The RedCloud 1 Platform from RedCloud Technology is a transaction engine and processing platform. By leveraging RedCloud 1, financial service providers can offer regulated digital financial services such as domestic payments, remittances, lending, savings, and insurance.
Facts:
- Founded February 2014
- Headquartered in London
- The platform has been in development for 5 years
- Created by developers who launched M-PESA
The RedCloud 1 solution, which can be co-branded or white-labeled, can act as an end-to-end transaction platform or simply form a new front-end interface to existing backend processes. It is designed to help effectively deal with regulatory constraints.
Front-facing platform
The RedCloud 1 platform offers a simple, omni-channel user experience. For example, when using its remittances capabilities to send money internationally, consumers log in with a unique identifier (for example, email address, phone number, or Twitter account), then enter the amount and their PIN. RedCloud processes all transactions, including cross-border payments and remittances, in real time with no settlement delay.
Behind the scenes
The RedCloud administration view offers multiple tools, such as a transaction search capability and a CRM module, that enables service providers to manage the platform.
The analytics suite offers a real-time bank reconciliation view that shows both sides of all transactions. Preconfigured insights are not only useful to service providers, but also to their merchant clients, who can use transaction data to drive business strategy.
The company’s configuration tool has a drag-and-drop WYSIWYG interface which enables non-technical employees to quickly bring new products to market with no need for IT involvement.
What’s next
RedCloud is contracting with several organizations across Africa and Asia.
RedCloud founder, Justin Floyd and product manager, Matthew Smith, debuting RedCloud 1 at FinovateFall 2015:
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