Prairie Cloudware, a participant at FinovateSpring 2015, has showcased its payment gateway service called Digital Payments Guardian. It is a cloud-based service that integrates with a financial institution’s digital banking service to centralize and secure consumer payment data. The system acts as a digital vault and is deployed in a SaaS environment using a virtual private cloud.
Through its Digital Payments Guardian product, Prairie Cloudware gives financial institutions the ability to provide an Apple Pay-like experience for Android users. Digital Payment Guardian initially accommodates NFC-enabled Android phones to make payments in stores, much like Apple Pay. This will allow financial institutions to deliver functionality to Android users that use their mobile wallets to securely transact at over 700,000 POS sites within the United States.
Mike Carter, Chief Marketing Officer of Prairie Cloudware states, ”We built Digital Payments Guardian to accommodate iOS, so that if and when Apple opens up Apple Pay, which we believe it will, we will be ready to facilitate the financial institutions that use our products to work with it.” Currently, Apple Pay denies access to alternative solutions because it is a closed system.
Digital Payments Guardian provides a common interface gateway to major token service providers (TSP). Current integrations include Visa Token Service, MasterCard Digital Enablement Tokenization Service and AmEx Tokenization Service.
The Digital Payments Guardian platform includes:
- A centralized EVault located within the financial institution's IT environment where customers can manage all their payment instruments and applications.
- An API library that allows the EVault to connect to existing and emerging e-commerce and digital payment applications on mobile devices.
- A powerful, scalable, high performance switch that can request or create tokenized payment information and present it at the point-of-purchase when needed.
Digital Payments Guardian helps financial institutions in providing a safe, simple and convenient payment channel to its customers when purchasing goods and services. As the payment information of the customers will be centralized, it creates an opportunity for the financial institution to position its brand and provide value-added information and services such as account balances, credit line availability and contextual alerting.
Digital Payments Guardian service allows customers to centralize their payment information which they can access through laptops, smartphones, tablets or even wearables and request their payment information when required. The information is then routed in a tokenized format and completed through the payment system. This centralized approach lets customers manage their payment options from a single location making it easy to modify them.
Headquartered in Omaha, Nebraska, Prairie Cloudware was founded by Kent Landholm in 2013. The company was started with a mission to provide financial institutions the tools and services required to meet their customers’ need for choice, convenience and security in an increasingly mobile world. Backed by Nelnet, Nebraska Global, Croghan Investments and Treetop Ventures, the company has so far raised total funding of $4.9 million in two rounds.