With multiple banks and payment service providers (PSP’s) breaking from the tradition of owning their platforms in favor of implementing these services into their secure data centers, the cloud is now driving transformation, culture, and new digital and value-added services into the market quicker than ever before.
Banks and large PSP’s need to embrace the cloud and transform their processes to remain competitive in the future. With the rise of challenger digital banks, it is hard to re-imagine banking, payments, or any microservice without a cloud architecture soon. Service providers require architectures that can process high volumes of data, providing real-time analytics and reporting to enable these providers to service their existing customers and attract new customers.
More than 70% of Youtap’s deployments are now cloud deployments, with customers choosing a cloud model over a platform model.
So why is this?
Apart from the usual benefits of cloud being:
- the ability of a bank or payment service provider to reduce their capital expenditure.
- enables these providers to get to market quickly through an operating expenditure model rather than a capital expenditure model.
- predictable financial model, where all future upgrades and services are included in the cloud model.
- enables the provider to scale without the requirement to purchase large amounts of additional hardware, operating systems, or database infrastructure.
- a micro-services architecture enables a bank to innovate its core banking or a payment service provider to extend the capability of their payment platform rapidly and scale to deliver new relevant applications to their customer bases.
- traditionally, upgrades and the ability to integrate new features and products into providers core banking or mobile money solution has been difficult, lengthy, and costly. With cloud and a range of API’s, new features and products can be integrated, tested, and released into the market within weeks.
- as innovation becomes available, the core software is immediately made available to all customers. Customers can manage the rollout of these features, including white-labelling and go to market.
The real benefits of cloud deployments are Apps. The ability to offer new features such as loyalty, payments, analytics, and various small business and consumer applications automatically provisioned through the App, with innovation being pushed to the customer frequently, keeping the applications and services offered to each customer segment relevant.
Cloud security has moved ahead in recent years. Youtap’s cloud architecture prides service providers and banks with the latest in Network and Infrastructure Security, Identity and access management (IAM), Data protection coupled with a range of tools for logging and monitoring in real-time and resilient processes for the administration, governance, and risk and compliance reporting required by the largest of banks.
Youtap has multiple success stories from service providers that have migrated to the cloud.
Please do not hesitate to contact us for more information.