April 21st, 2020 – Today, SDK.finance, a financial technology provider, announced a 1-Year payment deferral for all companies with financial licenses issued by the United Arab Emirates. The initiative aims to help the society minimize the negative economic impact of the global COVID-19 outbreak.
To help businesses through these turbulent times, governments and private companies are rolling out relief packages. On April 12th, 2020, the UAE Ministry of Economy announces a reduction in fees for 94 of its services up to 98%. Reducing fees for services provided by the Ministry of Economy to individuals and companies will reduce the cost of establishing and conducting business in the country.
To support financial companies in the UAE during the COVID-19 outbreak today the payment technology vendor SDK.finance is announcing free access to the core technology for 1 year. We offer all financial institutions with a valid license in the United Arab Emirates to acquire our software without any leasing payments for the next year.
Alex Malyshev, the CEO of SDK.finance, said, “Closing borders, quarantine, and closing restaurants and shops, are all actions that lead businesses to bankruptcy and people to poverty. Small and medium businesses that are the backbone of Dubai’s economy (representing 95% of all establishments in the Emirate), with around 40% of the total value-added in GDP, are particularly vulnerable today.
By postponing the software payment until the market recovers, financial companies can decrease transaction fees for businesses and businesses can make discounts to customers. That is how all of us together, as a society, will help each other protect ourselves from this economic crisis.
At the end of this grace period, a client can decide to rent the software or purchase it with the source code. We will still charge for the additional software development and the cost of servers. This offer is valid until the end of 2020 only.”
With the end of cash, fraud prevention and cyber-security in all forms and social-engineering hack prevention will become as important as ever. The huge volume of transactions and data behind that will turn Machine Learning from a buzzword to the must-have functionality for all payment providers.
With the aim to protect people from a disease we can expect significant changes in the way we operate with public devices such as ATMs, card-readers, PIN-panels, biometrics, and even how we operate with our own smartphones.
Needless to say, ATMs and PIN-panels are not biology-safe anymore and this is a chance for NFC and RFID technologies because they can reduce the risk of spreading infections. Even traditional biometric devices such as fingerprints or short-range iris-scanner could be replaced with alternatives, such as mid-range identification and communication technologies. Currently, the whole cycle of identification and confirmation of an account holder is a big challenge for business process designers and infrastructure owners.
With the growth of online delivery services and e-commerce, we expect that such a sci-fi process as Machine2Machine payments turns from theory to reality.
For SDK.finance, as a payment technology vendor, the new era is a huge technology challenge and opportunity at the same time. With the API-first paradigm, Machine Learning, Contactless technologies, and the strong engineering team, we are ready to meet the highest standards of the future. Challenge accepted.”
SDK.finance is the core payment software with a strong API layer for banks and FinTechs.
The Platform consists of 5 main components: a back-end wrapped in 400+ API endpoints, 3 front-end frameworks, and web for system management with capabilities in iOS and Android for our clients.
Advantages of software that is built on API-first architecture:
- The speed of releasing new features and functionality is much faster
- The cost of ownership is more economical
- Fewer bugs and more stable products exist