The PAYTECH Book

PayTech in the Cloud

By Rami AlHasan

Senior Manager Digital Commerce Solutions, Etisalat

Startups in the FinTech/PayTech space need to run a lean operating model with very low initial investments, allowing them to test and try and pay as they grow. To do this they need to live or precisely host their services on one of the shared public clouds offered by the main players in the market – Amazon Web Services, Microsoft Azure and Google Cloud.

But in the financial space there are many challenges facing financial services: stringent regulation and compliance requirements, security risks, fraud risks, customer data protection, to name but a few. How can the PayTech leaders guarantee security of their financial service, protect the privacy of their customers and comply with regulations while being fully hosted on a shared public cloud?

Cloud Security Best Practices

This can be achieved by conforming to the following “Best Practices in Cloud” security, to make sure the service and its customers are safe and secure.

• Secure applications

• It all starts with a focus on security during requirements analysis and design. Technical teams are under pressure to deliver innovations quickly, yet they need to be supported by getting the same focus on designing applications that are secure and safe, protecting data and guarding them from potential fraud. This is especially important for PayTechs, because trust is everything in this business.
• Important business design aspects are effective identity ...