Data Reporting Pioneer Kani Payments Tapped by CLOWD9 to Turbocharge Data Standardisation

Data
11.06.2024 11:30 am

Kani Payments, the disruptive global data reconciliation and reporting platform, has been selected by breakthrough cloud-native issuer processor CLOWD9 as its global partner to power its data reporting and reconciliation capabilities. The partnership will address the unique data standardisation needs and challenges faced by banks and fintechs and promises to accelerate CLOWD9’s speed to market and ability to deal with a multitude of data inflows from its clients.

Serving a global client base including traditional banks, neobanks, fintechs, and programme managers spanning the UK, Europe, and Asia-Pacific regions, CLOWD9 uses the latest in microservice technologies and decentralised design to provide processing around the world, with the ability to scale on demand. CLOWD9 offers customised consumer and business card and payments products, and supports Visa, Mastercard and Discover leveraging a flexible framework to easily enable processor migrations from legacy systems.

As an issuer processor, CLOWD9 will leverage Kani Payments’ award-winning SaaS platform to more efficiently ingest and standardise transaction data, including authorisation and settlement data from payment schemes, and accelerate reporting for its clients across the payments value chain. CLOWD9 will also offer enhanced and simplified data customisation and visualisation through the Kani Payments portal dashboard, enabling clients to slice and dice data however they require.

Emily Utton, Chief Operating Officer at CLOWD9, says: “Many issuers depend on their in-house finance teams to make sure that they have reconciled data from processors and networks and even with huge teams of people, getting accurate data can be incredibly difficult and time consuming. Fintech ecosystem players must produce accurate reports for the payment schemes to determine what they pay in settlements and fees, so getting that data right is key. To have Kani Payments’ technology and functionality that does that for you saves a huge amount of time. Kani Payments gives us the ability to double check that data, verify it, tailor it according to the clients’ needs, and move as fast as they move.”

Richard Wray, Chief Product Officer at CLOWD9, adds: “The sweet spot is taking standard data, formatting it for the individual needs of our mutual clients, and accelerating reconciliations with it. Kani Payments are the experts in that area and their understanding of the depth, detail and specialisations within the payment data value chain is unsurpassed.

“The big advantage of teaming up with Kani Payments is that it gives us a very clear USP with our clients and can become an integral part of our sales toolbox. Our sales teams will be able to better demonstrate the value that clients can gain from their data through CLOWD9 as their issuer processor. They can gain phenomenal amounts of time, accuracy and efficiency through Kani Payments standardizing and speeding up the reporting of that data.”

Aaron Holmes, Founder and CEO of Kani Payments, comments: “To be selected as the data reporting partner for CLOWD9 is a massive testament to Kani Payments. It’s the start of a partnership that will deliver major transformational cost, time and efficiency benefits for CLOWD9 and its customers, and we are so excited to unleash the power of what our platform can do.

“By combining CLOWD9’s payments processing platform with Kani Payments’ accelerated data reporting power, banks and fintechs around the world can unlock new competitive strengths, vast operational improvements, and assured compliance with scheme and regulatory reporting requirements. Together, Kani Payments and CLOWD9 are a force to be reckoned with in fintech.”

In May 2023, CLOWD9 became the world’s first cloud-native issuer processor to achieve B Corp certification, which is awarded to companies that meet rigorous standards in social and environmental performance, transparency, and governance, with a shared goal of making a positive impact on society and the environment.

Emily Utton at CLOWD9 adds: “As one of the first payment companies to be B Corp-certified, CLOWD9 is committed to working with the most innovative and sustainable companies around the world. We only partner with companies that provide world-beating services, and Kani Payments is the ideal partner for us as they share our values around building dynamic fintech services that create beneficial changes for companies and their end users.”

Kani Payments has enjoyed stellar success since its inception in 2018, empowering clients with enhanced and accelerated transaction reconciliation, payment and regulatory scheme reporting, merchant settlement and customer fund safeguarding through its award-winning SaaS platform. So far, it has reconciled more than €24 billion in processed payments volume for start-ups, scale-ups and established players across the fintech spectrum, including Sodexo, Transact Payments, Osper, IDT, Moorwand and Paysafe.

Clients worldwide are tapping into Kani’s unique data-agnostic reporting and reconciliation platform, which ingests data from any processor or source and reconciles complex and contrasting data sets in minutes.

To date, Kani Payments’ notable achievements include:

Saving its clients $500,000 per year by automating common reporting outputs and reconciliation;
Accelerating Mastercard and Visa QMR/GOC reporting times (required to be submitted by all issuers of their cards) from three weeks to just three minutes – no other compliance reporting platform has this ability;
Acceptance onto the highly sought-after Mastercard Start Path Global programme in 2022 (which has just a 2% acceptance rate) and the FIS Accelerator programme in 2023 as one of just 10 high-potential fintech companies. Only six UK companies (including Kani) have ever been selected for FIS’ programme in its eight years;
Securing key partnerships with some of the world’s most exciting fintech and payments players, including Brazilian issuer processing and core banking platform, Pismo, carbon intelligence platform Earthchain, and UK neobank Frost.