Thought Machine will “reinvent” its core banking system Payset

UK-based paytech company Payset is building its international payments platform on a new core banking system called Vault Core, which is made by another UK tech company called Thought Machine.

Payset says that with this new cloud-based technology, it will “be made over.” The launch is planned for April 2023.

Payset “is getting ready to launch a new and better service” based on Vault Core. This service will include IBAN accounts with multiple currencies, debit cards, budget management, and payment accounts.

The paytech hopes that “the partnership with Thought Machine will dramatically improve every part of our platform and our users’ experiences.” Payset says it will offer a better user interface, more availability for customers, easier integration with third-party platforms, and better open banking and budget management services.

The company is planning for “a big winter coming up.” It will launch a new onboarding system from Zoral Labs in December of this year. It plans to get its electronic money institution (EMI) license in Denmark, which is currently being applied for, in the first quarter of 2023. This will allow it to grow and serve customers in the European Union.

Payset CEO Perry Asforis says, “As a top payment solution for small and medium-sized businesses (SMBs), we need a flexible banking platform that lets us build custom and innovative solutions for our customers.”

He also says that the smart contract feature of Vault Core “frees us from the restrictions of traditional banking and lets us do almost anything we want.”

Payset was started in 2018. It is a UK-based company that is regulated by the Financial Conduct Authority (FCA) and licensed by the Electronic Money Regulations 2011 to issue electronic money and offer payment services.


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