Using Thought Machine’s core banking platform, Vault Core, Payset will offer upgraded multi-currency IBAN accounts, debit cards, budget management and payment accounts, among other products.
Scheduled to launch next April, Payset said that Vault Core will offer an improved user interface and higher levels of availability to customers and integrate easier into third-party platforms.
The platform will allow the UK-headquartered payments fintech to offer an enhanced open banking and budget management services to customers alongside its current offering.
Payset chief executive officer Perry Asforis said of the upgrades: “We can provide secure, stable, low-latency transaction processing and communications for a seamless user experience.”
Asforis highlighted Vault Core’s smart contract feature, noting it “liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want”.
Paul Taylor, chief executive officer at Thought Machine, also based in the UK, added: “With Vault Core at the heart of its business, Payset can now configure, launch and run innovative new products—and scale at speed to support an ever-growing number of SMEs across Europe.”
Payset joins a Thought Machine client list that includes Lloyds Banking Group, Standard Chartered Bank and Atom Bank.