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Cloud helps digital payment institute to recruit the best talent and scale globally

The Danish fintech company November First has created a digital payment institution where companies can easily and securely handle invoices and pay their suppliers both at home and abroad at better exchange rates and lower fees. At the same time, companies save time in the bookkeeping and approval process, as they no longer have to log in and out of systems, accounts and online banks, and postings are automatically delivered to the financial system.

Cloudbaseret solution

The new digital payment institution is the first payment platform licensed by a Danish Financial Supervisory Authority, which is 100 percent cloud-based. And by investing in Microsoft Azure, November First has the best conditions for creating the modern and scalable cloud-based infrastructure that is crucial for both future innovation and November First's global goal. At the same time, the solution ensures that November First is always up to date on security and compliance.

Payment institute based on an Azure setup

From the beginning, November First has had an ambition to make the digital payment institute available to European companies and later to the whole world. Therefore, a setup was needed that complies with the Danish FSA's requirements for outsourcing and cloud services. Specific rules apply to the cloud provider, the implementation models and how data is stored. In order to live up to all requirements and obtain the Danish FSA's approval of November First as a payment institution based on an Azure setup, a collaboration was initiated with Microsoft. Contracts and infrastructure were adapted so that November First's platform could be 100% compliant.

As November First has approval to run their business across Europe, the approval of the use of Azure in practice means that November First can make do with few local adaptations in the system architecture to access the new markets to which they want to offer their service. Azure ensures that the company can securely and easily obtain and store customer and payment data in the applicable country.

In addition, the cloud-based solution enables the payment institution to scale and increase their transactions without an upper limit. It also creates an indispensable agility developmentally that November First can divide the platform into smaller microservices on Azure, so November First no longer has to release the entire system when they need to adapt or change in architecture or platform.

Attractes investors and competent colleagues

With Azure, the Danish fintech company will have a safe and new setup, and this is something they notice both in the recruitment of new employees and in the interest from investors. Investors can see that this is a future-proof and resilient solution, where the possibility of global scaling is easy, secure and thought through from the start. And when November First has to recruit new employees, they find that the interest is great because it is attractive to work with the latest technology in a modern setup at a company where the prospects for growth are great.

November First

During 2019 and 2020, November First, as the first licensed payment institution, succeeded in moving the transaction capability and power of attorney for B2B payments out of the bank and into financial and accounting systems. And in early 2021, the company released its own API for 3rd party business system providers so that providers could add payment ability and payment approval management to their customers in their own systems. Today, more than 500 companies use November First, which can handle all types of Danish account-to-account payments and so-called Joint Payment Cards (FIK) and five system suppliers, and a leading audit firm have integrated with November First's API. When November First launched its payment platform in 2016, it was with the clear purpose of making it cheaper for companies to make international payments to foreign suppliers. In collaboration with a large international bank, November First was able to offer 20-50% savings on the currency margin as well as significant savings on fees. Read more about November First her.