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Thought Machine Unveils Cloud-Native Cards & Payments Processing Platform

One month after bagging $160million in a series D funding round, Thought Machine – the cloud native banking technology company – has introduced a new, cards and payments processing platform – Vault Payments.

Launching initially with support for card issuing and processing on the Mastercard network, Vault Payments is a cloud-native payments processing platform that can operate in real time. It supports virtual, physical and tokenised cards.

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, and its rails-based configuration approach will support any payment type, card, or payment scheme as compatibility expands.

Vault Payments will enable banks to create powerful payment flows, consolidate disparate systems, and significantly cut the cost and complexity of executing cards and payment processing.

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.”

Standalone product

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 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 speed up product innovation and time-to-market, enabling the creation of product,  such as an end-to-end credit card processing solution or a buy-now-pay-later proposition.

Future plans

Founded in 2014, Thought Machine’s cloud-native core banking platform Vault Core has been selected by large-scale multinational banks, including JPMorgan Chase, Standard Chartered and Intesa Sanpaolo, as well as challenger banks and fintechs, such as Curve, Atom bank and Lunar. 

Last month, the company closed a $160million series D funding round to push its valuation to $2.7billion. The funds will be used to continue developing Vault Core and Vault Payments. It also has plans for further expansion in Asia Pacific, growing in markets such as Vietnam, Thailand, Indonesia and Philippines.

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