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technology8h ago
Payments processing pitfalls to avoid when going cloud-first
- 1) Security must be prioritized as cloud adoption expands, with encryption and data protection from collection to processing.
- 2) Performance risks arise from latency and outages; scalable, well-distributed architecture is essential for real-time payments.
- 3) Compliance remains a critical hurdle; non-compliance with payments regulations like PCI-DSS is a major pitfall.
- 4) Cloud-first payments should start with non-core systems and gradually migrate core functions as controls are established.
- 5) A centralized cloud platform can streamline all payment types and clearing schemes for better management.
- 6) Cloud enables global reach with data residency by locating data centers to meet regional requirements.
- 7) Cloud makes deployments faster, enabling new features and services with reduced time to market.
- 8) Cloud can reduce upfront costs but requires careful governance and performance monitoring.
- 9) Security features from cloud vendors support compliance with PCI-DSS and ISO standards.
- 10) The article notes the growing cloud-first trend across fintechs and PSPs as a catalyst for real-time payments.
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