CEO, Thought Machine, says: “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.”