Thought Machine Partners with Mastercard for Cloud-Native Cards

Banking technology platform Thought Machine is launching cloud-native cards and payments processing on the Mastercard network.

Built from the ground up, Thought Machine’s Vault Payments is a cloud-native payments processing platform that is scalable, configurable and operates in real-time, according to a press release on Tuesday (June 7).

“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,” said Paul Taylor, founder and CEO of Thought Machine.

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“Payment flows coming into and out of Vault Payments are set up and processed in a consistent manner, meaning any payment type, card and non-card, is accepted in the same way by the system,” according to the release.

The platform uses a rails-based configuration approach that supports any payment type as compatibility expands and natively represents payments as ISO20022 messages.

Vault Payments aims to enable banks to create payments, consolidate systems and lower the overhead associated with the execution of cards and payment processing.

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Vault Payments is being rolled out by Thought Machine initially with support for card issuing and processing on the Mastercard network, but also supports virtual, physical and tokenized cards, according to the release. The new solution also integrates with 3DS providers, card manufacturers and BIN sponsors.