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SaaScada enables The Payment Firm to ‘ do a year ’ s work in three months ’ with launch of new account
N extGen data-driven core banking engine , SaaScada , was selected by Electronic Money Institution ( EMI ), The Payment Firm , to power its new payment services for SMEs and individuals . The Payment Firm ’ s easy-to-use , customer-centric solutions will cover the full span of payment services , initially providing accounts with virtual IBANs , before expanding into multi-currency accounts , cross border payments , card issuing and accounts with virtual SWIFT . Its open book pricing model and robust compliance are designed with fairness and honesty in mind , with competitive pricing and easy functionality .
“ We are the Ronseal of payments – we do exactly what we say we will and are totally transparent about how we operate . For too long SMEs and individuals have been ripped off when it comes to payments . The industry cloaks terms and conditions in jargon and complexity , refusing to budge on fees for smaller players , yet letting bigger players get away with paying hardly anything .
We intend to change all that ,” said Gary Prince , CEO of The Payment Firm .
The Payment Firm started by using an IT service provider to build its infrastructure , but quickly realised they didn ’ t have the necessary payments expertise required to meet the team ’ s ambitious timelines .
“ In some ways , payments are simple – you put a pound in the top and it comes out the other end , divided up . But you need to know what you ’ re doing . SaaScada was the only vendor I felt confident in – the technology just works . And the fact they are already deployed and scaled with banks gave us peace of mind they know what they ’ re doing . The team has been hugely supportive , enabling us to build a new back end , middleware and APIs in just three months – that ’ s normally a year ’ s worth of work . It ’ s unheard of to get it done that quickly ,” Prince continued .
SaaScada ’ s event sourcing architecture helped The Payment Firm to build robust payments solutions that enable customers and suppliers to move balances between accounts on the network , without having to pay transaction fees . This helps to lower costs , as transaction fees only apply when money is drawn down . This allows The Payment Firm to offer truly disruptive pricing to customers . Moreover , access to real time-customer data also helps The Payment Firm to streamline and automate compliance reporting , ensuring efficiency and accuracy .
“ We are radically honest and customerdriven , which will be the key to our disruption . Our entire roadmap is customer-driven and SaaScada allows us to do that ,” Prince said . “ The data we get and the ability to develop and launch new offerings at speed means we can be a full-service EMI and move with what our customers need . Instead of focusing on small niche offerings , with high margins , we are going to offer everything – high volume and low margins to give the best value to customers . SaaScada also primes us to expand into new markets when the time comes .” �
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