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Tackling Technical Barriers to Entry
The Financial Services industry traditionally has extremely high barriers to entry. This is caused by a number of differing factors including increasing risk and regulatory compliance needs, high capital investments, and a technology environment that is both difficult to penetrate and a complex web of integrations between multiple partners. This unique environment has increased the stickiness of mature FinTech offerings, but often creates a complex set of products and long-standing relationships making it difficult to implement new products or change providers.
While a number of FinTech offerings have to build upon this web of legacy systems and end up incurring latency and additional fees, at Neural Payments, we consciously made the decision to prioritize real time connectivity with as much speed and scalability, but as few connections as possible. To achieve this, we have not only placed hardware directly inside of FIS’s data centers in order to take advantage of a processors’ unique position within the transaction flow, but also partnered with a number of mobile banking providers for increased speed and security.
To further our position, we built Synapse on the Google Cloud Platform (GCP) in order to pass along their best-in-class scalability, speed, and redundancy to our customers. With GCP, we can scale the platform in real time as demand increases in order to stay at peak performance. Synapse is also deployed across multiple geographic regions, therefore ensuring we have redundancy and fail-safes in place in the event of issues or failures. As new features and improvements are completed, our automated deployment pipeline allows us to deploy these updates to customers quickly and frequently.
In addition to the benefits to our customers, Google Cloud has allowed us to improve and streamline our risk and regulatory compliance needs. Included in the GCP stack is Cloud SQL which provides data encryption both at rest and in transit along with private connectivity through Virtual Private Cloud and user-controlled network access with firewall protection. Google Cloud and its products are also SSAE 16 and SOC certified and allow for easy reporting for compliance audit needs.
Many FinTechs fail because of the technical challenges presented in this space. We are proud to be honoring our core competencies of embracing modernized solutions like GCP and strategically partnering with key players such as FIS. In taking advantage of the scale, speed, and modern API of the cloud combined with the stability, trust, and power of the processor’s legacy backend, we have been able to navigate these barriers in a way that we feel sets us up for longstanding success in the industry.