Enfuce, the Nordic payment service provider serving over 13 million end-users on its platform, recently made a huge announcement, marking a great leap forward in improving customer experience, navigating compliance requirements, and managing other critical issues pertaining to the payments industry. This article covers the Amazon Web Services Financial Services Competency and what it means for Enfuce’s ecosystem moving forward.
Enfuce is a fast growing FinTech startup offering a variety of issuing services including open banking and SaaS solutions. They are actually also an issuing partner of PaymentGenes Consultancy, allowing us to combine Enfuce’s innovative technology with PaymentGenes’ market expertise.
Now you might be wondering, what exactly is an AWS financial services competency?
In short, Amazon describes it as a certification that helps customers identify industry-leading technology, with solutions for banking and payments, capital markets, and insurance.
For Enfuce, AWS Financial Services Competency recognises them for providing deep expertise to help financial institutions and fintechs accelerate innovation. On top of that, it also helps boost customer experience and manage the critical challenges within the payments industry.
Known as one of the leading IT companies in the world, AWS is currently one of the top four public cloud computing companies across the globe.
And thanks to the AWS cloud, Enfuce managed to shorten the delivery time for their payment solutions by over 50 percent and has maintained 99.99% uptime.
But a shorter time to deliver is certainly not the only advantage of using the cloud, as it is also known to have increased customer satisfaction by approximately 20% and cut the cost-to-serve by up to 40%.
Just to name a few advantages, leveraging cloud leads to improved data security, deriving data into actionable insights, and enhanced scalability. If you want to learn more about what the cloud can do to your platform, head on to this video where we covered the advantages of the cloud for FinTechs more in-depth.
It goes without saying that this is certainly a huge milestone for Enfuce and one that will give the platform great recognition and endless opportunities. At last, smart organizations leverage cloud data platforms which can put analytics into the hands of businesses and decision-makers.
Knowing that using the cloud is a no-brainer for every business, what would be the reason that there are still some out there who have not migrated to the cloud yet?
As competition in the payments ecosystem is riling up between traditional and challenger banks, reshaping core systems and technologies of traditional banking is long overdue. When talking about future-proofing banks and financial services, the term Banking-as-a-service is starting to come up a lot. But what is banking as a service all about and how is it reshaping the industry?
Apple’s push to secure a spot in the payments ecosystem is still going strong. Or at least that’s the plan — executing on it may be … well, not that simple. This is because Apple has been making moves to build a network of merchants, among the most critical components of the payment value chain … with functionalities that are already out there in the market.
If you’ve even moderately kept an eye on any payments related news source, there’s no way you have not been bombarded with the Buy Now Pay Later craze in 2021. Almost all the widely known payment players in the field who could partake in the BNPL craze… actually did. We are quite sure that you have heard about the likes of; Klarna, Affirm, and Afterpay, but industry Giants such as Mastercard, Paypal, Visa, Square, Monzo, Revolut, Amazon, and even Walmart, are all offering BNPL options at checkout or are partnering with BNPL companies to offer this service to their customers. Even mighty Apple is climbing aboard.