An app store launched by Alpha Payments Cloud will allow merchants and financial institutions to build and purchase the various components of its payments technology stack.
"We are positioning ourselves to be the Android of the payments industry," said Oliver Rajic, CEO of Alpha Payments Cloud, in a May 1 release. "We are removing barriers of entry like upfront costs, providing access to global distribution channels and boosting time to market for all parties. Our new technology and fresh approach create a frictionless payments ecosystem that fosters product innovation."
APC’s application programming interface, or API, allows merchants to customize product combination and consolidate multiple payment reports. Banks can access dozens of payment products and can service merchant volume in North America, Europe, Asia-Pacific and Latin America.
The Singapore-based company hosts its products on a cloud server, which is designed to increase processing speed, shorten integration cycles for merchants and financial institutions, and reduce time to market. It recently raised $12 million in angel investor financing to fund its product launch.
Other tech companies also use the API model to allow financial institutions and payment companies to customize and deploy a range of payment products. Open Solutions, which was acquired by Fiserv in January, operates the DNAappstore, which allows developers to share and sell payments and other financial services technology. Fiserv recently enabled access to Open Solutions as part of its Accel processing network.