Vault gains Mastercard Principal Issuer status for direct card issuing

Vault Payment Solutions has achieved Mastercard Principal Issuer status, giving the Melbourne-based payments firm expanded control over the issuance of Mastercard payment cards across Australia. This new status means Vault will now interact directly with the Mastercard network, accelerating the deployment of its payment programmes.

Issuing partnership

With Principal Issuer status, Vault takes on new responsibilities and privileges as a direct issuer of Mastercard-branded payment cards. This development provides Vault with direct access to Mastercard's systems, allowing the company to manage card programmes without intermediary banks.

Direct access can reduce processing times and provide Vault with greater oversight of security processes, compliance, and reporting functionality. The move also facilitates customisation, enabling Vault to tailor card products for corporate clients and consumers.

Operational impact

Principal Issuer status enables Vault to rapidly launch and modify card-based products. Previously, such changes had to be managed through partner banking institutions, often resulting in delays or constraints on flexibility. Vault will now be able to implement and scale its branded cards, prepaid offerings, and payment solutions with closer alignment to customer requirements.

"Vault is serious about advancing client capabilities and cardholder experience through continued innovation. In securing Principal Issuer status, we benefit from new freedoms to create better programs for our clients and their valued customers. We are committed to building the next wave of financial products while continuing to support our partners with faster, flexible solutions - Powering Smarter Payments for their businesses," said Michael Jess, CEO, Vault.

Product development

With integration into Mastercard's global network, Vault is positioned to leverage payment technology and infrastructure to support new financial products. Vault plans to use this advantage to improve operational agility and provide faster time-to-market for updated feature sets or new card product launches.

Vault's platform caters to both business and consumer needs, including gift cards, reloadable prepaid cards, and payment rails designed for partner platforms. With Principal Issuer status, Vault will have increased scope to deliver features that meet sector-specific needs for security or user control.

Security standards

Access to Mastercard's secure network is a core component of the status. Vault's participation in Mastercard's network allows it to utilise established fraud monitoring and security protocols, extending these protections to businesses and cardholders using Vault-issued cards.

"Vault's commitment to innovation is clear. By leveraging Mastercard's global network, Vault is enhancing its capabilities to drive greater cardholder personalisation and deliver secure, seamless payment experiences. We're excited to see the impact this milestone will have for Vault's clients and cardholders across Australia," said Surin Fernando, Senior Vice President and Head of Customer Solutions Centre, Australasia, Mastercard.