Market-Leading Paytech Solution Hits ‘Bank-in-a-Day’ Set-Up Target
- 01.05.2020 11:07 am
Leading UK fintech payments processor, Paymentology, has hit its target of being able to set up an all-embracing payments platform in just 24 hours. This enables card programmes to be established and operating in a timeframe considered impossible just 12 months ago.
Covering all aspects of the issuer side payments infrastructure and creating an end-to-end solution, the Paymentology model comprises:
• Full scheme and card manufacture integration
• Ledger management
• Front-end customer-facing API
• Fraud and Fees rules engine
• Mastercard/Visa connectivity and full spend handling
With a model that is fully modular and hosted on virtual machines in the cloud, Paymentology has been able to hit their 24-hour target, beating competitors, who have been hampered by their legacy structures and non-dedicated platforms.
Central to the success of the Paymentology platform is the speed of delivery, whilst at the same time achieving the highest levels of security. The technology incorporates high performance AI rules logic ensuring maximum safety across the card programmes. The same rules engine allows banks to deliver market-leading spend controls and enhanced features to their consumers.
Chief Executive, Shane O’Hara, commented: “We really are delighted with the fact that we are able to demonstrate such quick platform set-up times. Our expertise and the coming-of-age of the cloud has enabled this. When you combine this with the fact that we deliver industry-leading data to the bank at point of spend, it is easy to see how Paymentology is at the forefront of the digitisation journey that is taking place across the financial sector, globally.”