Payment24 , a global payments platform provider, has launched a financial payments product, Payment24 Cloud Switch. This cloud-based payment solution aims to serve the needs of acquiring banks, fuel retailers, merchants, and other retailers.

The solution is also intended to decrease the time to market for businesses wanting to upgrade their transaction switching systems. Cloud Switch is a fully integrated, hardware-less payment switch that supports a myriad of payment methods. The product combines cloud technology, various payment methods, POS compatibility, and a suite of services to deliver an all-inclusive transaction environment.

For companies looking for a one-stop-shop solution, Payment24 seeks to also offer customers the option to purchase the Cloud Switch transaction switching platform, POS Terminals, TMS, and Field Service Support components. Officials from Payment24 stated that Cloud Switch was developed to cater to a global market but developed with the localisation capabilities required to adapt it to every region it is deployed in. The goal of this solution is to simplify and secure the payment processes.

Cloud-based transaction switching According to Payment24, the time to market to change a transaction switching platform is usually a tedious exercise for retailers and banks. However, with Cloud Switch’s architecture and integrations, the time required to migrate can be decreased. Key features of the new solution include cloud-based infrastructure hosted on Microsoft Azure, no need for additional hardware, support for multi-faceted payment methods, and an inclusive merchant portal for comprehensive transaction monitoring.

For acquiring banks, Cloud Switch enhances traditional standalone POS machines allowing banks to expand offerings to modern digital payment services, offers a comprehensive application engine, and supports a wide variety of payment methods. The transaction switching platform also provides fully integrated payment processing with various industry leading POS and forecourt systems. Fuel retailers can expect various benefits such as multi-bank acquiring, compatibility with popular forecourt controllers and POS terminals, and other services.

Additionally, an optional feature of Cloud Switch is real-time TMS monitoring, providing businesses with comprehensive insights into their transactions and aiding in data-driven decision-making. The product also offers tailored application flows for standalone and integrated merchants, ensuring a seamless transaction process. About Payment24 Payment24 is a global platform developer specialising in payment and loyalty solutions for the financial, oil, retail, convenience, transport, and logistics industries.

With a presence spanning five continents and 17 countries, the company supports clients worldwide. Its open, AI-driven, integrative, white-label solution is purpose-built to support client platform requirements. .