Designing a New Payment System Architecture: An Interview with UNIPaaS’ CTO & Co-Founder
We sat down for a special conversation with our CTO & Co-Founder, Oded Kovach, to discuss the need to design a new payment infrastructure and talk about his vision for the future.
Why did UNIPaaS decide to build a new payments architecture?
From my experience, payments and fintech systems are usually developed for the next five to ten years. However, due to rapid technological changes and digitization, modern businesses require a trusted and flexible infrastructure built for scale that doesn’t get in the way of business and can adapt to shifting demands.
Put simply, today’s digital platforms must consider the ability to support scale without draining resources. UNIPaaS uses the latest AWS cloud technologies to solve security and regulatory issues and Kubernetes for scalability and faster delivery.
There is also a need to build a new payments architecture from a design perspective. Legacy payment systems are designed to support simple transaction flows with fewer entities involved. Essentially, money has moved from a buyer to the merchant. Pretty simple! However, today, things are very different. With the growth of complex multi-vendor platforms, there are now multiple entities in the transaction flow, including suppliers, consumers, resellers, contractors, and others.
What did UNIPaas develop?
UNIPaaS developed a completely new and improved payment infrastructure from the ground up designed to support complex multi-vendor models. At its heart, the UNIPaaS Multi-Vendor-eWallet-System (MVWS) is a flexible eWallet infrastructure that provides digital platforms with real-time control and a comprehensive view of their entire payment operations and funds flow.
By using this new architecture, digital platforms and marketplaces gain several critical capabilities to maintain efficient operations and support their ability to scale with minimal effort.
What are the main advantages of the UNIPaaS architecture?
Today’s cloud technologies have matured to enable an efficient and secure infrastructure to support PCI requirements in an automated manner. UNIPaaS took advantage of this to build its platform.
In addition, one of our fundamental development approaches was to use a microservice architecture, which enabled us to generate faster delivery, scale optimization, and cleaner code. With a modern design and infrastructure, our team managed to attract the world’s most talented engineers.
What are the main benefits for digital platforms?
UNIPaaS delivers a multitude of benefits for digital platforms and marketplaces. The Multi-Vendor-eWallet-System (MVWS), which is the “engine” driving our system, provides platforms with real-time control and a comprehensive view of their entire payment operations on one centralized dashboard. With MVWS, CFOs, finance teams, and business owners can manage balances and automate payment processes to optimize financial operations and support their business as it scales. Furthermore, UNIPaaS is built on a flexible architecture to enable faster implementation of fintech products and services – payments (PaaS), banking (BaaS), and lending (LaaS) in one unified platform.
With UNIPaaS, digital platforms can combine multi-vendor orders from various payment methods into a single checkout experience that features bank transfers alongside credit cards and APMs. When it comes to payouts, UNIPaaS enables digital platforms to deliver instant global payouts to a bank, card, or digital wallet. Payouts can be automated and dynamically scheduled through API or the UNIPaaS system interface.
What strategic value does UNIPaaS deliver its customers in the future?
There are a few areas where I believe UNIPaaS delivers substantial strategic value. Perhaps most importantly, with UNIPaaS, digital platforms can support global coverage and rely on a secure and scalable payment system for the long term that eliminates the burden of dealing with regulatory licensing and compliance.
I encourage digital platforms and marketplaces of any size to utilize our sandbox environment to test our payment tools, automation capabilities, and integrations built to make payments management easier and power operations at scale.
I’m proud to be part of a team of experts with over twenty years of experience in the payments industry. The team and I work closely with each client. Customers strive to create unique product offerings and are excited to implement embedded financial services. We believe in providing excellent documentation together with expert advice on product design and access to best-in-class technical support.
Written by: Anthony Back and Yoav Chernitz