Global payments platform provider Payment24 has launched a new cloud-based payment solution to enables banks and retailers to accept any payment method seamlessly with real-time transaction insights.
Known as Payment24 Cloud Switch, the solution expertly serves the unique needs of acquiring banks, fuel retailers, merchants, and retailers, and dramatically decreases the time to market for businesses wanting to upgrade their transaction switching systems.
Cloud Switch is a fully integrated, versatile, hardware-less payment switch that supports a myriad of payment methods. The product combines cloud technology, various payment methods, robust POS compatibility, and a suite of value-added services to deliver an all-inclusive transaction environment. For companies looking for a one-stop-shop solution, Payment24 is also offering customers the option to purchase the Cloud Switch transaction switching platform, POS Terminals, TMS and Field Service Support components directly from them.
“Cloud Switch embodies our dedication to transforming the payment ecosystem. This solution empowers acquiring banks and fuel retailers to easily manage complex payments, harnessing the cloud’s power for unmatched scalability and reliability,” says Shadab Rahil, Joint CEO at Payment24. “Ultimately Cloud Switch was developed to cater to a global market but developed with the localisation capabilities required to adapt it to every region it is deployed in. We believe it marks a significant stride in financial technology, bringing versatile payment methods, seamless transaction flows, and vital real-time monitoring capabilities into our clients’ hands. Our goal is to simplify, streamline, and secure the payment processes, and Cloud Switch is a testament to that mission.”
According to Payment24, the time to market to change a transaction switching platform is usually an arduous and painful exercise for retailers and banks. With Cloud Switch’s unique architecture and multitude of existing integrations, the time required to migrate can be decreased significantly.
Key features of the new solution include cloud-based infrastructure hosted on Microsoft Azure, no need for additional hardware, support for multi-faceted payment methods, and an inclusive merchant portal for comprehensive transaction monitoring.
For acquiring banks, Cloud Switch enhances traditional standalone POS machines allowing banks to expand offerings to modern digital payment services, offers a comprehensive application engine, and supports a wide variety of payment methods. The transaction switching platform also provides fully integrated payment processing with various industry leading POS and forecourt systems, something not seen before in the existing payment market.
Fuel retailers can expect a multitude of benefits such as multi-bank acquiring, compatibility with popular forecourt controllers and POS terminals, and value-added services like support for their Loyalty and Rewards, Click n Collect, Vouchering, and Coupons offerings. Additionally, Payment24 Cloud Switch also enables the acceptance of Mobile Money a growing need in emerging markets globally.
A unique optional feature of Cloud Switch is real-time TMS monitoring, providing businesses with comprehensive insights into their transactions and aiding in data-driven decision-making. The product also offers tailored application flows for standalone and integrated merchants, ensuring a seamless transaction process.
“With an established history of industry-leading innovation, Payment24 continues to redefine payment solutions. Cloud Switch embodies this ethos of transformation and progress,” Nolan Daniel, Joint CEO at Payment 24. “We understand the intricacies of the payment landscape and strive to make it more efficient, seamless, and user-friendly for businesses. Our comprehensive Cloud Switch solution goes beyond merely processing payments; it’s a powerful tool that empowers businesses to stay ahead of the curve, increase profitability, and deliver an unmatched customer experience. As we move into the future, we believe we are setting new standards in the payment industry with the launch of Cloud Switch.”