CEO, Ian Clowes, speaks to FinTech Finance at this year’s Money 20/20 Europe.

August 21, 2017

CEO, Ian Clowes, speaks to Fintech Finance at this year’s Money 20/20 Europe.

Payment Cloud Technologies (PCT), the journey so far.

Founded in 2008, Payment Cloud Technologies’ initial focus revolved around prepaid card solutions, travel money and FX. In 2012 we harnessed advancements in technology to launch our own cloud-based banking system using Microsoft’s Azure cloud computing platform.

After just two years, PCT launched its first banking product called Change Account, a challenger bank that delivers highly sought-after financial services to the unbanked and underserved. Off the back of Change Account’s successful launch, PCT won a contract with An Post, the Irish Post Office, to launch a banking solution, rolled out across all 1,100 An Post branches.

PCT’s proprietary banking system allows businesses to offer the full gambit of banking services for an average of £500k and in as little as nine months, which is a real feat.

Fast forward again to 2017 and PCT’s digital banking product has been adopted by global information technology company, Unisys. Elevate by Unisys, an omnichannel banking solution which offers mortgage, savings and banking will use PCT’s bank.VISION platform to deliver banking services, globally.

What have been the Challenges and Opportunities Working with the Cloud?

A key challenge has been security. Venture back a few years and ask people working in banks how they felt about storing data in the cloud and using cloud-based technology to deliver financial services, and the majority will tell you that they had next to little faith in cloud security.

That perception has gone now, with cloud software providers like Microsoft Azure and Amazon Web Services (AWS) having mitigated these concerns, with vast investment into bolstering security in the Cloud.

How will PSD2 affect Payment Cloud Technologies?

…We see this as an opportunity for smaller players in the market to keep pace or even take on some of the leaders in the financial services space…

What does the future hold for PCT? 

We’re continuing to diversify our portfolio.  We’re working closely with SMEs as there’s huge opportunity in this market for them and we are already working with one of our clients, ULUS Bank, to deliver business banking services to in excess of 700,00 UK-based ethnic SMEs that have previously been underserved by traditional banking services.

Further diversification and work with our challenger banks will see us expand our global presence into the US, after having successfully launched in South Africa earlier this year.

Our price point enables non-banks such as retailers and mobile operators to enter the market, so the future for us is to allow these players to do so quickly and affordably. We’re working with tier two banks who want to become tier one banks, as well as the tier one’s who haven’t been able to expand globally and wish to do so.

Video Credit | Fintech Finance

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