Vault Payment Solutions has chosen Thredd to underpin new card programmes on Mastercard’s global network.

The Australian payments firm plans to roll out new prepaid, debit and private-label card products in its home market and in the UK, with Thredd as the issuer processing partner.

Vault has recently obtained Mastercard Principal Issuing Partner status.

It supplies infrastructure for rewards schemes, gift cards, embedded finance propositions and closed-loop private-label arrangements.

Under the new arrangement, Vault will use Thredd’s full issuing and processing stack to operate a varied mix of card products, including virtual and physical cards.

The services will also cover tokenisation, fraud monitoring, 3-D Secure, digital wallet connectivity and transaction controls.

Vault said it chose Thredd after running a selection process involving several international processors.

According to the companies, the decision was influenced by a combination of Thredd’s technical capabilities, global support model, flexibility, local knowledge in Australia and the UK, and its work alongside Mastercard.

Vault founder and CEO Michael Jess said: “Connecting directly to Mastercard and selecting an issuer processing partner was a pivotal decision for us.”

Thredd head of Asia Pacific Damien Gough said: “Vault is exactly the kind of forward-thinking partner we love to collaborate with.

“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.”

This follows Thredd’s announcement in November that it would support the global rollout of Visa Cloud Connect, as part of its investment in cloud-first infrastructure.

Under that initiative, Thredd plans to connect to three Visa Cloud Connect endpoints worldwide, with a commitment to complete global implementation.