Qolo, the B2B payments hub for the New Economy, today launched its INTERACT embedded processing functionality and platform licensing solutions through its 100% native cloud capability, an industry first.
In response to the payments industry’s challenges of adopting cumbersome integrations and transaction processes that negatively impact customers, Qolo has introduced its INTERACT embedded processing capability. This functionality enables Fintech companies to participate in the payment authorization and funding processes for all payment types.
“For quite some time, the industry has been in desperate need of stronger infrastructure to improve speed, security and functionality that support the demand for flexible omnichannel payments,” said Darren Beyer, Chief Product Officer for Qolo. “Qolo has established a new standard for Fintech by providing these enhanced payment capabilities. Our clients have been very receptive and positive about our embedded processing solutions.”
Embedded processing enables companies to wrap payment functionality around their own systems. They can:
Add their own rules and logic to both the authorization and funding of any type of transaction – acquiring, issuing, money-in and money-out;
Provide card and payment access to any client-side pool of value (crypto, loyalty, credit lines, exchanges, accounts); and,
Fund individual transactions from different sources based on client rules.
Qolo is also launching its platform licensing solutions. The company has pushed the payments industry with its next-generation platform, becoming the first in building and deploying virtualized HSMs (host service modules), resulting in the first true 100% native cloud issuing processing platform. For Fintech companies looking to bring payment processing in house, this infrastructure enables Qolo to license them the full cloud stack quickly and efficiently.
“Previous payments platform licensing options were hardware-based and took months, if not years to provision and roll out,” said Qolo CEO Patricia Montesi. “We can roll out a new instance in less than a day. While others in the industry can talk about being in the cloud, Qolo is the first to be truly cloud native. This brings unique performance, scale, and deployment advantages.”