Vault Payments

Vault Payments is a cloud-native payments processing platform that enables any bank to run all payment types for every method, scheme, and region in the world. It seamlessly and dynamically embeds new and existing financial products into the payment platform while granting clients complete control over the payment’s life cycle. Vault Payments launched with card issuing and processing support on the Mastercard network. Support for additional card and account-to-account payment schemes is being added continuously.
Single configuration framework

Vault Payments' configuration framework delivers unparalleled interoperability and accommodates a wide variety of global payments and card schemes.

Its powerful configuration layer is logically separate from platform code, allowing our clients to build truly bespoke payment flows and implement rules-based payment controls.

Our clients can create flows using pre-built building blocks or write custom logic using the flexible yet easy-to-use configuration language to suit their unique payment processing needs.

Clients can define rules to execute on any aspect of the payment, such as currency, amount, merchant type, or based on data from integrated systems such as fraud systems – enabling the creation of powerful and bespoke execution logic.

Dynamic account routing
Vault Payments’ rich payment routing functionality completely decouples the payment instrument from the funding source. This approach enables clients to route payments end to end (from instruction to posting) to a relevant account in a single system without the need for legacy monolithic hub systems. 

Dynamic account routing gives banks’ customers better control over their finances. For example, a customer can pay for a specific purchase using a loan instead of using a current account and incurring overdraft fees. A corporate customer, for instance, could divert funds to particular accounts depending on the type of payment to help with cash flow management.

Intelligent, rule-based routing can be applied to choose the correct payment flow and scheme and select the core banking system which stores the account for posting.
Card issuing and processing

Vault Payments provides card issuing and processing support on the Mastercard network and will support Visa and other card networks over time. The platform supports virtual, physical, and tokenised cards, allowing clients to seamlessly issue physical and virtual cards to their customers, including provisioning cards to Apple Pay and Google Pay.

Vault Payments natively integrates with strong customer authentication, card manufacturing and BIN sponsorship capabilities supported by our best-in-class partners.

Our clients can use these integrations in a plug-and-play model to deliver the next generation of card programmes.

Integration with Vault Core
Vault Payments is available as a standalone product that can integrate with legacy core banking systems or can be deployed pre-integrated with Vault Core. Vault Payments works seamlessly with Vault Core and its highly configurable smart contracts – while operating effectively as a standalone product. Running the two products in unison allows for the creation of financial products which leverage both cards, payments, and ledger capabilities, such as buy-now-pay-later, e-wallets, or any other financial product our clients can imagine.
Payment lifecycle

Vault Payments maximises straight-through-processing by automated decisioning based on bank-defined business rules and intelligent transaction matching. If a manual investigation is required, Vault Payments provides a native user-friendly UI backed by real-time data, with full text search capabilities on any payment field.

During transaction

  • Straight-through processing

    Vault Payments intelligently repairs and retries payments through various methods to maximise straight-through processing. For example, payment flows are resilient to application failures with a dedicated service that picks up and retries incomplete payment instructions. Vault Payments automates transaction matching to ensure accuracy. 
  • Investigation and repair

    Vault Payments operates in real time and provides banks with fine-grained processing history of each payment instruction. This history is recorded and is available in the UI for easy investigation. Once an issue is identified, payments can be repaired and completed.

After transaction

  • Observability and analysis
Vault Payments’ simple UI and text search capabilities enable full interrogation of data – allowing a user to understand all payment traffic, including all payment types, schemes, and outcomes. Users can compare current with historical data to understand trends.
Universal Payments Engine

Vault Payments’ Universal Payment Engine allows banks to process all payments through a single platform, with observability and manual investigations managed in a single application. Payment information, and other events, are streamed out in real time – providing the bank with a single stream of data on all payments.

Vault Payments natively represents payments as ISO 20022 messages.

Innovative customer propositions
Customers can have their outbound payments dynamically routed in real time via different schemes and inbound payments routed to different accounts. This allows the creation of highly innovative customer propositions – such as linking a single payment card to a current account, savings account, and mortgage.

Vault Payments will integrate to any scheme across all payment system types:

  • Cards
  • Batch clearing credit transfer and direct debit schemes
  • Instant
  • Real-time gross settlement
  • Cross-border (correspondent banking)

Support for real-time payments
Instant payments are the latest iteration in payment schemes and stand at the forefront of the industry. Vault Payments, with its support for ISO 20022, allows financial institutions to take advantage of the improved customer experience offered by schemes such as FedNow (USA), New Payments Architecture (UK), and SEPA Instant (EU).

Vault Payments allows banks and fintechs to take full advantage of real-time and instant use cases, as every system element is architected for 24/7/365 real-time processing.

Simply and efficiently manage change
New scheme rules can be rolled out across all relevant flows, significantly reducing the investment in the change required to comply with rule changes. Banks can add any new payment scheme or type and create dedicated flows.
Routing and migration
Vault Payments can integrate with any core banking system and dynamically route to any core based on a set of rules.

All data (payment, product, payment instrument, and configuration data) is streamed out of Vault Payments in real time and accessible to the bank either via RESTful or streaming APIs. This approach offers rich data for all the payments it processes, and to whichever core banking system it is connected. 

Using Vault Core and Vault Payments together gives banks:
  • End-to-end support for banking products, including credit cards
  • Best-in-class cloud-native software with a seamless experience across both systems
  • The ability to launch innovative features
  • Real-time data streaming capabilities to enable customer personalisation
An example of a routing flow
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