CLOWD9, the recently launched cloud-based decentralised payments processing platform, has turned to IT security provider Utimaco for a payment hardware security module (HSM).
Utimaco’s MYHSM payment HSM-as-a-service complements a full cloud adoption strategy like CLOWD9’s. It promises 99.999 per cent availability as standard, as well as low latency wherever it is globally deployed.
Suresh Vaghjiani, CEO at CLOWD9, says: “We’ve worked incredibly hard and assembled the very best expertise to build a new generation processing platform to better serve the banking and fintech industry. With the support of Utimaco’s MYHSM Payment HSM-as-a-service, we are well placed to push the envelope on payments processing in the cloud and are pleased to have found an equally future-led partner.”
According to Utimaco, its MYHSM payment HSM-as-a-service takes away all of the heavy lifting to meet PCI compliance by providing immediate access to a fully PCI-PIN and PCI-DSS certified service.
It said it significantly reduces cost, complexity, time to market but also provides access to deep expertise in payment HSMs & payments-related cryptography that is an “increasingly rare but essential resource” for any company operating in the payments space.
“With our MYHSM solution, we are pioneers as a payment HSM-as-a-service provider globally and a true business enabler, helping leading edge companies like CLOWD9 bring their ideas to market,” said Darren Busby, global head of sales MYHSM, at Utimaco.
“Under the visionary leadership of Suresh Vaghjiani, together with the world-class team of people that support him, CLOWD9 is extremely well positioned to disrupt the industry and offer a truly unique set of products and services, with Utimaco supporting that as an integral component.”
Headquartered in London, CLOWD9’s investor base includes former partners at Morgan Stanley, JP Morgan, Deutsche Bank and Vantage Capital Markets.
Its platform has been designed to be an efficient and data rich processor enabling real time payments around the world, across all payment methods be it traditional card, bank transfers, QR codes, biometrics or crypto.
The platform also recently joined the Mayor’s International Business Programme. It represented London’s fintech sector, as part of a delegation visiting New York on a trade mission.