Microsoft helps fintech startup revolutionise card processing

The expert advice received from Microsoft has been significantly more than we expected. With their help, we can get a new client up and running in weeks rather than months – Akshay Patel, Paymentology founder

Shane O’Hara and Akshay Patel started Paymentology in 2015, after twenty years’ experience in the payment processing industry, to build a next-generation payment processing platform.

They recognised the need for greater flexibility and better security. They quickly recognised that only a cloud-based platform could deliver what the market needed.

‘Security is at the forefront of what we do,’ says Paymentology founder Akshay Patel. ‘Over the last 10 years we have seen the vulnerabilities in the legacy platforms that cannot be easily rectified with bolt-ons. We started with a blank canvas, going beyond PCI 3.2 compliance.’

AI-based payment processing 

The Paymentology rules engine is quickly earning a reputation as ‘the one to beat’ in the payment processing market.

‘When making a payment, there are around 90 checks required by the bank,’ says Akshay, ‘our technology processes these checks in milliseconds.’ Paymentology’s system gives banks more control, increased revenues streams and greater insight but with less paperwork.

‘Our engine can use AI to locate discrepancies between customer and card activity in real time.’ says Akshay, ‘If you’re not expecting the card to be used, you can block it at any time, either permanently or just for half an hour.’

Azure scalability and performance 

Paymentology aims to be a premier banking processor, moving away from legacy systems and adopting Microsoft’s Azure technology. Their full module suite is integrated with Microsoft’s cloud platform, giving customers greater flexibility and security.

Azure means that banks don’t need to buy expensive hardware to run their payment processing. Instead they can be up and running with Paymentology in weeks and they can quickly scale up to deal with busy shopping seasons, without the cost of expensive overprovisioning the rest of the year.

Increasingly, public cloud hosting is being seen as the more secure and compliant way to deliver financial services IT. Indeed, Microsoft has helped Paymentology meet and exceed the latest, demanding PCI 3.2 standards for payment card processing. This means that the company’s clients have fewer controls to manage themselves, reducing the cost and complexity of proving their own compliance.

BizSpark Plus and beyond

‘Our business would not be in the position it is in without BizSpark,’ says Akshay, ‘their expertise and assistance has aided our work in the Middle East and around the world.’

The help has come in different forms:

  • Software licence and Azure credits to help reduce the cost of developement and testing
  • Insight into how other vendors are using Azure to deploy real-time applications
  • Access to Microsoft expertise to improve security and compliance

As part of the Microsoft Accelerator programme, Paymentology has received additional help to strengthen its business and reach new customers.

‘Our platform has been stress-tested thanks to BizSpark’s support and Microsoft’s infrastructure,’ Akshay continues. ‘The synergies this provides are very clear for us. Our journey has just begun and we look forward to our future with Microsoft.’

Take the next stop with Microsoft

Check out the Microsoft for Startups website

At Microsoft, we work with startups of all shapes and sizes. The joint business opportunity depends on how we can support individual startups. To find out if you are eligible, contact the team on startout@microsoft.com

 

 

Join the conversation

0 comments

Your email address will not be published. Required fields are marked *