People said it couldn’t be done, but Renovite Technologies did it anyway. The first ever cloud-native ATM solution is now well on its way, thanks to the work of its team based in Dunfermline, Scotland.
Fintech start-up, Renovite, has a proven track record in delivering leading edge payment technology solutions. With a base in California and an office in India, Renovite had already established a truly global presence before making the decision to establish a team of payment experts here in Scotland.
It’s a decision that has allowed the company to draw on Scotland’s proven expertise in both financial services and the related technology, which is driving significant change in this sector.
Undaunted by the architectural challenges involved in pulling ATMs into the 21st century - using cloud technology, and bolstered by the depth of talent available to them, the company has outlined ambitious plans to grow its presence in Scotland over the coming years.
Renovite’s cloud-based technology may be seen as the more complex end of fintech, but the problems the company set out to solve are mission critical for most 21st century financial services companies. For years, financial organisations have been trying to improve their customer experience and the functionality offered by ATMs, but have been hindered by outdated legacy systems, many of which were designed in the 1980s and 1990s.
At a time when demand for innovation in financial products has reached new heights thanks to the advent of fintech, Renovite’s cloud-native ATM technology means organisations can now respond to these demands more efficiently, with less risk, better security, and a less convoluted management model.
Jim Tomaney is the chief operating officer for the company and leads the Scottish team, based in Dunfermline. He explains, “Financial services businesses with complex legacy systems often try to adapt the technology they already have, as they attempt to keep pace with today’s demands.
“We’ve started from an entirely different position, building from the ground up. Our team has vast experience of ATMs, but instead of adapting systems that are no longer fit for purpose, we’ve used the knowledge gained over years to build a cloud-native solution. Our approach is to develop modern technology that gives financial organisations the agility and flexibility to respond to evolving demands and requirements.”
"The team that we’ve recruited in Scotland already had significant specialist knowledge and expertise. The availability of developers with the right experience, is the single most important reason why we’re here.”
Scotland has a long-standing connection with the ATM. Scottish-based companies have been building and shipping ATMs to financial institutions across the world for over 40 years. The country’s long-term specialist knowledge and expertise has drawn Renovite to locate its development office here.
The company launched in Fremont, California and Noida, India just three years ago and the Scottish base followed last year.
Jim says, “The team that we’ve recruited in Scotland already had significant specialist knowledge and expertise. Many of us had worked together on other projects in the same sector. The availability of developers with the right experience, is the single most important reason why we’re here.”
There are other factors that have influenced the company’s decision to choose Scotland. Jim says, “Scotland rates highly for both technical and practical connectivity. In terms of IT connections, the facilities are grade A. There are also real practical benefits of being here rather than in the south east of the UK.
“We lose less downtime to traffic congestion in Scotland, and because we’re close to Edinburgh airport, we can connect with our international colleagues and clients more easily than from many other parts of the UK.”
Read the full story on Scottish Development International website.