Thought Machine Introduces Vault Payments: A Cloud-Native Cards, Payment Processing Platform

Thought Machine, the Cloud-native banking tech firm, has launched 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.”

Launching initially with support for card issuing and processing on the Mastercard network, Vault Payments “supports virtual, physical, and tokenised cards. Vault Payments natively integrates with 3DS providers, card manufacturers, and 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 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 personalized 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.”

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.”

As covered, Thought Machine has “developed the foundations of modern banking with its cloud-native core banking and payments technology.”

Its cloud native core banking engine, Vault Core, “is trusted by leading banks and financial institutions around the world including JPMorgan Chase, Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve and more.”

Vault Payments “is a cloud-native payments processing platform – launching first with card processing on the Mastercard network, with full coverage available from 2023.”

The Vault platform has been ‘written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish in a rapidly changing world.”

Thought Machine is currently ‘a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and has raised more than $500m in funding.”

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