Nowadays, financial services are one of the most influential economic sectors in the world.
In 2018, the global fintech industry generated 92 billion euros in revenue. According to Statista, it is estimated that the industry's revenue will grow at an average rate of about 12 percent to reach a total of 188 billion euros by 2024.
To enable fast payment processing and securely store sensitive data, companies are using cloud software finance systems. These technologies offer a variety of opportunities for the development of financial institutions and encourage the active use of new technologies and features. Below we highlight the advantages cloud software finance technologies offer for payments companies.
5 Benefits of cloud software finance technologies
Businesses are often looking for a financial solution that is capable of adding new payment features and must also be a reliable and secure payment method. Cloud-based software can satisfy even the most demanding users. There are significant benefits of using cloud software finance technologies for payment services:
1. Lower costs
By using cloud technology for data storage, the company can save time and resources.
The cloud's pay-as-you-go pricing model is affordable for small businesses, allowing financial institutions to spend money on expanding their services. Some companies even offer a free trial period. At SDK.finance, for example, you can use the cloud payment software for free for 3 months to test the platform before purchasing.
2. Fast payment processing
Cloud systems are built for quick performance and easily handle huge amounts of information. This enables banks to accelerate the processing of transactions and lower latency issues.
3. Improved security
The public cloud provides multiple levels of security against data breaches and other attacks, making it a more secure environment than the majority of on-premises systems.
4. Regulatory compliance
Payment companies can use cloud platforms that adhere to financial industry standards to meet regulatory compliance. It is possible to store all payment data on your own server, while the cloud provider team is responsible for the backend application.
5. High scalability
Cloud software finance technologies have an ability to scale up or down as needed, which provides payment companies with the flexibility to offer the best services for their users.
Cloud computing offers a number of benefits for financial institutions, including improved security, faster processing speeds, lower costs and high scalability. The list of benefits of cloud-based software could go on and on, as it can also improve the customer experience by providing access to banking services anywhere, and by providing additional functionality.
Cloud software finance solution
SDK.finance provides a cloud software platform to develop new payment solutions or enhance already existing ones. You can redesign the payment process and speed up deployment with a cloud-based version at an affordable price. With our cloud software, your business can offer the following services: currency exchange for users, invoice payment, money transfers, expense tracking and configuration of an unlimited number of currencies within the e-wallet system.
You host, manage and maintain the primary databases according to cloud management guidelines, while our team controls the back-end application. As a result, you have a reliable and secure payment core to keep sensitive data on your private server. With our 400+ APIs, many services can be implemented quickly and cost-effectively for users.
The fintech sector is growing significantly and driving the payments industry. Companies are using cloud software finance technologies to drive innovation and modernize their workflows to provide fast and secure payment services to their customers. Try SDK.finance, a cloud software platform to transform the transaction system and innovate non-stop.
