Cloud Computing: Now a Standard FinTech Tool

It seems like not so long ago cloud computing was a nifty pie-in-the-sky idea (see what we did there?) that we’d eventually embrace along with personal jet packs and resorts on the moon.

While the jet packs and moon lodgings are still off in the future, let’s make one thing clear: cloud computing is not only fully operational, it’s become a required tool for any FinTech firm that hopes to remain competitive. Internally hosted technology is, frankly, a costly and slow configuration in the modern ecosystem.

If this is not already clear to everyone reading, PYMNTS.com offers a succinct summary of the ways in which cloud computing propels FinTechs into a prosperous and successful future.

Even something as simple as “where do we put all these hard drives” is a factor:

They might go through massive cleanup efforts to salvage space once they became full and also went through the procurement cycle. These firms would then have to purchase additional hard drives and they would buy what they required plus 20 percent extra to accommodate growth. The cloud, however, allows companies such as DadeSystems to only pay for what they need (and not just for storage — for computing power as well). With its technology, [Chief Information Officer Mike] Capote said the company is “using that scalability every day.”

This is not to mention business continuity in case of a disaster — the data is safely stored off-site and is unaffected by structural mishaps. And, when software and other technology evolves — which is constantly — there is no hardware and/or software “hands-on” maintenance needed.

Even check processing, once a staple for in-house servers, has moved to the cloud. Our OrboAnywhere Suite of Check Processing Solutions is cloud-ready, allowing clients and partners to integrate check processing into their cloud environments.

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