SYDNEY — February 4, 2026
Executive Summary
Thredd has announced that Vault Payment Solutions has selected Thredd as its strategic issuer processing partner to support its expansion across Australia and the United Kingdom on Mastercard’s global network. The partnership will enable Vault to launch and manage a range of prepaid, debit, and private-label card programmes across multiple regions. According to the companies, the selection followed a competitive evaluation process and was driven by Thredd’s technology capabilities, global support infrastructure, regional expertise, and collaborative approach with Mastercard. The agreement positions Vault to scale its card-issuing operations while leveraging Thredd’s full-stack issuer processing platform to support complex, multi-region programme launches.
Announcement Overview
Thredd has confirmed that Vault Payment Solutions has selected the company as its issuer processing partner as Vault expands its card-issuing operations into new geographic markets. The partnership will support Vault’s deployment of card programmes in Australia and the United Kingdom, operating on Mastercard’s global network. The companies stated that the engagement is designed to support a broad portfolio of card use cases, including prepaid cards, debit cards, and private-label card programmes.
According to the announcement, Vault recently became a Mastercard Principal Issuing Partner, enabling it to connect directly to the Mastercard network and manage end-to-end card programmes. As part of this transition, Vault conducted an evaluation of issuer processing platforms capable of supporting multi-region issuance, regulatory complexity, and scalable programme management. Thredd was selected following that process.
The companies indicated that the partnership will allow Vault to leverage Thredd’s issuer processing infrastructure to support both virtual and physical card issuance, along with a range of operational and security capabilities required for modern card programmes.
Key Announcement Details
Announcement type: Strategic partnership and issuer processor selection
Effective timing: February 2026
Issuing partner: Vault Payment Solutions
Issuer processor: Thredd
Card network: Mastercard
Programme types: Prepaid, debit, private-label cards
Geographic scope: Australia and United Kingdom
Target users: Brands, platforms, programme managers, and embedded finance use cases
Strategic Context
According to the companies, issuer processing selection represents a critical infrastructure decision for programme managers expanding across multiple regions. Card issuers operating in Australia and the United Kingdom must navigate differing regulatory frameworks, scheme requirements, operational standards, and consumer protection rules. As a result, processor reliability, scalability, and regional expertise are key considerations.
Vault stated that it required an issuer processing partner capable of supporting complex programme requirements across multiple jurisdictions while maintaining operational consistency. Thredd’s platform was selected based on its ability to support global issuance models and its experience operating in both the Australian and UK markets.
The announcement also reflects broader industry trends in which programme managers and fintech platforms are prioritising infrastructure partners that can support cross-border expansion, embedded finance use cases, and evolving card product configurations without requiring significant re-engineering of core systems.
Vault’s Issuing and Programme Management Model
Vault Payment Solutions operates as a programme manager providing end-to-end card issuing and infrastructure services for brands and platforms. According to the company, its services include programme design, compliance management, card issuance, and transaction processing support across a range of use cases.
Vault’s card programmes support reward and incentive schemes, gift cards, reloadable prepaid cards, embedded finance applications, and closed-loop private-label payments. The company indicated that its model is designed to allow clients to embed branded card experiences into their own platforms while maintaining security and regulatory compliance.
With its recent designation as a Mastercard Principal Issuing Partner, Vault has expanded its ability to connect directly to the network and manage programme lifecycles at scale. The selection of an issuer processing partner was described as a foundational step in enabling this expanded operating model.
Thredd’s Issuer Processing Capabilities
According to the announcement, Vault will leverage Thredd’s full-stack issuer processing platform to support its card programmes. Thredd’s capabilities include support for both virtual and physical card issuance, transaction processing, and programme configuration across multiple markets.
The platform includes functionality for tokenization, fraud monitoring, 3D Secure authentication, digital wallet integrations, and transaction controls. These features are intended to support a wide range of programme requirements and risk management needs.
The companies stated that Thredd’s processing infrastructure is designed to support complex programme configurations and high transaction volumes, enabling programme managers to scale across markets while maintaining operational consistency.
Competitive Selection Process
Vault indicated that the selection of Thredd followed a competitive evaluation that included multiple global issuer processors. According to the companies, the assessment considered technical capabilities, regional expertise, operational support, and the ability to execute multi-region launches.
In the announcement, the companies noted that some low-cost, cloud-native platforms have struggled to deliver at scale in complex environments. Vault stated that it prioritised a partner with a proven track record of supporting programme managers through growth and geographic expansion.
The decision to select Thredd was attributed to a combination of technology maturity, global support infrastructure, local market expertise in Australia and the UK, and an established working relationship with Mastercard.
Leadership Commentary
“Vault is exactly the kind of forward-thinking partner we love to collaborate with,” said Damien Gough, Head of Asia Pacific at Thredd. “Their leadership in programme management and embedded payments, combined with their growing global footprint, aligns perfectly with Thredd’s mission to enable the most innovative card propositions in the market. We’re proud they selected us following a competitive process, and we look forward to supporting their expansion across Australia, the UK, and beyond.”
“Connecting directly to Mastercard and selecting an issuer processing partner was a pivotal decision for us,” said Michael Jess, Founder and CEO of Vault Payment Solutions Group. “Thredd stood out not only for its robust technology and full suite of capabilities, but also for its people, regional expertise, and collaborative approach. Our teams share a deep understanding of complex, modern card use cases, and together we’re enabling the next wave of innovative, embedded finance experiences for our clients.”
Regional Focus: Australia
According to the companies, Australia represents a core market for Vault’s card-issuing operations. The region has seen sustained growth in embedded finance, digital wallets, and branded payment programmes across retail, loyalty, and platform-based use cases.
Vault’s Australian operations are designed to support domestic programme requirements while enabling connectivity to global networks. Thredd’s presence and operational expertise in the Australian market were cited as key factors in the partnership.
The companies stated that the partnership will support Vault’s ability to launch and manage card programmes that meet local regulatory expectations while maintaining alignment with Mastercard scheme standards.
Regional Focus: United Kingdom
The United Kingdom is a strategic expansion market for Vault as it extends its programme management services beyond Australia. The UK market presents a complex regulatory environment for card issuance, including requirements related to consumer protection, payments regulation, and scheme compliance.
According to the announcement, Thredd’s established operations and experience in the UK market were central to Vault’s selection decision. The companies indicated that the partnership will support Vault’s ability to enter the UK market with infrastructure capable of handling regulatory complexity and scale.
Embedded Finance and Private-Label Use Cases
The partnership is intended to support a range of embedded finance and private-label payment use cases. Vault’s platform enables brands and platforms to issue cards as part of broader product offerings, including loyalty programmes, closed-loop payment systems, and controlled spending environments.
According to the companies, Thredd’s processing platform provides the flexibility required to configure card products tailored to specific use cases while maintaining consistent security and operational standards. This includes support for controlled payment rails, transaction limits, and programme-specific rules.
Operational and Risk Management Capabilities
Issuer processing infrastructure plays a central role in transaction security and risk management. The companies stated that Thredd’s platform includes built-in capabilities for fraud monitoring, tokenization, authentication, and transaction controls.
These capabilities are intended to support Vault’s compliance and risk management obligations as it scales its programme portfolio across markets. The companies indicated that these features will be integrated into Vault’s programme management workflows.
Mastercard Collaboration
According to the announcement, a collaborative approach with Mastercard was an important factor in the partnership. Vault’s status as a Mastercard Principal Issuing Partner enables direct engagement with the network, while Thredd’s established relationship with Mastercard supports alignment on scheme requirements and programme execution.
The companies stated that the three-party alignment is intended to streamline programme launches and ongoing operations across regions.
Industry Implications
The selection of an issuer processing partner is a critical milestone for programme managers expanding internationally. According to the companies, the partnership reflects a broader trend toward consolidation around processors with demonstrated scale, reliability, and regional expertise.
The announcement also highlights the increasing importance of embedded finance and private-label card programmes as brands seek to integrate payments more deeply into their products and services.
About Vault Payment Solutions
Vault Payment Solutions is an Australian fintech company headquartered in Melbourne. Founded to simplify embedded card payments for brands and platforms, Vault provides programme management and card infrastructure services across a range of use cases.
The company supports gift cards, reloadable prepaid cards, controlled payment rails, and private-label card programmes. Vault’s platform is designed to enable businesses to embed branded, secure, and compliant payment experiences into their products.
Vault operates primarily in Australia and is expanding into the United Kingdom. The company serves clients across retail, digital platforms, loyalty programmes, and embedded finance applications. Additional information is available at www.vaultps.com.au.
About Thredd
Thredd was founded to provide issuer processing infrastructure for modern card programmes and has grown into a global payments processor serving fintech companies, digital banks, and embedded finance providers. The company operates an AI-enabled, cloud-based issuer processing platform designed to support debit, credit, prepaid, and digital wallet programmes.
Thredd serves more than 100 clients across 47 countries and processes billions of transactions annually. Its platform supports a unified API model that enables programme managers to launch and scale card products across markets.
The company maintains a global operating footprint with regional teams supporting local market requirements. Thredd’s platform integrates security, regulatory compliance, and operational resilience across all layers of its processing infrastructure. Additional information is available at www.thredd.com.
Media Contact
Simeon Lando
Chief Marketing Officer
Source Attribution
Source: Company announcement