Fintecture, a pioneer in payment initiation in France, chooses Google Cloud in France to strengthen its technical infrastructure in view of recent and forthcoming changes in financial regulations, notably DORA, and to extend the adoption of payment by credit transfer in Europe. This selection confirms the relevance of Google Cloud's offering for fast-growing French fintechs.
Paris, October 24, 2024 - Google Cloud and Fintecture, a French pioneer in payment initiation, today announced a technological partnership to support the strong growth of payment by credit transfer via a robust, secure infrastructure capable of enabling Fintecture to integrate its regulatory challenges. This technological choice will enable the payment institution to continue to manage the flow of new customers, after passing the symbolic 1 million unique payers mark before the summer of 2024, and to continue its acceleration by anticipating at least a doubling, if not a tripling, of its annual volumes in the coming years.
Flexibility, reliability and data protection to support the growth of credit transfer payments, both for merchants and payers
Since February 2021, Google Cloud has been supporting Fintecture in managing data volumes and helping it to meet compliance, privacy and anti-fraud challenges, an essential element in continuing to attract major merchants and payers.
Fintecture benefits from Google Cloud's large-scale data management, data analytics, machine learning (ML) and artificial intelligence (AI) solutions. Thanks to these tools, Fintecture can rapidly scale its operations, deploy innovative new functionalities, while strengthening its fight against fraud.
Objectives: to efficiently process, analyze and protect the growing volume of data generated daily in Europe, taking advantage of Google Cloud's sustainable approach to data. All this, while enabling the company to accelerate its growth in France and across Europe.
With solutions for computing, storage, databases, analysis, network partitioning, and identity and security management, Fintecture aims to diversify its service offering while meeting its compliance and security challenges in Europe.
Increased technical resilience and operational security for better risk management
Scheduled for January 2025, the introduction of the Digital Operational Resilience Act (DORA) marks a crucial step in strengthening the financial and operational resilience of European regulated entities like Fintecture. The DORA regulation aims to create a common risk assessment framework, including the introduction of incident reporting based on precise thresholds and involving relevant stakeholders. In addition to mandatory annual resilience testing, this regulation focuses on third-party management, with rigorous assessment of risk profiles and implementation of mitigation plans. The framework also encourages the sharing of knowledge between institutions to strengthen the sector as a whole. The aim is not only to better manage cybersecurity risks, but also to improve all operational processes with a view to strengthening the operational resilience of the European financial sector.
By combining its financial and regulatory expertise with the technical solutions offered by Google Cloud, Fintecture guarantees advanced risk management, particularly in the areas of data governance, encryption and resilient architecture, while ensuring European-level compliance.
"Payment and security go hand in hand. For us, it's a priority to deploy our payment solutions while protecting our users from fraud, which implies being able to rely on a robust and resilient infrastructure, which Google Cloud services enable us to achieve with excellence. The regulatory environment in the payments sector and the accelerating digitalization of commerce provide us with a fertile ground for developing new solutions, while remaining in line with European requirements," explains Anjan Som, co-founder and CTO of Fintecture.
"Our cloud technologies have been designed specifically to guarantee the security and confidentiality of our customers' data, and our customers' customers. We are delighted to support Fintecture in its innovation and growth with our technologies, and to contribute to their compliance with European financial regulations," says Thiébaut Meyer, Director, Office of the CISO at Google Cloud.
About Fintecture
Fintecture is a French payment institution, regulated by the ACPR, which is reinventing payment by credit transfer. By eliminating the constraints associated with traditional payment methods, it enables companies to secure their sales, even the most complex B2B transactions, and thus generate additional sales.
Fintecture has deployed a secure, proprietary payment infrastructure, taking advantage of open banking and AI, and pays particular attention to the fight against fraud.
Launched in 2020, Fintecture led a €26M Series A in 2021, for a totalof €32 million raised, and was awarded the Fintech of the Year prize by AGEFI in 2023. More than a million payers have already used its solutions, through customers such as Auchan Retail, Edenred, Saint Gobain Distribution, Leroy Merlin, CMA CGM...
About Google Cloud
Google Cloud is a new approach to the cloud, with AI solutions, infrastructure and tools for development, data, security and collaboration, designed for today and for the future. To support businesses and institutions in their digital transformation, Google Cloud offers a powerful set of AI solutions, fully integrated and optimized, thanks to its global infrastructure, custom chips, generative AI models, development platform, as well as applications powered by Artificial Intelligence. Google Cloud is the trusted technology partner of organizations in over 200 countries and regions.
Press contact Fintecture
Chloé Rossignol - 06 23 08 11 90 chloe@sources.agency
Press contact Gooogle Cloud
