Paymentology Introduces Cloud Banking Solution to the Middle Eastby Fintechnews Middle East 2. August 2021
Paymentology is introducing its BankingLive 2.0 solution, a cloud-based processing platform, to the Middle East, the company said in a statement.
The UK-based payment technology solutions provider has deployed the BankingLive 2.0 solution with Mox Bank, a digital bank by Standard Chartered Bank and partners HKT, PCCW and Trip.com. With the deployment of the solution, Mox Bank has reached over 100,000 customers in seven months, the statement said.
“The Middle East is one of the fastest growing digital banking markets and has a desire to deploy cutting-edge innovative technology which is why Paymentology is so well placed and their expertise being used.
Paymentology will be a driving factor in the continued success and growth of digital banking in the region. We are currently working with banks and financial institutions across the Middle East region and guide them into the next generation of banking,”
Nauman Hassan, Director for Client Services at Paymentology, said.
Further, the 2015-founded company also enables dual payments on the same card, a feature they aim to introduce in the Middle East.
“We helped Mox Bank launch two payment methods with one card — flipping between debit card and credit card payment methods. Together with Mastercard, Mox Bank introduced ‘Flip’ for its all-in-one Mox Card, allowing consumers to choose their payment method,”
Paymentology has also rolled out a number of other banking projects in the region to support legacy issuers and processors with their BankingLive platform.
Cloud as a fintech trend
BankingLive 2.0 uses backup cloud technology for round the clock service and silent maintenance updates, using geo-location and a round-robin algorithm. It also uses real-time data at the point of purchase to analyse spending behaviours. This deep data can then be used for profiling risks, spending trends, and suitability for other financial products.
The deployment of cloud saw global growth in demand despite a slowdown in projects last year. Cloud spending grew 33%, from US$107 billion in 2019, to US$142 billion in 2020 globally.
Within the region, the UAE has emerged as the focus of this trend in the banking space. For instance, cloud banking platform Mambu set up its first regional office in Abu Dhabi last year. Elsewhere, Emirates NBD built a centralised private cloud platform with Red Hat to ease third-party collaborations, dial down development cycles by months, and bolster its digital capabilities.
More recently, Abu Dhabi Islamic Bank announced a collaboration with IBM for its hybrid cloud solutions as part of its digital transformation strategy earlier this year.