Payment24 has launched the Payment24 Cloud Switch, an 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.
“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.
Cloud Switch offers 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.