It is safe to say that cloud technology is continuing to gain momentum within the payments industry. The extreme scalability and agility it offers, alongside its support for quicker innovation and a lower cost of ownership, means that more and more FIs are turning to cloud-based infrastructures to help grow their business now and drive their strategy well into the future.

Here at Compass Plus, we understand that moving to the cloud is an option that FIs of all sizes can take advantage of, and have supported numerous customers in their journey to deploy our open development payments platform, TranzAxis, in the cloud.

Described as “a visionary product” by industry experts PayX (Spring 2020), TranzAxis was purposefully built to enable innovators to innovate. TranzAxis isn’t just ‘cloud-ready’ or ‘cloud-enabled’, it is cloud-native, meaning it is primed to take full advantage of everything cloud-based infrastructures offer and helps FIs to deliver ground-breaking and industry-leading products and services for the needs of today and tomorrow.

There are many advantages to implementing cloud-native TranzAxis in this kind of environment, among these is providing FIs with the resilience and scalability they need to grow their business and to accommodate changing processing volumes without being hindered by hardware. Unlike ‘cloud-ready’ or ‘cloud-enabled’ software who have a more basic level of compatibility with the public cloud, TranzAxis can automatically scale up or scale down resources (without limit) dependent on load. For example, during holidays such as Black Friday, the cloud-native platform will increase resources automatically in real-time, something that other platforms cannot.

While with system modernisation and digital transformation in the spotlight, FIs around the globe are seeking for more ways to secure their future. Unlike utilising legacy or traditional infrastructures, implementing TranzAxis in a cloud-based environment offers FIs the confidence and flexibility to experiment and truly drive innovation, enabling them to respond quickly to market changes by building, testing and launching products and services tailored to their customers quickly, whether a specific segment or wider audience (and painlessly dispose of them if they don’t work out).

We can’t predict what the future holds, but having an agile, cloud-native system at your core will help you to future-proof your business.