FinTech Magazine October 2024 | Page 20

So , one key thing Steve and I wanted to do differently with SaaScada was to have a real , live product that actually worked with real clients moving money around before we started marketing . This has helped us grow significantly .

Q . HOW IS SAASCADA EVOLVING THE WAY CORE BANKING IS DELIVERED ? Nelson Wootton : There are two key differentiators for SaaScada . Firstly , we built our technology in the last five or six years , running a truly cloud-native platform . We didn ’ t take pre-existing software architecture , virtualise it and stick it in the cloud . We wrote a core banking platform specifically to use cloud technology .

This means that , if no transactions are running through the platform , it ’ s not on . We ’ re not incurring infrastructure costs during that time and we ’ re not running machines that aren ’ t doing anything . As transactions come in , the platform wakes up , does what it needs to do and goes back to sleep if not required .

This is transformational in economic terms , providing infinite scale at approximately a third of the cost of our nearest competitors .

Secondly , our approach to product management is unique . Traditional core banking systems typically use an architecture that ’ s expensive to maintain , slow to deploy and difficult to change . We ’ ve introduced innovations to address these challenges . Building new products in SaaScada ’ s platform takes our clients minutes . If they need functionality that ’ s not in the platform , we can add it within a couple of days – not months or quarters .

Perhaps the most exciting part of our platform is real-time data . In traditional banking , management often waits weeks for information as data is pulled from different systems , combined in spreadsheets and reconciled before reaching decision-makers . That ’ s an eternity in today ’ s economy .

SaaScada ’ s platform provides realtime data , transaction by transaction , as it happens . This different approach to product management and real-time data are two of the key things that set SaaScada apart .

Q . HOW CAN FIS / BANKS ENSURE THEY HAVE HIGH-QUALITY DATA SETS ? Nelson Wootton : One of the things that sets SaaScada apart is our approach to data . Whenever a transaction occurs on our platform , we capture and store all the

A serial entrepreneur , Nelson started his first company aged 18 . Since then , he has founded and sold companies in the music industry as well as the retail and technology sectors . Now , he is firmly in the fintech space .

20 October 2024