Quisk Deploys Blockchain Technology

Originally published at Finovate.com.

When the going gets tough, the tough go blockchain.

That’s the takeaway from the news that payment network platform Quisk will store its transaction ledgers on a private blockchain. The blockchain layer will work with Quisk’s existing platform and APIs to give banks easy access to transaction data such as merchant settlement and bank reconciliation via their own backend systems.

“We are excited to be leveraging the tremendous power of Blockchain technology to propagate trust among our customer banks,” Quisk CTO Praveen Amancheria said. “This technology eliminates barriers, giving banks the ability to easily and securely access their transaction data.” Amancheria called blockchain “the next internet for the financial industry” and added that “the tools to retrieve data from (the) Blockchain will soon be as ubiquitous as web browsers.”

Pictured (left to right): Quisk CTO Praveen Amancheria and CMO Dan Glessner demonstrating the Quisk digital services platform at FinovateFall 2015.

Quisk has developed a technology, digital cash, that enables banks to take advantage of the 85% of all retail transactions worldwide that are still cash-based. “Banks make nothing when cash is used,” Quisk CMO Dan Glessner explained during the company’s demo at FinovateFall. “We enable banks to create a new type of account, and to monetize the digital cash transactions.” Quisk partners with issuing and acquiring banks to create what Amancheria called an “open interoperable payment network.” He said: “we have a very ambitious goal: we want to do for cash what Visa and Mastercard have done for credit.”

Users of the new accounts can access their money using their smartphone and a PIN. The platform supports 14 different transaction types including P2P and P2M (person-to-merchant), and works with incumbent POS systems. As part of the company’s Finovate demo, Glessner and Amancheria showed how a consumer could make a purchase without cash, debit or credit card, or even the physical smartphone itself simply using his moible phone number and PIN. Moreoever, as Amancheria reminded the banks in the audience, “if Dan had paid with cash, the banks would have made zero. But because Dan used Quisk, banks have the opportunity to make money off of this digital cash transaction.” Amancheria also highlighted the digital loyalty and rewards opportunities available to merchants using the Quisk platform, as well.

Pictured: Quisk CTO Praveen Amancheria during his presentation at FinDEVr Silicon Valley 2015.

Glessner and Amancheria underscored how the technology was especially beneficial in helping banks work with underserved communities. Because the technology works with both smartphone and feature phones, and on all types of mobile network operator services, Amancheria said, “banks can reach out to the widest possible market segment and acquire new types of customers … those who have mobile phones but no bank accounts.”

Founded in 2010 and headquartered in Sunnyvale, California, Quisk demonstrated its platform at FinovateFall 2015. The company also participated in our developers conference, discussing the technology behind its digital services platform at FinDEVr 2015 Silicon Valley. Last year, Quisk deployed its technology at National Commercial Bank Jamaica Limited (NCB) and with Network International in UAE. The company has raised $5 million in funding and includes Acadia Woods Partners and Plug and Play among its investors.

FinDEVr APIntelligence

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October in Santa Clara. Early bird tickets expire soon so register today to save your spot!

The latest from FinDEVr New York 2016 presenters

  • Fintech Trending: Look Who’s Chasing Venmo, Student Loan Servicing Falls Short.

Alumni updates

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  • Backbase Partners with Entersekt to Deliver Authentication Technology.
  • Intuit unveils personalized app recommendations for QuickBooks Online.
  • Quisk rolls out mobile money platform at National Commercial Bank Jamaica Limited.
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  • Crowdfund Insider interviews Kabbage CEO & Co-Founder Rob Frohwein.
  • Xero named most-loved accounting software for second year in a row.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)We’re taking our FinDEVr developer showcase to New York on March 29 & 30, 2016. Super Early-Bird tickets are on sale through this Friday, January 15, so register today and save.

The latest from FinDEVr San Francisco 2015 presenters:

  • Network International planning UAE deployment of cashless, cardless payment technology developed by Quisk.
  • Gem Raises $7 Million in Series A.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

FinDEVr Live: Quisk Explains How it Built a Digital Payments SaaS Platform

QuiskHomepage

quisk.co | quisk.co/about/blog | @QuiskPay

QuiskLogoQuisk, Inc. is a Silicon Valley based startup that partners with financial institutions and other organizations to enable anyone to use their money without needing cash or cards. Quisk provides a digital services and transaction processing platform for integrated mobile payments and digital marketing and loyalty programs. Deploying cloud-based technology, the Quisk digital cash solution not only works with any mobile phone number on any type of mobile phone, but also can leverage existing Point-of-Sale (POS) infrastructure. The Quisk team is comprised of technology and payments industry veterans from CyberSource, Visa, Apple, and HP. Quisk is the next step in the evolution of money.

Quisk Digital Services Platform
We are sharing some of the key learnings Quisk has gained from building a next-generation digital payments/FinTech SaaS platform from scratch. While there are some common design themes and architectural patterns employed to build enterprise-grade SaaS platforms, there are also very specific demands on FinTech startups that focus on selling to banks and other financial institutions. Quisk’s SaaS platform interfaces with multiple entities, end-user consumers, issuing banks, merchants, acquirers, processors, etc., with each entity having its own unique requirements and expectations. We are describing how we have built and delivered a holistic platform that satisfied these diverse customer needs.

Key takeaways

  • Architecture models for B2B2C-oriented FinTech SaaS platforms
  • Security considerations in cloud-based FinTech platforms
  • Performance and scalability considerations in next-generation FinTech platforms

IMG_1037

Presenter
Praveen Amancherla, CTO
LinkedIn | pamancherla@quisk.co | 408-462-6951
As Quisk’s CTO, Praveen Amancherla is responsible for technology and product development. He brings 15+ years of experience in designing highly available, massively scalable and secure software products and platforms. Praveen earned an M.S. in Computer Science from Michigan State University.

FinDEVr Live: Quisk Explains How it Built a Digital Payments SaaS Platform

QuiskHomepage

quisk.co | quisk.co/about/blog | @QuiskPay

QuiskLogoQuisk, Inc. is a Silicon Valley based startup that partners with financial institutions and other organizations to enable anyone to use their money without needing cash or cards. Quisk provides a digital services and transaction processing platform for integrated mobile payments and digital marketing and loyalty programs. Deploying cloud-based technology, the Quisk digital cash solution not only works with any mobile phone number on any type of mobile phone, but also can leverage existing Point-of-Sale (POS) infrastructure. The Quisk team is comprised of technology and payments industry veterans from CyberSource, Visa, Apple, and HP. Quisk is the next step in the evolution of money.

Quisk Digital Services Platform
We are sharing some of the key learnings Quisk has gained from building a next-generation digital payments/FinTech SaaS platform from scratch. While there are some common design themes and architectural patterns employed to build enterprise-grade SaaS platforms, there are also very specific demands on FinTech startups that focus on selling to banks and other financial institutions. Quisk’s SaaS platform interfaces with multiple entities, end-user consumers, issuing banks, merchants, acquirers, processors, etc., with each entity having its own unique requirements and expectations. We are describing how we have built and delivered a holistic platform that satisfied these diverse customer needs.

Key takeaways

  • Architecture models for B2B2C-oriented FinTech SaaS platforms
  • Security considerations in cloud-based FinTech platforms
  • Performance and scalability considerations in next-generation FinTech platforms

IMG_1037

Presenter
Praveen Amancherla, CTO
LinkedIn | pamancherla@quisk.co | 408-462-6951
As Quisk’s CTO, Praveen Amancherla is responsible for technology and product development. He brings 15+ years of experience in designing highly available, massively scalable and secure software products and platforms. Praveen earned an M.S. in Computer Science from Michigan State University.