UK-based fintech Clowd9 has announced its launch as a cloud-enabled, cloud certified and decentralised, payments processing platform.

Said to be the first platform of its kind, CLOWD9 aims to ‘transform’ the global payments system across the globe.

The platform was established by its CEO Suresh Vaghjiani along with Cosmo Spens, Artur Grabowski, Robert Hampel and Peter Selman.

Built on cloud, CLOWD9 is capable of eliminating the need for physical hardware.

The platform’s decentralised model is designed to enable virtual access across the globe through instances, which are available across continents.

The model also allows payments routed to the closest cloud instance.

CLOWD9 has been developed with an in-house technology. It also leverages open application programming interface (API).

It has been built using microservices architecture, which allows the platform to scale up and down as per the transactional demand.

Vaghjiani said: “CLOWD9 was founded on the belief that by deconstructing complex, legacy based payments technology, we could build a new generation payments platform, that can more efficiently service the fintech and banking sectors globally.

“As a team, we have each experienced the pain points created by the legacy technology that underpins much of the payments processing industry.

“Addressing those challenges is central to our mission as a business – creating a platform that is fit for purpose, using modern technology to create maximum efficiency for our clients.”

Furthermore, CLOWD9 provides its customers with real-time transaction monitoring and tailor-made data reporting.

It also offers integrated technology that helps users to have control on their transactions such as limiting their spendings down to individual items during payment.