Payset to Be “Reinvented” with Thought Machine Integration

This spring, Payset paves the way “for enhanced Open Banking capabilities, faster transaction processing, budget management, and more.”

Payset is preparing “to launch a new and improved service, running on core banking technology from Thought Machine, a cloud-native banking technology company based in London.” The partnership with Thought Machine will aim to “improve every aspect of our platform and our user experience.”

‍Using Thought Machine’s next-generation core banking platform, Vault Core, they will “offer improved multi-currency IBAN accounts, debit cards, budget management, payment accounts, and many more products.”

‍As the new core technology powering our international payments platform, Vault Core allows Payset “to offer an improved user interface and higher levels of availability to customers and integrate more easily into third-party platforms.” The platform also “unlocks the possibility for Payset to provide enhanced Open Banking and budget management services to customers alongside the services currently offered.”

‍‍Thought Machine integration is “the capstone event in a huge upcoming winter” for Payset:

  • December 2022: We launch our new onboarding system from Zoral Labs to improve the efficiency and user experience for new clients
  • Q1 2023: We expect to receive our EMI license in Denmark (under application) and be able to expand to serve clients in the EU‍
  • April 2023: Go live on Vault Core – Thought Machine’s cloud-native core banking system‍

Payset CEO, Perry Asforis, emphasized the new possibilities that Thought Machine introduces.

“Using Thought Machine’s Vault Core, we can provide secure, stable, low-latency transaction processing and communications for a seamless user experience.”

‍Asforis specifically highlighted Vault Core’s smart contract feature, noting that this capability “liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want.”

‍Asforis also noted the improvement Payset’s business clients will see thanks to the new platform.

“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.”

He added,

“Thought Machine’s technology provides us with the cutting-edge architecture we need to support our fast growth.”

He also noted that the addition will allow the company to “deliver modern financial services to current and new customer segments and markets.”

Asforis concluded.

‍“As a cloud-based solution with the ambition of providing financial services all over the world, we are confident Payset can accomplish our goals with the Vault Core SaaS solution.”

Paul Taylor, CEO, Thought Machine, added:

“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.”

The team at Payset are pleased to join Thought Machine’s client list, which “includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.”

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