As per the latest reports, Paymentology is announcing its BankingLive 2.0 solution, a cloud-based processing channel, to the Middle East, the company announced in a statement.

The UK-based payment technology solutions provider has implemented the BankingLive 2.0 solution with MoX Bank, a digital bank by Standard Chartered Bank and associates HKT, PCCW, and Trip.com. With the arrangement of the solution, MoX Bank has covered more than 100,000 clients in seven months, as per the statement.

According to Nauman Hassan, Director for Client Services at Paymentology, “The Middle East is one of the quickest developing advanced financial business sectors and is willing to implement the most cutting-edge inventive innovation which is why Paymentology is so very much positioned and their aptitude being utilized.”

“Paymentology will be a leading factor in the ongoing success and development of digital banking in the area. We are presently operating with banks and financial institutions across the Middle East area and assist them into the upcoming age of banking.”

Further, the 2015-founded company also empowers dual payments on the same card, an essential feature they are focused on introducing in the Middle East.

Hassan said, “We assisted MoX Bank to introduce two payment methods with one card - flipping between debit card and credit card payment methods. With the help of Mastercard, MoX Bank announced “Flip” for its all-in-one Mox Card, enabling clients to select their payment method.”

Paymentology has likewise carried out various other financial activities in the area to encourage legacy issuers and processors with their BankingLive platform.

Cloud As A Fintech Pattern

BankingLive 2.0 relies on backup cloud technology for nonstop assistance and quiet support updates along with usage of geo-location and a cooperative calculation. It also prefers real-time information at the point of purchase to evaluate spending natures. This deep information can then be utilized for profiling risks, spending patterns, and reasonableness for other financial products.

The implementation of the cloud witnessed worldwide development in demand despite a decrease in projects last year. Cloud spending developed 33%, from US$107 billion in 2019 to US$142 billion in 2020 worldwide.

Within the area, the UAE has arisen as the focal point of this pattern in the banking industry. For example, cloud banking platform Mambu established its first area office in Abu Dhabi last year. Elsewhere, Emirates NBD developed a centralized private cloud platform with Red Hat to facilitate third-party collaborations, dial down improvement cycles by months, and support its advanced capacities.

More recently, Abu Dhabi Islamic Bank declared an association with IBM for its hybrid cloud solutions as components of its digital transformation procedure earlier this year.

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