Core provider Thought Machine’s automated cloud-native payment platform for banks is live after 18 months of development.

Vault Payments was developed specifically for banks and financial institutions and operates with Mastercard-supported card-issuing and -processing. The platform is “configurable” at the bank level, a Thought Machine spokesperson told Bank Automation News.

“Banks can expose aspects of the configuration framework to the end consumer — enabling them to manage their payments in real time with greater control and flexibility. This includes dynamically modifying steps in each payment, routing rules and controls applicable using data from any field of the payment,” the spokesperson told BAN.

While no banks are public on the platform, they are currently being invited to participate in an early-access sandbox for functionality testing. A key functionality within the platform is automation.

“New technology advancements in payments engines have enabled banks to enhance payments automation by increasing their STP [straight through processing] rates. With Vault Payments, banks will be able to increase these rates even further as they can set up automated rules to manage payments and use Thought Machine’s pre-built payments execution flows,” the spokesperson said.

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