Suresh Vaghjiani
News Digital Banking
CLOWD9 launches 'decentralised' payments processing platform
The fintech claims its cloud-native approach to payments infrastructure, aimed at challenger banks and neobanks, offers better scalability than legacy solutions.
UK fintech CLOWD9 has now launched its flagship “decentralised” payments processing platform.
The company claims its cloud-native infrastructure, built using microservices, can “scale up and down according to transactional demand", saying this can lead to better energy efficiency and resilience compared to the traditional legacy architecture.
CLOWD9 said the new infrastructure is aimed at challenger banks and neobanks, and has been created in-house using open API’s.
Despite the use of the term 'decentralised', CLOWD9’s solution doesn't operate via a blockchain, but instead says it works via ‘instances’, where are payment transactions routed to the nearest cloud instance.
These instances are reportedly already available in every continent and are hosted on AWS,Google Cloud, and Microsoft Azure.
CLOUD9 is part of the inaugural AWS Fintech Accelerator programme and claims its investor base includes ex-partners from Goldman Sachs,Morgan Stanley, JP Morgan, Deutsche Bank, and Vantage Capital Markets.
Suresh Vaghjiani, CLOWD9’s founder and CEO, said that the company was founded on the belief that the fintech and banking sectors could be better served by “deconstructing complex, legacy-based payments technology”.
Vaghjiani discussed how his team has all experienced “the pain points” surrounding legacy technology during their prior experience within financial services.
“Addressing those challenges is central to our mission as a business – creating a platform that is fit for purpose, using modern technology to create maximum efficiency for our clients,” he added.
Vaghjiani went on to highlight the importance of infrastructure providers understanding regional payment preferences, highlighting how regions such as Asia and Africa prefer QR and mobile payments over cards.
The exec went on to say that the new platform is built with the needs of all of these customers in mind, "whether they are paying by traditional card, bank transfers, QR codes, biometrics or even Crypto".
Companies In This Article
