10 years ago Auka set out to transform the way payments are made and receive. Their technology has set the standard in how banks adapt to mobile payment initiatives worldwide. This technology is based purely on public cloud infrastructure.
Jorgen Riiser Head of Marketing for Auka (previously mCash) recently discussed their Cloud experiences with James Gareh, CEO of Insight Events summarising the development of this leading mobile payments innovator:
mCash was established in 2010 as a very early disruptor of mobile payment solutions with the view of enabling mobile technology across banks in the Nordic region. Pre-launch of their solution stack in 2014 showed that they were ahead of the adoption curve and creating the required commitment from the established banks was an uphill struggle.
Not deterred mCash launched the first mobile payment app in Norway in 2014 showing the banking world that Cloud based retail banking transactions were indeed a possibility. DnB, the largest Norwegian bank were the next to launch their own app in 2015 and then everyone wanted a solution and quickly!
Sparebank 1 came to mCash to work with what is now a consortium of 17 banks in Norway now using the mCash brand and technology all being delivered over a public Cloud infrastructure. There were some significant barriers to this not least overcoming the FSA regulatory environment and gaining an FSA licence for the technology ….
Daniel Døderlein, CEO of mCash (now Auka) will discuss mCash’s development and how he overcame these significant barriers using Public Cloud solutions at the Executive Cloud Strategies Conference in Stockholm 7th September. www.cloudstrategies.se
The second part of the discussion with Jorgen Riiser Head of Marketing for Auka (previously mCash) was focused on the use of Public Cloud infrastructure and how this has enabled mCash to be first to market with their online payment solutions.
The public cloud has enabled mCash to be a key disruptor in a very competitive market with many large operators. This opening of the doors for disruptive tech companies is increasingly the case as can be heard from Optolexia and Mag Interactive who are both speaking alongside Daniel Døderlein, CEO of Auka (previously mCash) at the Cloud Conference in Stockholm 7th September (www.cloudstrategies.se).
mCash has had to comply with the strict regulations of data integrity and visibility within the heavily regulated financial sector. They have been working closely with Google (their public cloud provider) and the banks around the required level of data visibility in the Cloud Datacentres. This progress is particularly important as banks will require the opening up of infrastructures to facilitate P2P payments and the disintermediation of the traditional merchant banks.
The PSD2 European regulations will be coming live in January 2018, forcing the opening of the banking API’s and will change the competitive landscape for mobile banking with Facebook, Google, Apple, Amazon and the like looking to enter a lucrative value added services environment.
The newly created Auka has been born from mCash for it’s non-Norwegian activities and will be looking to take advantage of its head start in the rest of Europe and beyond.