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.