On December 22, PalmPay officially used the fund security risk monitoring capabilities provided by Ant Digital's cloud-native PaaS platform SofaStack.
In 2019, Palmpay launched an e-wallet application in Nigeria, integrating account opening, transfer, payment, financial management, credit and life services, with more than 30 million users, more than 600,000 merchants served, and the daily transaction volume has climbed from one million to 10 million, with billions of dollars in monthly transaction amount.
For the fintech industry, how to prevent capital security risks is a crucial issue. The nature of finance determines that we need to ensure the accuracy of every piece of data, and the nature of technology determines that we need to release quickly and respond to customer needs in a timely manner. How to ensure the safety of funds and controllable risks in the process of rapid iteration and continuous change is a challenge faced by every fintech company. In the process of solving this challenge, how to monitor and detect the problem in a timely manner is the core point. ”
Ren Benshan, Senior Engineer of PalmPay's Technical Risk Protection Department, said, "SofaStack's real-time fund security management system has experienced the test of Ant's own business growth for more than ten years, and the accumulated practical experience and product capabilities are very valuable for the fintech industry, which is the main reason for our decision to adopt corresponding product services and build related mechanisms." ”
During the pilot project, PalmPay privatized and deployed the SofaStack fund security monitoring product in the data domain, covering hundreds of verification scenarios and rules, discovered a number of potential transaction and capital data problems in a timely manner during the operation, and built and implemented the asset loss R&D specification and asset loss test specification in the overall DevOps process.
PalmPay is the first African customer of Ant Digital's star product SofaStack, which is the technology business segment of Ant Group, and as enterprises in Southeast Asia, Africa and other countries enter the cloud and use the cloud, SofaStack has also entered the overseas market and become part of Ant Digital's globalization strategy. Facing the international market, Ant Digital has formed a full-stack technical service covering the PaaS layer, intelligent SaaS layer, and Web3 service layer.
According to Leifeng.com, in the past year, the scale of overseas revenue brought by Ant Digital through technology products has increased by 300%. SofaStack is committed to helping financial institutions and enterprise customers in China and overseas safely and securely upgrade to a cloud-native distributed architecture without any transformation of traditional applications, achieving efficiency improvement, cost reduction, and agile business innovation.