OMAHA, Neb.--(BUSINESS WIRE)--Prairie Cloudware announced that it has closed a new round of funding to support increased demand from banks and credit unions for solutions to provide consumers with safe and simple digital payments. As an innovator in omnichannel digital payments services, the start-up is creating new ways for financial institutions to deliver choice, convenience and security to customers purchasing goods online or at the point of sale.
“Our plan is to enable financial institutions to provide secure digital payments no matter what device or mobile wallet the consumer selects,” said William Fisher, chairman and chief executive officer of Prairie Cloudware. “Apple and Google have created significant momentum around mobile payments, but ultimately, payments are the domain of banks and credit unions. We will begin to see meaningful transaction volumes once financial institutions facilitate payments and provide consumers with both ease of use and confidence in security.”
Prairie Cloudware’s Digital Payments Guardian™ is a powerful gateway that connects shopping applications such as mobile wallets, processors and emerging token service providers. It is designed to provide financial institutions with a secure, convenient and consumer controlled digital payment service for customers to leverage through existing digital banking channels. Digital Payments Guardian is deployed in a SaaS environment using a virtual private cloud, lowering the cost of entry and speeding time to market. During transactions, it validates the identity of the cardholder and delivers payment data in a tokenized format to avoid fraud.
According to Doug Parr, chief revenue officer at Prairie Cloudware, “Digital payments are rapidly moving toward an ‘open’ infrastructure and the card brands are backing away from charging for tokenization. In the future, we expect to see similar moves by new and existing players to eliminate any obstacles that stand in the way of consumers using digital payments. Banks and credit unions will play a direct and material role in this ongoing evolution by launching their own mobile wallets and digital payment services. Digital Payments Guardian will help these organizations achieve a central role within the payment channels.”
With this additional round of funding, provided by the founders and existing local angel investors, Prairie Cloudware plans to launch an early version of Digital Payments Guardian with select financial institutions later this year.
About Prairie Cloudware
Omaha, Neb.-based Prairie Cloudware enables financial institutions to meet their customers’ need for choice, convenience and security when purchasing goods and services online or at the point of sale. Prairie Cloudware’s Digital Payments Guardian™ leverages the role of banks and credit unions as the trusted provider of payments services for consumers while decreasing the cost of fraud and improving their return on investment. Digital Payments Guardian is a cloud-based service that runs through existing digital banking infrastructures to centralize and secure consumer payment data. Visit www.prairiecloudware.com to learn more.