Financial technology firm Thought Machine has released a new cloud-native cards and payments processing platform, known as Vault Payments.
Based on best practices of cloud-native software design, the newly launched platform is ‘scalable, highly configurable, and can operate in real time,’ the company said.
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By GlobalDataThe system will accept both card and non-card payment in the same way.
The company added that Vault Payments will allow banks to create good payment flows, consolidate disparate systems, and slash the cost and complexity of executing cards and payment processing.
The platform supports virtual, physical, and tokenised cards.
The platform is initially being launched with support for card issuing and processing on the Mastercard network.
It is designed to natively integrate with 3DS providers, card manufacturers, and BIN sponsors. The platform can be leveraged in a plug-and-play model.
Vault Payments can be deployed as a standalone product and integrated into a variety of legacy core banking systems.
The platform can be combined into next-generation core banking systems, such as Vault Core.
Thought Machine added that customers of Vault Payments and Vault Core can also access its global library of pre-built financial products.
Thought Machine founder and CEO Paul Taylor 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.”
The launch of the new product follows the company’s $160m Series D funding round, which gave the company a valuation of $2.7bn.
