Thought Machine casts configurable cloud-native card payment platform

Paul Taylor, founder and Chief Executive Officer of Thought Machine

Thought Machine, a cloud-native banking tech firm, launched Vault Payments: a cloud-native cards and payments processing platform. Launching with card processing on Mastercard, Vault Payments has been built from scratch as a cloud-native payments processing platform – ensuring the platform is scalable, highly configurable, and can operate in real time.

How does Vault Payments work?

All payment flows into and out of Vault Payments are processed in a consistent manner, meaning any payment type, card and non-card, is accepted in the same way by the system. The platform 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 reduce the cost and complexity of executing cards and payment processing.

Launching initially with support for card issuing and processing on the Mastercard network, Vault Payments supports virtual, physical, and tokenised cards. Vault Payments 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 seamlessly integrate any financial product with the Mastercard network through a flexible payment routing mechanism.

How can Vault Payments be leveraged?

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 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-now-pay-later (BNPL) proposition banking systems.

Clients of Vault Payments and Vault Core can also access Thought Machine’s global library of pre-built financial products, for example, buy-now-pay-later products, e-wallets, Shariah-compliant banking products, and more. This will allow clients to route payment information into these products as they build integrated services rich with personalised features.

Founded in 2014 by Paul Taylor, Thought Machine’s Vault Core, has been selected by large-scale multinational banks like 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 tech for modern banking – underpinned by best practices in software design and cloud-native technology.

What are the executive’s thoughts on Vault Payments?

Paul Taylor, founder and CEO of Thought Machine, said: “We have built Vault Payments from first principles – free from the constraints of legacy tech. 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.”

Last month, Thought Machine announced the close of a $160m series D funding round, pushing its valuation to $2.7bn. These new funds will be used to continue developing Vault Core and Vault Payments – enabling banks to leave behind the old world of legacy tech and move towards a cloud-native future with increased reliability, security, and performance.