Payset Has Adopted Vault Payments, the Cloud-Native Payments Processing Platform from Thought Machine
Payset is advancing its technological capabilities with another cutting-edge solution from Thought Machine. Building on its successful integration of Vault Core, Payset has now adopted Vault Payments, Thought Machine’s cloud-native payments processing platform.
Since initiating its collaboration with Thought Machine in 2022, Payset has significantly enhanced its offerings, including multi-currency accounts and currency exchange services. By embracing Vault Payments in tandem with Vault Core, Payset has fortified its infrastructure with a future-proof, cloud-native technology stack that supports seamless debit card management, account-to-account transfers, and payment orchestration.
Scheduled for launch later this year, Payset will introduce virtual business and retail debit card products across 10 countries, beginning in the UK. This rollout will feature advanced capabilities such as tokenisation, (an anti-fraud feature wherein the actual card number is replaced with a ‘token’ number during network transactions), and a customer portal for managing payments, setting limits, and accessing transaction histories.
The flexibility and configurability of Vault Core and Vault Payments empower Payset to swiftly introduce new features and products, ensuring it remains at the forefront of financial innovation.
One Platform for All Payment Types
Vault Payments serves as a unified platform enabling comprehensive management of all payment types globally, from prepaid and debit cards to instant payments and cross-border transactions. Built as a modern, cloud-native system without legacy code, Vault Payments offers a streamlined design that simplifies operational processes for Payset.
Perry Asforis, Managing Director of Payset, had this to say about the new collaboration: "Our decision to expand our partnership with Thought Machine to include Vault Payments was driven by the exceptional design and engineering excellence of Vault Core. This strategic move allows us to innovate freely and precisely manage payment flows for our business customers, unlocking significant growth opportunities and setting new standards in financial services."
Paul Taylor, CEO and founder of Thought Machine, adds, "By integrating Vault Core and Vault Payments, Payset has transformed its technology foundation with state-of-the-art cloud-native solutions. This integration enables Payset to deliver integrated, flexible, and innovative financial products and payment solutions, establishing a new benchmark in the banking industry."
Strategic Partnerships
Vault Core, trusted by leading global banks such as Intesa Sanpaolo, Lloyds Banking Group, and Standard Chartered, underscores Thought Machine’s reputation for excellence in core banking technology. Thought Machine’s strategic partnerships pave the way to further enhance Payset’s operational efficiency, cost-effectiveness, and speed-to-market capabilities, leveraging Thought Machine's global network for enhanced payment solutions.
Through this partnership with Thought Machine, Payset is poised to continue its leadership in financial innovation, offering unparalleled payments services tailored to the evolving needs of its business customers worldwide.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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