London-based payments firm Payset is set to deploy Thought Machine’s cloud-native payments processing platform to power its upcoming virtual cards offering.

Payset provides an online payment platform which offers services such as multi-currency accounts and business banking.

Payset had already used Vault Core, the vendor’s core banking platform, to power its multi-currency accounts and currency exchange services.

The payments firm will now utilise Vault Payments to roll out virtual business and retail cards to 10 countries.

The new virtual cards will first launch in the UK and will arrive at some point in 2024.

Perry Asforis, managing director of Payset, said: “Vault Core’s clean design and engineering excellence impressed us so much that we’ve expanded our partnership with Thought Machine by signing up for Vault Payments.”

Other adopters of Thought Machine technology include JPMorgan Chase, Lloyds Banking Group, Atom Bank, Standard Chartered, and Sweden’s SEB.

Thought Machine hit a $2.7 billion valuation in its latest funding round in 2022, after a Series D investment led by Singapore-headquartered investment company Temasek.

The company was founded in 2014 by former Google engineer Paul Taylor, who headed up the BigTech’s thought-to-speech division, and now has offices in New York and Singapore.

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