Kani Payments, the pioneering global data matching and reporting platform, has been selected by pioneering cloud-native issuer processor CLOWD9 as a global partner to deliver its data reporting and matching capabilities.
The partnership will address the unique data standardization needs and challenges faced by banks and fintechs and promises to accelerate CLOWD9’s speed to market and ability to handle a variety of its customers’ data inflows.
Serving a global customer base including traditional banks, neobanks, fintechs and program managers across the UK, Europe and Asia Pacific, CLOWD9 leverages the latest microservices technologies and decentralized design to deliver globally scalable processing on demand. CLOWD9 offers tailored consumer and business card and payment products, supporting Visa, Mastercard and Discover using a flexible framework to easily enable processor migrations from legacy systems.
As an issuer processor, CLOWD9 will leverage Kani Payments’ award-winning SaaS platform to more efficiently capture and standardize transaction data, including payment system authorization and settlement data, and accelerate reporting for its customers across the payments value chain. CLOWD9 also offers improved and simplified data customization and visualization via the Kani Payments portal dashboard, allowing customers to slice and dice data as needed.
Emily Utton, Chief Operating Officer at CLOWD9, says: “Many issuers rely on their internal finance teams to ensure they have aligned data across processors and networks, and even with large teams it can be incredibly difficult and precise to get accurate data received.” time-consuming. Fintech ecosystem players need to create accurate reports for payment systems to determine what payments they make in billings and fees. Therefore, it is crucial to use this data correctly. Kani Payments’ technology and functionality to do this for you is a huge time saver. Kani Payments gives us the ability to double-check this data, verify it, adapt it to customer needs and act as quickly as it moves.”
Richard Wray, Chief Product Officer at CLOWD9, adds: “The key is to take standard data, format it for the individual needs of our mutual customers and accelerate the matching process.” Kani Payments is the expert in this field Understanding of the depth, details and specializations within the payments data value chain is unmatched.
“The big advantage of working with Kani Payments is that it gives us a clear unique selling point for our customers and allows us to become an integral part of our sales toolbox. Our sales teams can better demonstrate the value that customers can derive from their data through CLOWD9 as an issuer processor. You can gain phenomenal amounts of time, accuracy and efficiency by having Kani Payments standardize and accelerate the reporting of this data.”
Aaron Holmes, Founder and CEO of Kani Payments, comments: “Being selected as a data reporting partner for CLOWD9 is a great testament to Kani Payments. It is the start of a partnership that will bring significant cost, time and efficiency benefits to CLOWD9 and its customers, and we are excited to unlock the power of our platform.
“By combining CLOWD9’s payment processing platform with Kani Payments’ accelerated data reporting capability, banks and fintechs around the world can unlock new competitive strengths, tremendous operational improvements, and secure compliance with system and regulatory reporting requirements.” Together, Kani Payments and CLOWD9 are a force , which you have to reckon with in the fintech sector.”
In May 2023, CLOWD9 became the world’s first cloud-native issuer processor to receive B Corp certification, awarded to companies that meet rigorous standards of social and environmental performance, transparency and governance, with the shared goal of making a positive impact the company to take society and environment.
CLOWD9’s Emily Utton added: “As one of the first payments companies to become B Corp certified, CLOWD9 is committed to working with the most innovative and sustainable companies around the world. We only work with companies that offer world-class services and Kani Payments is the ideal partner for us as they share our values of building dynamic fintech services that drive beneficial changes for businesses and their end users.”
Kani Payments has achieved outstanding success since its founding in 2018, providing customers with improved and accelerated transaction matching, payment and regulatory systems reporting, merchant settlements and protection of customer funds through its award-winning SaaS platform. To date, more than €24 billion in processed payment volume has been brought together for start-ups, scale-ups and established players across the fintech spectrum, including Sodexo, Transact Payments, Osper, IDT, Moorwand and Paysafe.
Customers around the world use Kani’s unique data-agnostic reporting and reconciliation platform that ingests data from any processor or source and reconciles complex and conflicting data sets in minutes.
Kani Payments’ notable achievements to date include:
Saves its customers $500,000 per year by automating shared report output and reconciliations;
Accelerating Mastercard and Visa QMR/GOC reporting times (required to be submitted by all card issuers) from three weeks to just three minutes – no other compliance reporting platform has this capability;
Accepted into the coveted Mastercard Start Path Global program in 2022 (with an acceptance rate of just 2%) and the FIS Accelerator program in 2023 as one of only 10 high potential fintech companies. Only six UK companies (including Kani) were ever selected in the FIS program’s eight years;
Securing key partnerships with some of the world’s most exciting fintech and payment service providers, including Brazilian issuer processing and core banking platform Pismo, carbon intelligence platform Earthchain and UK neobank Frost.