Payout modernizes Digital Payment Platform with IBM Cloud

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Slovakian fintech adopts hybrid cloud approach to provide secure cloud-based digital payment solution to European customers across industries.   

Bratislava – 17. August 2022: IBM today announced Payout, a fintech institution providing industries including the financial sector with a security-critical payment and open banking platform, has modernized its entire technology infrastructure by moving onto the IBM Cloud. The transformation will help Payout advance its digitization strategy and enhance its digital payments solution with increased security and scalability.

The rise of fintechs has been meteoric, helping to drive financial technology disruption, growth and scale while focusing on security. To address the rapidly growing demand for digital payments, Payout developed a solution that provides businesses across multiple industries including telco, education, automotive and pharma with a streamlined way to process transactions, from card payments, instant payments to all Slovakian banks, bank transfers and payments via QR code.

By moving to IBM Cloud leveraging, Payout now has a secure, agile infrastructure in place to expand its platform across countries and industries and offer a consistent digital payment service. By taking a flexible hybrid cloud approach, clients can now choose where to run the Payout solution, whether in the cloud, on-premises or in a hybrid cloud environment. This is a valuable service in the banking and financial sector, as businesses of all sizes can now complete online transactions on the infrastructure of their choice with confidence.

„Payout was built for businesses that need a faster, easier and more reliable way to move money. Security is always at the forefront of our minds when adopting new technologies and with IBM, we knew we could achieve best-in class cyber security protection. We needed an infrastructure that can grow with us. Cloud technology provides us the agility to scale relatively easily and delivers us the flexible capacity for our current and future customers. The fintech sector brings digital banking, which already sets them apart from traditional banks. Our fintech platform Payout connects the entire financial world. We aim to provide a complete automation tool for mid-sized companies using APIs. With our services, we help our clients reconcile the real-time status of their payment operations and the accounts they maintain in different banks and initiate payment from any account. All directly from their information system. A Payout product gives SMEs the tools to get paid, send payments, and work with them efficiently,” says Payout CEO Jana Hmirova. 

Moving forward, and especially in the pandemic-driven remote-working world, a hybrid cloud approach will open opportunities for Payout to embrace higher value technologies, including AI and cloud-native offerings to address the demands of today’s digital economy. Financial companies and institutions are working with high volumes of documentation and creating, storing and sharing a great amount of data which opens new opportunities for new cloud-based services in this area.

 „For clients in the fast-paced financial industry, operating with agility is vital. The cloud helps financial companies get their products to market at speed, adapt to meet new trends or market demands, and even adjust strategy to significant world events. This agility is there to be harnessed, and this is perhaps one of the greatest benefits that fintech companies like Payout can take advantage of by working with IBM Cloud in current and coming years,” explains Fridrich Matejik IBM Slovakia Country Leader.  

 Under the PSD2 license Payout provides payment initiation services including account initiation services and open banking services to its customers in eight European countries – Slovakia, Austria, Croatia, Czech Republic, Germany, Hungary, Poland and Romania.