Thought Machine’s core banking system to “reinvent” Payset

UK-based paytech Payset is implementing a new core banking system, Vault Core, provided by fellow UK tech company Thought Machine, to underpin its international payments platform.

Payset turns to Thought Machine for new core banking tech. Image source: Payset

According to Payset, it will “be reinvented” with this new cloud-based technology. The go-live is expected in April 2023.

Payset “is preparing to launch a new and improved service”, based on Vault Core, including multi-currency IBAN accounts, debit cards, budget management, and payment accounts.

The paytech hopes “the partnership with Thought Machine will dramatically improve every aspect of our platform and our user experience”. Payset says it will offer a better user interface, higher levels of availability to customers, easier integration into third-party platforms, and enhanced open banking and budget management services.

The company is anticipating “a huge upcoming winter”. In December this year, it will be launching a new onboarding system from Zoral Labs. In Q1 2023, it anticipates receiving its electronic money institution (EMI) licence in Denmark (currently under application), allowing it to expand and serve clients in the European Union.

“As an elite payments solution for small and medium-sized businesses (SMBs), we need a flexible banking platform that will allow us to build tailored and innovative solutions for our customers,” states Perry Asforis, Payset CEO.

He adds that Vault Core’s smart contract feature “liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want”.

Founded in 2018, Payset is a UK regulated company authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuing of electronic money and provision of payment services.