Online payments platform Payset is gearing up for European expansion after signing on for Thought Machine's cloud-native technology.
Payset offers an online payments platform and multi-currency accounts, debit cards, and currency exchange services to small and medium businesses.
Currently operating in the UK, Israel and Gibraltar, the firm is planning EU expansion through its Danish EMI, targeting 5000 new customers by 2024.
Thought Machine’s core banking platform Vault Core and its Universal Product Engine will provide Payset with the functionality to offer multi-currency IBAN accounts, debit cards, budget management, payment accounts, and more.
The vendor says that the single clear architecture of Vault Core ensures Payset can scale quickly, free from the constraints of legacy technology. There is also no dependency on Thought Machine for product changes or configuration.
Perry Asforis, principal CEO, Payset, says: "The Universal Product Engine liberates us from the restraints of traditional banking and provides us with the freedom to implement almost anything we want.
"Using Vault Core as our foundational technology, we are excited to deliver cutting-edge financial services in the UK, EU, and beyond."
Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.