Thought Machine Launches Cloud-native Cards and Payments Processing Platform Vault Payments

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. 

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 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."