A highly configurable cloud-native card and payment processing platform

Building on the success of Vault Core, Thought Machine today launches a card and payment processing platform based on cloud-native software design best practices

Launch of Vault Payments with card processing on the Mastercard network

LONDON, June 07, 2022–(BUSINESS WIRE)–Thought Machine, the cloud-native banking technology company, today launches Vault Payments: a new cloud-native card and payment processing platform. Launched with card processing on the Mastercard network, Vault Payments was built from the ground up as a cloud-native payment processing platform, ensuring the platform is scalable, highly configurable and can operate in real time.

All payment flows in and out of Vault Payments are set up and processed consistently, which means that all payment types, card and non-card, are accepted equally by the system. The platform natively represents payments as ISO20022 messages, and its unique rails-based configuration approach will support any type of payment, card or payment system as compatibility expands.

Vault Payments will enable banks to create powerful payment flows, consolidate disparate systems, and dramatically reduce the cost and complexity of card execution and payment processing.

Launched initially with support for card issuance and processing on the Mastercard network, Vault Payments supports virtual, physical and tokenized cards. Vault Payments natively integrates with 3DS vendors, card manufacturers and BIN sponsors and customers can take advantage of it in a plug-and-play model. Designed for banks, Vault Payments can seamlessly integrate any financial product into 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. Together, Vault Payments and Vault Core 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-it-now proposition. and subsequent payment.

Vault Payments and Vault Core customers can also access Thought Machine’s global library of predefined financial products, e.g., buy now and pay later products, e-wallets, Shariah-compliant banking products, etc This will allow customers to route payment information to these products as they build custom feature-rich integrated services.

Founded in 2014 by Paul Taylor, Vault Core, Thought Machine’s cloud-native core banking platform, has been selected by major 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 built Vault Payments entirely from first principles – without the constraints of legacy technology. Vault Payments is fully configurable by customers, giving them the power to freely process card and payment scheme messages – with logic that they design themselves. This is a first for the payments industry – and the next fundamental technology we’ve built, backed by the excellence of our products.”

Last month, Thought Machine announced the closing of a $160 million Series D funding round, bringing its valuation to $2.7 billion. These new funds will be used to continue to develop Vault Core and Vault Payments – enabling banks to leave behind the old world of legacy technology and evolve into a modern, cloud-native future with reliability, security and increased performance.

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About the Thinking Machine

Thought Machine has laid the foundation for modern banking with its core cloud-native banking and payments technology. Its cloud-native central 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, Curves and more.

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

The Vault platform was written from the ground up as a fully cloud-based system and gives banks full control to create any product needed to thrive in a rapidly changing world.

Thought Machine is currently a team of over 500 people across offices in London, New York, Singapore, Sydney and Melbourne, and has raised over $500 million in funding.

For more information, visit thoughtmachine.net

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220607005169/en/

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