News and resources on cloud strategy, selection, build, migration and operation for banks and fintechs.
Thought Machine launches cards and payments processing platform

Thought Machine launches cards and payments processing platform

UK core banking vendor Thought Machine has launched a cloud-native cards and payments processing platform.

Launching with card processing on the Mastercard network, Vault Payments has been built from scratch, promising a platform that is scalable, highly configurable, and that 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.

Paul Taylor, CEO, Thought Machine, says: “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."

Last month, Thought Machine doubled its valuation to $2.7 billion on a $160 million funding round led by Singapore's Temasek with support from a clutch of top tier banks.

Comments: (1)

Chris Davis
Chris Davis - Kyndryl - London 08 June, 2022, 17:16Be the first to give this comment the thumbs up 0 likes

Great to see Thought Machine continuing to grow and develop adding this critical functionality.