Amsterdam-based Silverflow provides the first cloud-native card payments platform that connects directly to card networks
Global PayTech Ventures (GPT) announced its recent investment in Silverflow whose cloud-native platform is able to bring speed, innovation and significant cost savings to the payment processing ecosystem.
While large segments of the payments infrastructure have modernized with the advent of the internet, the payment processing side still largely relies on the technology of legacy systems built 25 – 40 years ago, when processing and memory was expensive. Since those legacy systems were designed to preserve processing power by delivering less data, they inherently deny the data-driven needs of 21st century merchants. Silverflow’s solution provides a much-needed, state-of-the-art upgrade.
One Platform – One Connection
Through its single API, Silverflow provides valuable connections for merchants and PSPs. Javier Perez, Founder and Managing Partner of GPT said, “Silverflow’s API eliminates the legwork and costs of connecting to multiple platforms. To scale across the world, you can have one connection to Silverflow instead of a complicated network of acquiring processors.”
More Data, More Speed via The Cloud
Data needs and requirements today are much broader. Merchants strive to evaluate as much data as they can in order to best serve their customers and gain as much business as they can, but their options have been limited. Some newer entrants in the payments market offer newer technology but in a more ‘closed loop’ environment, like ‘Apple’ vs. android. The other alternative has been to remain on a more open, yet slower legacy processing platform. Silverflow harnesses the power of the cloud to efficiently bring more data, updates and innovation to the payments infrastructure network.
PSPs connected to 10-20 different acquirers have traditionally been somewhat governed by the level of innovation within those acquirers — some may have incorporated innovation into their offering, while some may not, so merchants of those particular PSP’s may not have access to a uniform set of functionality. Silverflow’s ‘cloud native’ processing not only delivers updates and innovation at speed, but also delivers innovation uniformly.
Anne Willem de Vries, Co-founder and CEO of Silverflow, said that today’s outdated card payment infrastructure hasn’t evolved with the payments landscape, but Silverflow can solve a number of important problems.
“We can make a demonstrable difference; reducing the time, money and resource the current card processing technology requires. We ultimately believe our platform will facilitate more innovation for the whole card payments system.”
Nigel Thacker, Chief Commercial Officer of Silverflow, said Silverflow’s primary benefits are around data delivery and cost transparency.
“We are able to carry and deliver as much data as the schemes give us. By being able to deliver all of that data back to the merchant, we enable the merchant, through their PSP or through their acquirer, to take advantage of that data and to use it for their benefit.”
“We’re saying here’s a single API. If you have 10 acquirer connections, then you can load those acquirer bins onto the processing platform and if you add another 10 acquirer connections over the course of time, there’s no work for you to do because you’ve integrated to that single API. It’s bringing that kind of innovation to the other side of the platforms.”