In the dynamic field of payment processing, new-breed companies like Paymentology offer application programming interfaces that empower clients with customisable functions. The scalability afforded by operating in the cloud allows for global coverage, supporting clients in multiple regions and countries seamlessly.

Paymentology’s co-CEO Abe Smith said that the key advantage of cloud-based payments lies in its agility. Unlike legacy processors that are bound by databases and lengthy timelines, Paymentology processors can take customers live in a matter of weeks, and launch new products in days rather than months or years.

He addressed security concerns in the digital age, explaining that the company uses internal tokenisation in compliance with Payment Card Industry Data Security Standard (PCI DSS), a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. This not only ensures data security at rest and in transit but also absolves Paymentology clients of the responsibility of PCI compliance.

Paymentology is equally focused on financial inclusion, facilitating quick and cost-efficient entry of clients into the market, allowing them to expand into multiple countries without the complications of numerous contracts and vendor management.

Smith added that the company’s focus remains on innovation. It continues to explore artificial intelligence, biometric authentication, and the virtualisation of payment methodologies.