The ability to take an idea and deliver it to market and drive value faster than the competition is key to success across industries. But in financial services, many organizations have legacy infrastructure, which often means that when they implement a new technology or user experience, by the time they launch, consumers have moved on and want something else.
Dream Payments enables merchants of all sizes to sell anywhere using mobile devices. The fintech company offers a cloud-based payment platform coupled with a mobile point of sale device. Headquartered in Toronto, Canada, Dream Payments has the only solution in North America with which a seller can walk into a retail location, purchase the chip-and-PIN device off the shelf, and actually start taking any type of payments within 20 minutes.
During the past year, the company has begun onboarding financial services customers. Dream Payments provides its mobile payment cloud platform as a white label solution that can be customized with features that financial enterprises want. It’s highly configurable and helps enterprises compete by turning up or down, off or on, different features, then adding certain modifications to it. The platform now powers some of the largest banks in North America.
Watch the video to see how IBM Cloud for VMWare solutions allows Dream Payments to evolve from a mobile point-of-sale solution provider to a mobile payment cloud provider.
A platform for success
As Dream Payments transformed into a mobile payment cloud provider, its leaders realized that it was going to have to deploy environments over and over. To facilitate that, it needed a method to do it faster and cost effectively. Also, the payments industry is a highly regulated environment and limits how it can do things.
Dream Payments executives looked at several cloud data center providers. The company needed a provider that would allow low-level segmentation and administrative access to all hardware to maintain PCI compliance. It also wanted a cloud provider that was VMware-based so that it wouldn’t have to rebuild its entire virtual solution. Lastly, it was looking for a cloud provider that had data centers located all around the world.
Because Dream Payments has other IBM software and hardware in place, leaders decided to grow the partnership with IBM. The fintech company can now quickly provision an IBM Cloud bare metal server in its choice of IBM data center.
The ability to innovate faster
Dream Payments executives no longer have to worry about the physical configuration that goes along with creating a data center. Before moving to the IBM Cloud, deployments used to take weeks to procure the hardware, then six to eight weeks to deliver it. Then Dream Payments IT would have to rack it, cable it and install all the firmware. The whole process would take about three months.
Now with IBM, the company avoids long procurement and delivery times. It can simply procure servers, switches, firewalls and storage, and have it all delivered in its IBM cloud portal in days. Moving from a capital expense business model to an operating expense model helps Dream Payments take on projects that it couldn’t previously because of the large investment required. It’s cost prohibitive to run a $500 million dollar pilot project that may or may not work and hard to decide whether or not to test an idea.
What’s next for mobile payment cloud platform
Dream Payments won the inaugural VentureClash sponsored by Connecticut Innovations and received a $1.5 million investment commitment. The company has opened an office in Connecticut and is planning to enter the U.S. market in a bigger way later this year and throughout 2018.
Auto insurance fraud costs companies billions of dollars every year. Those losses trickle down to policyholders who absorb some of that risk in policy rate increases. Thélem assurances, a French property and casualty insurer whose motto is “Thélem innovates for you”, has launched an artificial intelligence program, prioritizing a fraud detection use case as its […]
Digitization does not stop at the proverbial concrete gold — real estate. In fact, the real estate industry is on the move. Companies are realizing the benefits of digital transformation and are capitalizing on the power of new technologies such as cloud, AI and blockchain. Take, for example, Apleona GmbH, one of Europe’s largest real […]
We’ve all been there. You have an amazing idea that’s really exciting. Maybe it’s a home improvement project, or perhaps it’s a new business idea. You think about all the details required to make it real. But, once you get to the seventh action item, you’re not so excited anymore. Sometimes when we realize the […]