12 Cloud and SaaS based Core Technology providers in the Payments space

SaaS and cloud-driven platforms are bringing new online account opening, mobile banking, personal financial management, bill payment and loan origination products to banks. Cloud computing technology has started providing smart and efficient solutions to accounting professionals by providing subscription based Accounting and Tax software using SaaS (Software-as-a-Service) business model. I believe Cloud/Saas have had the biggest impact on Payments innovation in the last 3-4 years and will continue to do so in the next many years. There are a bunch of companies doing some amazing work in this area. Some of them have been discussed here:


Founded in 1999, Yodlee powers innovative online and mobile financial solutions used by more than 50 Million consumers through more than 750 financial institutions and Internet services companies worldwide. Yodlee says that its personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure source for consumers to manage all of their financial tasks anytime, anywhere.

Yodlee provides transaction data and account aggregation tools banks can use to personalize customers’ online investment and budget advice. In addition, Yodlee develops cloud-based services that banks can offer their customers to help with tax preparation and credit-history tracking. The Yodlee Platform extends personal financial management to full payments and money movement, opening up a wealth of new interactions that generate more profitable and satisfied consumers; all in a modular, SaaS based deployment model.

Yodlee's patented data, payments and risk management utility supports more than 12,500 account sources and over 100,000 different account types. More than 750 FI and Internet services companies today offer Yodlee-powered solutions to millions of customers worldwide.


FIS offers a comprehensive set of services for software vendors who are offering their product solutions as a service. The company combinies the expertise and experience in providing ASP offerings for more than 40 years. FIS also says that in application development, their company is the right choice to support SaaS models from inception to maturity.

FIS has a wide range of payment solutions - available as deployed software, as a managed service, or through complete business process outsourcing. They have been a little late to the Cloud/Saas party but in October 2013, FIS launched its first cloud-based, real-time core banking utility for mid-tier banks in Central and Eastern Europe. The service enables mid-tier banks to leverage real-time banking capabilities while controlling costs through a Software-as-a-Service (SaaS) model.


Founded in 2000, Andera is an SaaS company that simplifies the way banks and credit unions open accounts and generate loan applications - online, out in the community, in branches, and over the phone. Their oFlows platform helps you radically simplify the account opening and loan application process so you can make a great first impression with applicants and employees' jobs easier.

Andera says that their oFlows platform has been proven to dramatically reduce application processing times, increase cross-selling success rates, and improve customer and member satisfaction.

Jack Henry Group:

Synergy Express is a modular software-as-a-service (SaaS) content management solution that incorporates key functionality of the Synergy Enterprise Content Management™ (ECM) platform to provide banks with enterprise-wide document and report imaging capabilities. This fully managed service enables banks to leverage Jack Henry Banking’s extensive data center infrastructure and sophisticated processing environment, which significantly reduces the capital expenditures required for in-house ECM systems and ongoing operating and maintenance costs.

Synergy Express leverages two base modules:

  • Synergy Document Management: This feature-rich base module leverages state-of-the-art imaging and storage technology to capture documents in a centralized, decentralized, or combination environment. All types of media including scanned documents, e-mails, attachments, photos, and Microsoft® Word and Excel® files are supported with storage, retrieval, versioning, and indexing capabilities available via LAN or WAN utilizing a browser client.
  • Synergy Reports: Synergy Reports leverages COLD (computer output to laser disk) technology to fully automate report capture, archival, and retrieval. Synergy Reports creates a repository of all report data, and provides a consistent means for administering, managing, and retrieving report-based content. It also provides a built-in security system that restricts report access to authorized personnel and helps ensure data integrity with all original data remaining intact.


On 12th February 2014, FISERV a leading global provider of financial services technology solutions, announced the availability of Device Manager – its performance measurement, device monitoring, service dispatch and management system. The SaaS solution helps organizations to ensure that self service devices are in top working order and also fully stacked with currency.

'Using Device Manager in a hosted environment provides a cost-effective solution to the demands of systems ownership. Organizations are able to avoid up-front capital expenses, implementation challenges, and a continuing need for maintenance, upgrades and customization in this type of environment,' said David Johnson, Sr. product manager at Fiserv. 'Also, it minimizes reliance on internal IT resources.Fiserv professionals are most qualified to troubleshoot and respond to any issues that crop up with a self-service device network, which essentially gives an organization dedicated expert support for this important application, he added.


BuyBox is a French cloud based company established in 2010 that develops social payments solutions. BuyBox also allows online stores to collect group payments for things such as birthday presents. The business model of the firm is to offer a simple SaaS platform for groups and social payments. It allows e-merchants to easily collect added value payments, from sharing purchase of an expensive item to issuing their own merchant social gift cards. Revenue is generated by providing service to large # of sites – through cost effective plans. End users are e-merchants’ customers such as those of Celio, and Micromania (gaming).

BuyBox was Founded in 2010, in Toulouse, France. It has a France based holding company Oonetic and is currently headed by Marc Guedj (CEO-Founder) and Aria Ardalan as the CMO. The company acquired $2.3 Mn Venture funding in January, 2013 through French investors Iris Capital and Midi Capital. Distribution partners such as Atos Worldline and Laser help integrate BuyBox’s offerings into that of their own to e-merchants.


Founded in the year 2005, Loylogic Inc. is an international exchange and clearinghouse for virtual currencies like loyalty points and miles. Loylogic develops and provides international eCommerce and mCommerce shopping solutions for loyalty points with innovative loyalty programs worldwide.

Loylogic’s turnkey solutions which are offered as Software as a Service (SaaS) models enable the loyalty program clients to increase sales and member engagement by integrating innovation in loyalty programs with state-of-the-art web or mobile technology as well as the fastest-growing global merchant network. Loylogic has clients like Accenture, American Express, L’Oréal, Maritz Loyalty, MasterCard, Sapient, Tesco, Unilever, Amazon, Avis, British Airways, Cathay Pacific, Citibank, and more.

360 Incentives:

Anybody who has submitted a rebate knows the frustration of jumping through hoops to get some promised money back from a purchase. That usually involves compiling the original sales receipt, followed by cutting out the UPC symbol from a package, filling out a form and mailing the packet. Only to wait at least a couple of months to receive the promised reward. It’s a frustrating procedure that can leave a bad impression about the company offering the rebate.

360 Incentives provides a highly flexible software as a service (SaaS) platform which enables manufacturers and distributors to create, measure and manage all of their incentives programs such as sales spiffs or rebates in real time with 100% auditing and fast pay-out of claims.

Under 360Incentives’ program, rebate sponsors can offer a choice of remittance —checks, branded gift cards or direct deposit through bank accounts or PayPal. Participants can also have a choice in the way they submit their rebate/spiff — filling out a form online and uploading a scanned image of proof of performance/sale; download a preformatted bar-coded fax cover sheet with their contact information and fax all the required materials; or going the old-fashioned way of mailing the required materials.


Cloud-based payroll platforms are increasingly becoming popular. And it looks like investors consider companies like CloudPay to be great for them. The company recently raised $16 million in second round funding from Pinnacle Investment Partners, Rho Ventures and others.

CloudPay says that their SaaS (Software as a Service) technology and payroll expertise allows organizations to control, consolidate, process and analyze their global payroll operations with ease. Overall, CloudPay offers its solution to 160 countries, supporting 30 currencies and 26 languages. Some major clients include Siemens, ADB, the Singapore Mercantile Exchange and Education First.


Signifyd provides the user with SaaS solutions that analyze fraud and customer service agents who review the site for fraud purposes. Their fraud detection mechanism involves 120 parameters including offline and online ones. From public records, negative lists of merchants (multiple), location, transaction history, social graph, and device fingerprint, they analyze a whole lot of things to protect. Signifyd’s SaaS simply sits on top of existing payment structures and processors, and then pulls data together to screen the transaction.

Signifyd was co-founded in June 2011 by Rajesh Ramanand (CEO) and Michael liberty (COO). The company has received a total funding of $2Mn through investors Andreessen Horowitz, Data collective, IA Ventures,QED Investors, Resolute, Tekton ventures and Safty Rashtchy.


Ensygnia was founded in 2011 by Richard H. Harris and Matt Deacon. Their Onescan app which is a SaaS platform, allows users to make payments by scanning a code with a mobile application. The technology is owned by South American, Azuan, for which Ensygnia is the first global master distributor. Bank details need to be provided only once and not every time a transaction is made through credit or debit cards. Additionally, there is no need for user names and passwords to process payment.

In 2012, the company received $1.6 Mn in total as funding through Richard Harris, Gillian Kerr and Kevin Taylor. Ensygnia further received $904k in seed funding through the same investors in April 2013. In June, Wayra invested $3.3 Mn in the company.


BuyReply, an Australian-based transactional advertising platform, was Founded in December 2011, by Brad Lindenber (CEO) and launched in August 2012 with David Liberman (Director). BuyReply has received a total of US $1 Mn in funding through Valar Ventures, Square Peg Captial and Adrian MacKenzie in 2013.

BuyReply is delivered as Software as a Service (SaaS) platform hosted in the cloud. The platform is made available in AUD, USD & CAD and offers text-to-buy capabilities in all three currencies. It supports payment gateways such as Stripe, PayPal, SecurePay, etc. and integration into Magento. BuyReply’s business model is structured as an eCommerce platform which is designed to facilitate commerce in the real world, away from the browser. Consumers can buy directly from any offline medium including television, radio, print & web without being required to download an app.

They have signed up with organizations such as Pacific Magazines, Channel 9, Harvey Norman and others. Brands which have signed up to use BuyReply include Oroton, Guess, Kailis, Sportsgirl, Thomas Sabo, Ralph Lauren, Marie Claire Magazine and the Mercedes-Benz Fashion Festival Sydney.