The 10 Most Promising Payment and Card Solution Providers 2019 November2019

Tech Talk

Sustaining Entrepreneurial Spirit in the Modern Era

Entrepreneur Speak The Age of Disruptive Banking through Digital Payment Solutions

Need of Banking Are we at the end of our Search & Find Habit?

Desk Editor’s

Is it the End of Physical Cards?

Me:OneCaffeLatteplease!

Personoverthecounter: Its$2.95.Howwouldyouliketo paysir?CardorWallet?

Me:Wallet!(Andpaidtheamount)

ThenasusualItookitandstartedwalkingtowardsmy office,sippingthefreshlybrewedcoffee.Fromthecoffee shop,ittakesat-least10minutestoreachmyoffice.So,I startedthinking,howmuchwehavecomeacrosssincethe inventionofplasticmoney Therewasatimewhen credit/debitcardhasalittleornopenetrationinmostofthe countries.However,onceittookoff,ittookovertheworld bystorm.

Still,duetotheeverchangingpaymentindustry,nowwe havedigitalwallets,whicharefareasierandsafertouse. Andduetoitsuserfriendliness,itisnowtakingoverthe paymentindustry,whichiscausingtheslowdeathofthe cardformfactor

So,youmayaskwhythisdigitalpaymentfactoriscausing somuchdisruption.Well!Thishasmanyreasonsto consider;

Aswecontinuetoevolvefromcashbasedsocietytoone thatmainlyacceptsdigitalpayment,smallandsmart merchantswillcontinuetofinddifferentwaysto accommodatetheircustomers’loveofthesmartphones.The trendofthisdigitalpaymentismostlydrivenbytheeaseof useandconveniencealongwiththeincreasedsecurityin ordertokeepthesetransactionssafe.

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ThankstothevarioustechgiantsincludingApple, Samsung,Googleandothers,consumershavestartedto embracethesedigitalwalletstopayinpersonor remotely.Backin2016,themobilewalletpayments

Ÿ wereonlyamountedto$75billion.However,according tovariousreportsthedigitalpaymentscangrowto $500billionbytheendof2020.

Ÿ

WiththeadventofSocialNetworkingsites,have changedthewaywecommunicatewitheachother. Peoplenowadayslovetousetheirsmartphonetoscroll throughthefeedsoftheirFacebook,twitter,Snapchat, andInstagramaccount.So,merchantsaredoingtheir besttoreachouttheircustomersthroughsocialmedia platformsandofferingthemtheabilitytocheckout throughthesocialnetwork,ratherthanredirectingthem toanonlinesite,thusmakingpaymentprocessmuch fasterandstreamlined.Also,asperreports,around30 percentofthetotalonlineshoppersprefertopurchase fromasocialmedianetwork.

Mobile wallets, the future of payment.

Ÿ

AlsosmartassistantssuchasAlexaareslowlygettingus usedtoemployingvoicecommandstoorderandpayfor variousmerchandises.Aspertheindustryveterans, relyingontheseassistantsistrendthatisonlylikelyto growevenfurther,forcingmerchantstoaccommodate AIshoppingthroughtheirsites.

Attheendonecansay,sooncardissuerswillhaveto redefinetheirstrategiesinordertostayaheadofthecurve. However,thelongtermimpactmaylikelytocomeinthe disguiseofreductionininterchangefees,morefocuson flexibility,backendbankintegration,rewardsintegration etc.

So,withgreatenthusiasmInsightsSuccesshasshortlisted, “The10MostPromisingPaymentandCardSolution Providers2019”,whoareworkingroundtheclocktomake transactionsmoresecuredandefficient.

Also,whileflippingthepagesdon’tforgettogothroughthe CXOsandarticleswrittenbytheindustryexpertsandour in-houseeditorialteam.

HappyReading!

Kaustav Roy

“ We recognized the need to create reliable and secure

methods that suit any business wanting to expand across Canada.”

Guy Fietz CEO

Digitalpaymenthasrecentlybecomethemostaccessible transactionsystem,whichisaprovenrevolutioninexisting paymentmethods.Itstartedasanoptionbutwithinashorttime

hasevolvedintoanecessity.Inthelasttwodecadesalmost96%of financialtransactionsandpaymentshavebecomedigitalacrossCanada, andGigadatSolutions,aCanada-basedfinancialserviceprovider companydecidedtodevelopergonomicandefficientonlinebanking paymentsolutionstoconnectCanadianconsumerswithglobale-merchants andserviceproviders.

Belowarehighlightsfromtheinterviewconductedbetween Guy Fietz and Insights Success:

Describeyourcompanyanditscutting-edge(domainoftherespective project)solutionswhichaddressalltheneedsofyourcustomers.

GigadatprovidesthemostoptimizedpaymentserviceinCanadawith uniquebanklevelsolutionsthatallowthecustomerstousenative-like stepsinordertoquicklyandsafelypayforgoodsonline.Itistrulya24/7 operation,andassistsallofitscustomersdayinanddayoutwiththeir transactionsandprovidesrealliveassistanceifrequiredinorderto maximizeourclientsconversionratesandprovideassuranceandsecurity forallourclients’customersworldwide.Transparencyisoneofthekey ingredienttoGigadat’shugesuccessandweprovidea100%real-time onlinereportingenginethatallowsallourclientstomonitor,auditand forecasttheirrevenuesgeneratedfromGigadatSolutions.

Giveadetaileddescriptionofthefeaturedperson’sinfluenceoverthe companyandtheindustry.

GuyFietz,CEOofGigadatisaserialentrepreneurandaCanadian pioneerwhocreatedthefirstclearinghouseinCanadaforfixedlineand mobiletelephonebilling.GuyFietzandhisteamshavebeeninthe AlternateBillingspaceforover20years.Thegrouphasevolvedfroma Homephonebillingplatform,includingMobilebillingnetworksandafull IXCCarrierstatus,totheOnlinePaymentssolutionsatabanklevel.He hascreatedGigadattocontinuetheseservicesatabanklevelby assemblingateamthatalsohasbeeninthehighriskalternatepayment industryforover15yearsinordertoevolvetothenextlevelofpayments.

Delivering a highly secure sophisticated payments gateway and platform, protecting both consumers and our e-merchants.

“ “

Describeindetailabouttheworkcultureandthevaluesthat driveyourcompany.

Gigadat’sworkcultureisfanatastic,wehaveemployeesthathave beenwithusforover15yearsandalotthathavebeenwithusfor over10yearsinahighturn-overenvironmentandthatsayalot.We treateveryoneaspartofanintegralteamtocompleteasmooth runningmachine.Wedocarefullyselectemployeesandalsoprovide themwithincentiveplanstoperformwellandoutsideofthebox. Weexpectalotfromouremployeesandconstantlychallengethem throughmanagementtoprovideinsightonhowtoimprove proceduresorsystemsthatgetputintoaqueuetodeveloporput intopractice.Thiskeepsourcompanyonthecuttingedgeas technologymovesfasterandfasterthesedays.

Whatmarketingactivitiesdoyouimplementoreachouttoyour potentialcustomers?

OurSalesandMarketingteamisworldclass.Itisheadedupby OlivierBourreauandSebastienMarainewhohandleourglobal teams.Wearecompletelyaccessibleunlikealotofpayment companiesthesedays.Weattendallofthekeytradeshowsaround theworldhowevertypicallydonothaveaboothasourcustomers aroundtheglobeareworldleadersintheOnlinePaymentand Servicesindustries.Thosecustomersarepresentintheseshowsso wechoosetobepresentbutnottocompetewithourcustomers intentionally.It’snothardtofinduseitherattheshowsinEuropeor inourofficesinCanada.Youcantypicallygetaholdofusanytime, anywhere.

WhatisyourideaofCorporateSocialResponsibility?

Gigadatisapaymentfacilitatorandweliveinregulatedmarkets. Wehaverespectforallregulatoryrequirementsfromaroundthe globewhichisadifficulttask.Weensurethatallourclientsare AMLandKYCcertifiedorlicencedwhereapplicable,including GDPRpracticesifrequired.Gigadatprovidestransparencyinany suspectedorfraudulenttransactionswithitsbankingpartnersand hasa99.99%recoveryrateonthesetransactionswhichprovidesa stableenvironmentforourclientsaroundtheglobe.

Whattechnologiesareyouleveragingtomakeyoursolutions resourceful?

Gigadat’sBluSkyreportingisa100%real-timereportingengine availabletoallourclients.Thisallowsourclientstotypically

We recognized the need to create reliable and secure online

repositionoursolutionstothetopofthe cashierpageasweprovide suchhighconversionrates.Gigadatis alwaysdevelopingwithourin-houseteam ofprogrammersanddevelopers.Wehave severalworldclassdevelopmentsthatwill launchlaterthisyearandearlynext,such asRequestforFundswhichwillallowa lotofmerchantstoprovidesubscription servicesonlineaswell.Wemake Integrationasimpleprocessandweare veryresponsive,regardlessoftheclient’s timezone.Thiscanbedifficultbutwe choosetoBeThere.

Whatareyourcompany’sfuture aspirations?Whatstrategiesareyou undertakingtoachievethosegoals?

Gigadat’steamisandstrivestostayon topoftheever-evolvingmarketsby listeningcloselytotheneedsofour clientsandmeetingwiththemregularly. GigadatisNOTa“setitandforgetit” organization.Weareveryclient-and customer-orientedsowedolistentothe needsoftheconsumeraswellasadaptto makethingseasierandmoreefficientfor them.Gigadatisalwaysautomating wherepossible.It’snowcalledAI,butwe

ThegrowthoftheFintechecosystembroughtwithit aninfluxofPaymentServiceProviders(PSP). Thesenewarrivalsarechangingthewaythe industryisservingandinteractingwithitscustomers.

GrowthTriggersFreshChallenges

Itdoesn’tmatterifyouareaB2CoraB2Bcompany,you arenowfacingamoreinformed,savvier Customer/Merchantwhoislookingnotjustforthebest pricingbutforthebestvaluefortheirmoney

Thisevolutionofthecustomerrequiredtheserviceprovider toevolveaswell,simplytokeepup.Providershavehadto consideradditionalservicesaspartoftheirvalue proposition–notalwaysaneasytaskforcompanieswith limitedresourcesandlegacysystems.

Themarketbecamemoreaccessibletoyoung,freshbrands offeringagileandinnovativeapproachestopayments. Manyveteranplayershavebeenlefttofollowtheirleador

risklosingbusiness.Customerstodayarelookingforfaster onboarding,fewerquestionsandmoreservicesoffered instantly,from“one-click-checkout”totheabilitytologin withsocialnetworksandeveneasywaystoshareexpenses onthego.

SquareGetsitRight

PaymentServiceProviderSquareisanexcellentexample ofaPSPwhoactedquicklytorespondtocustomerdemand. SquarestartedoutwiththeircardreaderandMPOS,then quicklyexpandedtheirservicestoecommerce,scheduling andmanymoreoptionsdesignedtohelpSMBs(Small MediumBusiness)expandandscaletheirownenterprises. Square’seaseofusehashelpedthousandsofmerchants improverevenuesandtakecontroloftheirdaytoday activity.

AtCoriunder,wehavebeenfocusedonthePSP-As-AStartup(PAAS)approach,wherethePSPischangingtheir strategyandallocatingtheirbudgetstobecomemore

competitivewithnewer,moreagile providers;thisledtoanotherPAAS approach.Thisone hasbeenaround forawhilebutwasn’tconsideredasan alternative;Payments-As-A-Service. Thisoptionpavesthewayforwhite labelgatewayprovidersthathavebeen enablingthequicksetupofaPayment ServiceProviderwithouttheneedofa largetechnicalteamandthesecurity certificationsthatcomewithit.

Themajorityofprovidersarefocusing onthelargenetworkofacquiring banksandalternativesolutionsinstead ofontheflexibilityneededforthePSP tobuildhisclientbase.Butit’snotjust aboutthepayments.

OurSolutionforthePAASDilemma

Ourapproachisslightlydifferent;we builtaBAAS(Backend-As-A-Service) modelthatgivesourclientstoolsto manageCustomers(Card holders/Users),Merchants,Affiliates andeventheirownemployees.This providesourclientswitha wayto buildappsandservicesaspartoftheir offeringandtomanagethebillingand “standard”servicesallwithinone,PCI Level1certified,managementsuite.

ThisapproachmadePaymentsan “Add-on”tothePSP’sserviceandnot themainservice;weseesomeclients expandingourMerchantManagement Portaltoallowschedulingand invoicing.Otherusersarebuildingrisk andfraudtoolstoextendtheKYC checksandtransactionsmonitoring theyhaveinplace.

Weserveasahubthatprovidesthe PSPwiththeoptionstheyneedto integratetoeveryserviceproviderthey wishto.Together,theycancreate intuitiveworkflowsthatbetterserve theirbusinesslogic.

BAASandFraudPrevention

Anevolutionofacustomercomes handinhandwiththeevolutionofthe “Fraudsters”.Inmanycases,thePSPis leftexposedonbothfronts;theyneed tobothcatertothecustomerand combatfraud.ClientsadoptingBAAS areusingtheBackendsolutionto managebothtransactionsand customers,sotheynowhavetheability tointegrateRiskandFraudtools.In manycases,theycanevenbuildtheir owncustomtoolstodefineworkflows thathelpthembettermitigateriskand moreeffectivelyfightchargebacksand fraud.

Weseethestrugglesofourcustomers asasharedchallenge,soweoffera C2C(Client-to-Client)integrationas

About Eliad Saporta About Eliad Saporta

Eliad Saporta is the Managing Director of Coriunder. With a background in law and an MBA in finance, Eliad has always been drawn to product management and design. He worked as a consultant for various companies, assisting them in their efforts to build products in the payments ecosystem. Today, he helps entrepreneurs not only by assisting them, but also by offering the right tools and services for building their vision.

partofthecorefunctionality,brands canhelponeotherfindsolutionsmore quickly.WithC2Cintegration, additionalrevenuestreamscanbe established,asclientsdevelopingnew servicesorexpandingtonewterritories canassistoneanotherwithgrowthand opportunity

Whenwelaunchedourservicewe aimeditatstartupslookingtobuild theirideaontopofourBackend;we soonwelearnedthatthePSPmarket wasindireneedofaservicelikeours. WearenowservingPaymentService Providersglobally,withpartnersbased inHongKong,theUnitedStates, Cyprus,Malta,CostaRicaandmore. Byaddressingtheneedsofthisrapidly growingindustryandhelpingclients createinnovativecustomsolutions, BAAScanresolvethedilemmafaced bytheaveragePSP

AboutCoriunder:

CoriunderisaBackend-As-A-Service platformforfintechandecommerce companies.Whateveryourservices mightbe,Coriunderprovidesyouwith reachmanagementtoolstomonetize yoursolutionandenablesyouto expandgloballywithourPayment optimizationtoolsandasinglepointof integrationforallofyourservices.

Withover300availableintegrationsto acquiringbanksandserviceproviders, CoriunderisthelogicalBackend-AsA-ServiceforthePaymentService Provider

Transforming Business Transactions 2 Touch POS™:

Theretailmarkethasshowna tremendousgrowthinthe followingdecades.This surgingrateofgrowthhasdemanded anefficientmanagementsystemto catertovariousessentialrequirements. OneoftheserequirementsisaPointof Sale(POS)systemwhichis predominantlyusedbytheretail industry.ThePOSsystemsoftwarecan handleinnumerablecustomerbased functionssuchassales,returns, exchanges,customerloyaltyprograms, discounts,etc.Thislistofeasily operablefunctionswithinaPOS system assistintheefficient managementofretailsalesandhas spikedthe demand.

Tomeetthissurgingdemand,Xenios LLCdeveloped2TouchPOS™for bar,restaurantandnightclub businessesintheUS.2TouchPOS™ ismorethanjustapointofsalesystem. Thesoftwareprovidesabusiness managementframeworkandisthe leadingedgeofdatacaptureusedfor improvementstrategies.2Touch POS™ hasboththeexpertiseand resourcesrequiredtosatisfytheir customer’srequirements.

ALeader’sUltimatum

Anyideathatwaseverconvertedinto abusiness,evidentlyinvolvedthe mainspringofanefficientleader.Itwas withEricElwelltheFounderand CEOofXeniosLLCthattheideafor asoftwarebusinessthatworksbegan. Ericbroughttogetheradynamicteam toinfluencethewaytherestaurant industryhandlesdaytodayoperations. Aformerrealestateinvestorand mortgagebroker,Ericleftthehousing industryandbecameabusiness consultantin2002.Aftercallingon businessesforseveralmonthsand gainingextensivetraininginbusiness

processimprovement,hepieced togetheracommonalitybetween requirementandprovision.

Hefocusedonrevolutionizingthe businesslandscapeforrestaurant,bar, andnightclubowners.Ericplansto achievethisfeatwithaPointofSale Technologythatcapturestransaction detailsandstorestheminthecloud providinganimprovedmethodfor monetarymanagementandbusiness performancevisualization.Armedwith provendatafromactualresults,Eric graphicallydemonstratestheimpact thatthisprogressivetechnologycan haveonthebottomline.

AJourneythroughTime

2TouchPOS™ hasbeeninthemarket sinceearly2000,andin2008Eric decidedtoconcentratesolelyonbar restaurantsandnightclubsproviding thissystemwithoutthedistractionof otherbusinessobjectivesvyingfor attention.Toaccomplishthegoalof becomingthePointofSaleexpert, Elwellasserts “We made a couple of key hires internally to focus on systemization, and basically what we realized is that if we don’t get help from the people writing the software, and listen to the people using the software, then it will be hard to grow.” Withtheacquisitionofthecompany XeniosLLCwascreatedandthe softwarewasbranded2TouchPOS™ 2TouchPointofSale.Thecompany continuestooperatewithinthis structure.Elwellhastakenconceptual writingsandcombinedthemwithhis ownpracticalexperiencestodevelopa winningatmosphereforhimself,his teamofexperts,andthecustomershe serves.XeniosLLC hasseededa majortransformationintheretail, hospitalityandpaymentsindustries throughthecourseoftime.

TheVersatileSoftware

Xeniosoffers2TouchPOS™asa service.Thepackageprovidesthe softwarecustommenuprogramingand installationservices.Theservice division offerslearningplatforms includingremoteaccesstrainingwitha technician,livesupport,nextday Q&A,telephonesupport,menu engineering,YouTubevideos anda userlearningmanagementsystem.The 2TouchPOS™ SoftwarePackagecan provide testedanddurablehardware thatincludesstationaryterminal, tablets,andpaymentprocessing optionstableside.2TouchPOS™ isa hybridcloudinstallation,i.e.,thedata originatesonpremiseandispublished onthecloud.Thisisaprovensecure processforthecustomersandtheir businesses.ThroughODatafeedsand webservicesitprovidesasecure, automatedwaytotransporttransaction dataandreportstoaccounting, inventory,andpayrollprocessing systems.

DeliveringControlwithinSimplicity POSSystemsprovidetransactiondata thathelpsonetomeasureprogress towardsetgoalsandtheeffectiveness ofabusiness,therebysatisfying customersallthewhilemaintaining profitability.Choosing2TouchPOS™ allowsforquickdataentry, comprehensivedatareportingand embeddedpaymentprocessing.The2 TouchPOS™softwareconfigures transactionsandreportdatawiththe goalofprovidinguseabledatathatcan beimplementedtoenhanceprofits.2 TouchPOS™providesaprecisetoolto capturedatathroughthesoftwareand customerscancontrolhowmuch softwaretheywishtoimplement.They canalsodecidehowmuchsupportthey want toaccomplishtheirgoals.Each configurationisuniqueand

Eric Elwell Founder & CEO

individualized;whereinthecustomers areopentobuyonlyjustwhatthey want.

2TouchPOS™offersstreamlineddata captureandpaymentprocessesthatare configuredespeciallyforthe hospitalityindustryallataffordable pricing.With2TouchPOS™, customersgetabusinesstoolthat extendsitselffromthebeginningwith datacapture,orderprocessing,record creation,throughtopayment processingandbalancing,tofinally usingthedatatobuildthebusiness further.2TouchPOS™isthesoftware forthepresentandthefuture.

TheProcessofProgress

TheteamatXenioscomprehendsthat themostvaluableassetone’spointof salesystemcreatesisperformance data.Gatheringsalesdataexplains businesssuccessandshortcomings. “At 2 Touch POS™ we believe that collecting your customers’ names and spending habits, will help you influence customer visits and spending while on site,” saysEricElwell.

2TouchPOS™ isunderconstant innovation.2TouchPOS™updatesup to6timesayearandishighly

customizableinthemostcomplex scenarios.Inadditiontothese,the flexibleAPImakesworkingwith customapplicationseasier.Giventhe rapidstateofchangeandeverincreasingsecurityrestrictionsinthe paymentindustry2TouchPOS™’s developmentfocushascontinuedto centeronpaymentneeds.Thesoftware assistsinbuildingyourcustomer networkwithcommunication, marketing,activityinformation,and thencollectsandworkswithcustomer data.This,inturn,bringsabouta radicalchangeinthemethodsof makingpaymentsandutilizationof customerdata.

TheFutureHoldsEvolution

2TouchPOS™’smissionistodesign, build,perfect,anddeployoperating systemsthatgettangibleresultsforthe customers.Thecompanyenvisionsa franchisednetworkofPointofSale specialiststhathelpsgettherevenue generatingproductintothehandsof customers,withthehigheststandards ofreliabilityandqualityasaffordably aspossible.

2TouchPOS™willcontinuetofocus onthepeculiaritiesofthehospitality market.Thesmalldistinctionsofhowa restaurantoperatesandthenuances

thatrequirespecializeddevelopment wouldalsobeinfocus.Toassist customerstomeettheirneeds,wewill rapidlyadapttochangingcustomer desires,anddevelopmethodsto managebusinessprocessesthatmeet presentandfuturegoals.Staying focusedonbecomingmoreflexible, increasingcustomercontrolsand creatingadditionaltoolswhile revisingtheexistingoneswillenable2 TouchPOS™ Developerstokeepup withthedemandsofadvancing technologies.Withtheautomatedtools continuingtoevolve,the2Touch POS™ techteamwillcontinueto updateandenhancethesoftware alongsideourmerchantprocessing partners.

in the Modern E a Sustaining Entrepreneurial Spirit

Businessesoperate,surviveandprogressinahighly

dynamic economy, where change is the rule, not theexception.Thechangemaybeslow,suddenor almostextensive.Oneoftheimportantforcesofchangeis thechangeintechnology Mostofthesechangesareusedto enhance human capabilities to accomplish meaningful work These changes are sometimes thriving on the entrepreneur.Asuccessfulentrepreneurworkstovisualize thesefuturechangesratherthanwaitingforitandcreatea moredesirableenvironmentintheorganization.

Technologicalbreakthroughsdooccurandittakescourage for an entrepreneur to accept the change and its implication. Technology breakthroughs like computers, colortelevisionsets,electronicsets,fuel-efficientvehicles, etc. have encouraged entrepreneurs to manufacture these products. Thus changes in technology from time to time poseseveralalternativesbeforetheentrepreneur.Thisisan ongoing process in which the entrepreneur sets goals and strategiestomeetchangesintechnology Butforstrategies like marketing, human resource, supply chain, financial and legal strategies, etc connection with people is important. Entrepreneurs define the formal relationships among people and specify both their roles and responsibilities. Because the end product is an integrated system of people & technology and to administer these systems,entrepreneurisrequired.

Technology is helping us solve problems where human power alone is not enough. Different types of businesses requiredifferenttechnologies,butagain,itisimpossibleto solve all integration needs with a single technology. This articlewillhelpyouunderstand,thattechnologyisonlythe partoftheoriginalsolutionandhowindifferentsectorsthe entrepreneur’ssurroundingreallymatters.

Ÿ Accounting Technologyallowsustocompletetasksfaster.Itreplaces thetiresometasksofmanuallystoring,compiling,sorting, etc. and the ability to use data with a simple digital solution. For example, Sales ledger in the early days was time-consuming, expensive and all paper-based process. Technology helped increase productivity with the development of spreadsheet software like Microsoft Excel.Employeestodayarefarbetteratfindingwhatthey needwhentheyneedit.Thoughonlythiswillnotachieve the outcome. Here, let’s take a clear look at how the entrepreneur’sspiritisreallyhelpingtoachievethedesired goal.

Technologyisgoodforbringingthechangenotforcingit. It cannot make employees more efficient. Yes, the right technology can help to make the work easier, but if an employeeistrulyfallingbehindorisjustinefficient,allthe technologyintheworldwillnotsolvethissituation.The

truthissuchemployeescanbesometimesinefficientdueto either inexperience or laziness. An entrepreneur can identifythisproblembyimprovingcommunicationinsuch departments. This explains why human interference is important to address this situation, where technology is just a bandage, fix the problem for a short time. Adding newandfastertechnologywillnotfixtheproblem.Whilea bettersolutionissittingthedepartmentsdowntogetherand talking about the problem with the entrepreneur will be a realsolution.

Ÿ Retail Technology allows retailers to be available day and night interactingwithcustomershow,whenandwheretheyare readytoshop.Retailersdependontechnologytomanage inventory, track customer-purchasing habits, predict trends and deliver goods and services Wireless communication, QR codes and Augmented Reality are some of the changes in technology to the retail industry. Ultimately, the entrepreneurship element remains central evenifitisembeddedwithinAI,advancedanalytics,etc.

Because a customer’s shopping experience is more important than price and product quality. Entrepreneur encourages employees to use their creativity to ensure every customer experience is memorable. Entrepreneur's human interaction adds the value to the company and maintainsloyalcustomers. Ÿ

Communication

Invirtualworkplaces,employeescaninteractanddevelop ideasbyconnectingthroughtheuseofvideoconferencing. Thismayincludetrainingandimportantmeetingsfromfar places to the employees. Technology can also be used as real-time feedback from the employees which allows the entrepreneur to improve the needs of the employees. Entrepreneur’sgoodcommunicationisnecessarytoallow efficient flow both internally (among employees) and externally(usingtechnology). Ÿ

Automation

Therobotsarecomingandcanactuallyhelpus,tobemore productive,freeingusfrommostofthetime-consuming

and repetitive tasks. One of the most important areas of application of automation is computer-aided manufacturing. Today CAD/CAM technology has been applied in many industries including machine components, electronics products, and equipment design. Even banking and financial institutions have embraced automation technology in financial transactions. But just because technology is advancing it does not mean it will replacehuman.Technologycandoanadequatejob,butwe still need humans. It is certain that people to people communication remains fundamental where the entrepreneur’scontactinthevariousstagesisrequired.

Ÿ Security Technology becomes even more critical when operating thebusinessonline.Itisimportanttoprotectthebusinesses from cybercriminals who could steal data or lead to website downtime. Encryption and decryption protect information from being accessed by a third party or cybercriminals. It takes only about a minute without slowingdownanyfileordocument.

Ÿ Storage Technologyhasledtothedevelopmentofcloudcomputing to store business information and has been accepted by many in the world of business. Cloud Computing is cost

effectiveandconvenienttothecompanymanagementand employeescanaccessdatafromanywherebyjustusinga devicethatcanaccesstheinternet.Ithelpsentrepreneursto trust these technologies and build a strong trust among internalmanagementofthecompany

Overall Artificial Intelligence, Blockchain technology, Cloud Computing, Internet of Things, 3D printing, etc. today are helping entrepreneurs to use this technology in everyfieldtogrowtheirbusinesses.Buttechnologyalone cannot create a company culture, where human interactions are valued. Because it is people who are assignedtoworkonthistechnologyandtoencouragethem the entrepreneurs keeps their spirit alive. By creating an interested working environment, interactive dialogues among employees, support and motivation to the employees, reward system, etc. reflects the culture of the company. It is an entrepreneur who understands what the needsofthecompanyare,bycreatingaconnectionwithall the stages of management that brings the desired output. Hence, entrepreneurial spirit and technology should go hand in hand. Therefore we need evolving technology as well as intelligent humans. We need guided missiles as wellasguidedmentocreatethebetterworld.

iPayTotal

Protecon against Financial Fraud

Withconstanttechnologicalinnovations,various

industrieshavebeguntoflourishintheir respectivefield.Technologicalproliferationand innovationinbothhardwareandsoftwareareexpectedto bekeyfactorsdrivingthemarket.Consideringthis,traders needtoaccountvariousrisksforwhenactivelytradingin themarket,amongwhichare:MarginRisk,PoliticalRisk, InterestRateRisk,ExchangeRateRisk,VolatilityRisk, CreditRisk,OperationalRisk,BrokerRisk,Devaluation Risk,andFraudRisk.Intheworldofpaymentprocessing, generally,therearelow-riskmerchants,mediumrisk merchants,andhigh-riskmerchants.Therisklevelisdriven byseveralvariables:industrytype,processinghistory, countryofincorporationandmore.

Mostoftheonlinepaymentsolutionsproviderschargehigh ratesfortheirsolutions.Butthereisnoneedtoworry IPAYTOTALprovidesbest-in-classHighRiskMerchant Accountservicesatthemostcompetitivefees.The companyhaslotsofexperienceinthefieldofhigh-risk merchantaccounts,anditknowshowtodobestfor customer’sbusinesstoprovidethebestcreditcard processingrates&terms.iPayTotalisfocusedonproviding comprehensiveandaffordabletravelmerchantaccountsfor itsclients.Thecompanyoffersanopportunityforreal-time

processingofpayment,secureandsimpleprocessingof paymentwithSSLandPCIcompliantGateway,andWoocommerce,Plugins,andAPIcoordinationwithclient’s E-commercewebsitesotheycanbeginacceptingpayments effectivelythroughtheirwebsitedirectly

SafeandSecureIndependentPlatform

iPayTotalisarapidlygrowingproviderofhigh-risk paymentsolutionsforvariousbusinesses.Itoffers customizablepaymentsolutionsatcompetitivepriceswhile providingmultiplelayersofsecurity Thecompany’stailormadepackageincludesanarrangementofamerchant account(MID)withoneofitsinternationalacquiring bankingpartners,withanaward-winningpaymentgateway service,reportingtools,integratedfraud-prevention,and freededicatedlifetimesupport.Theorganizationbrings transparencyandstandardstothehigh-riskpayment processingindustry,providingbusinesseswiththemost competitivedealsinhigh-riskmerchantaccountssuitedto theirneeds.Thecompanyoffersthesesolutionsin integratedpackagesthatwillperfectlyadjusttotheclient’s companycardpaymentrequirements.

GivestheedgetoeveryIndustry iPayTotal’sNational&Internationalpartnershipswith AcquiringPartnersgiveittheedgetoofferReliableCredit, Debit,andEcheckProcessingtoalmosteveryindustry, whichisconsideredhighriskirrespectiveifoneislocated intheUSA,Australia,LatinAmerica,EUorAfrica.The companyhasthecapabilityofgettingtherightpayment processorforthecustomer’shigh-riskmerchantaccount. Thecompany’spaymentexpertshaveauniqueknowledge ofthehigh-riskpaymentmarket,thusenablingittogivethe bestpossibleguidanceandadvicetosetuppayment acceptancesolutionsforclients.

Theorganization’sbanksare selectedtoassistits customerstogetthemostsecurehigh-riskmerchant accountsolutionsfortheirbusinesssectors.Thecompany haschosenthebankswiththehighestintegrityand methods,addingconfidencetothepaymentprocessing solution,togetcustomersthebesttransactionfeesforhighrisksectors.

PAYMENT

UnderstandstheImportanceofBusiness

iPayTotalfullyunderstandstheimportanceoftheclient’s businessgrowthandnotbeingabletoacceptpayments.The company’ssupportteamworkswiththeclienttoidentify thebestmerchantservicesandpaymentproductstofittheir needs.Theorganization’sonlinepaymentgatewayisan independentplatformforprovidingsafeandsecure paymentprocessingforPSP/ISOandmerchants.The company’sPCIDSSLevel1Certifiedcloudpayment platformallowsconsumerstopaymerchantsforgoodsand servicesonline,viamobileandoverthetelephonewithin themostsecureenvironment.Itsglobalpaymentgateway anditsmodernreportingtoolswillhelpthecustomersto keepatrackoftheentireaccountwithoutspending countlesshourstrackingtheirsales.

Thecompanyisafull-featured,easy-to-integratepayment gatewayforonlinemerchantslookingforaflexibleand customizablepaymentsolution.Unlikeotherpayment gateways,iPayTotalincludesrecurringbillingfor subscription,recurrentpayments,anddonationsasstandard features,providingmerchantswitharangeoftools,suchas coupons,flexiblebillingperiods,free/paidtrials,multiple subscriptionplans,andpro-dataplans,atnoextracost.The company’spaymentgatewayprovidessimpleintegration withAPIsandSDKsincludingmodules,samplecoding, testaccounts,andtestcards.Thepaymentgateway solutionsallowcustomerstoprocessdebit&creditcards, plus30alternativepaymentmethodsthroughtheirwebsite withinasingleplatform.ItsAPIscanbeusedtoauthorize, capture,orrefundpaymentaswellastogetinformation aboutprevioustransactions.

EnthusiasticandExperiencedForerunner

KeithAngel,Presidentholdsacrucialpositionwithin iPayTotal;GlobalStrategicPartnershipExecutive.Keith, althoughfairlynewtothePaymentServicesProvider industry,bringsaplethoraofknowledgeofwhatittakesto bothformingandmaintaininggreatrelationshipsfromhis previouscareerhistory.Hissuccessspansover37yearsof roleswithprogressivelyincreasingresponsibilitieswithin theUnitedStatesNavyandprivatecorporatesector positions.Keith’straveltoover60countrieshasbeenakey tohissuccessbyunderstandingdifferentculturesand intertwiningthatintotherelationshipbuildingwithbothhis internalandexternalclients.

EnsuringBusinessesinProcessingPayments

Althoughmanyindustryinitiativesfocusonfraudand identitytheft,therealityisthatasignificantpercentageof financiallossesassociatedwithcredit,anddebitpayments istheresultoforganizedcrime,businessfailures, inadequatemonitoringofmerchantaccounts&financial

President iPayTotal

lossfromunfunded chargebacks.Asthesaying goes, “Experience is the best teacher” Withtimeandexperience,the companyasapaymentprocessingprovider, hasevolveditstechnologytosuchanextentto detectthecrimeoffinancialfraud.iPayTotal’srisk managementteamalongwithitspartneredacquirers, PayFacsandprocessorshavelaunchedthisprogramthat benefitsthepaymentprocessingindustryandassuresthem ofcompletesatisfactionandconfidencewhenreviewing anyparticularmerchant’scase.Thisprogramwouldnot onlyhelpitspaymentprocessingindustrybutalsogivesthe firsttimemerchantsascopeorawindowtojudgean acquirer,aPayFacoraprocessorbeforeblindlygoingwith thereviewsavailableonline.

iPayTotal’sPaymentGatewayhasabuilt-in‘Risk’logic, whichcansniffoutapossiblefraudfasterthanaK9squad. Its‘Risk’logicalsohas72oddrulesformonitoringthe thousandsoftransactionsonthecompany’spayment gatewaydaily.Everytimeacardisusedforpayment,the company’sgatewayconnectswiththecardproviderto checkifthecardhasbeenhotlisted.(Hotlistingmeansthat thecardhasbeenblockedtemporarilyorpermanentlyfor use).AtiPayTotal,theagendaistoensurethatacustomer’s businesscanprocesscreditcardpaymentswithahigh-risk merchantaccount.

Keith Angel

Ritesh Srivastava Founder & CEO Epictenet

About the Author

Are we at the end of our Search & Find Habit?

Hello Joey, can you turn on the lights please!

ManythingswegottoseeonlyinHollywoodmoviesare nowbecomingrealityinourdaytodaylifeliketalkingtoa machineandgettingthingsdone,whothoughtwe’dbe doingwhatvoice-basedAIassistantslikeAmazonAlexa, GoogleHomeandApple’sSiriallowustothesedays! ArtificialIntelligence,MachineLearning,BigData,Cloud technologieswithgreatComputingPowerareallhelping humanizemachines.

Inthepasttwodecades,searchengineslikeGooglehave playedaveryimportantpartinourlivesandmadeiteasier

foreveryonetohaveaccesstoinformationattheir fingertipsatanytime.Ofcourse,searchengineswouldnot havebeenpossibleifwedidnothavetheinventionofthe internet,thecomputerandsoon.Thisphenomenon(search engines)hasimpactedandmadelifeeasierforpeople acrossallindustriesandprofessionsbypresenting information,allaccessibleinoneplace.Subsequently,this ledtotheriseinimportanceofpagerankingsand organizationsspendalotoftimeandmoneyin SEO(Optimization)andSEM(Marketing)andit’saverybig partoftherevenuestreamforsearchengineandsocial mediaplatformproviders.

Overtime,asmoreandmoreorganizationsbroughttheir presenceonline,thesearchstartedbecomingmorecrowded

andsaturatedinawayaffectingourabilitytofindtheright informationquicklybecauselet’sfaceit–thereareonlyso manyresultsthefirstpageofasearchenginecanfit! Combinethatwiththeever-reducingattentionspanof peoplethesedays(especiallytheyoungergeneration)and wehaveaconcoctionthatcombinestolimitthe effectivenessontheindustrychanging‘searchandfind’ wayofsourcinginformation.

Technologyisalsobeingusedtounderstandconsumer behaviourandpredicttheirneedstopresentmore optimised,personalisedsearchresults,advertisementand optionspro-actively Thesetrendsraisequestionsabout howprivateouronlineactivitiesarebutlet’sfaceit,is anythingontheinternetprivatethesedays?Privacyissoon becomingamythinthisworldwithaferociousappetitefor informationonbehaviourwhichmakesmewonder–is thereabetterwaytogoaboutthis?Isourcompromisefor privacyandovercrowdingofsearchenginespointingusin thedirectionofsomethingthatismoreefficient?Areweat theendofour‘SearchandFind’habit?

Foramajorityofthepopulation,mobilephones (smartphones)areanall-pervasive,must-havethathave transcendedtraditionalhurdlestotechnologylikeage,cost, relevancetonameafew Thepasttwodecadeshaveseena mobilitytechrevolutionofsorts,wherewehavebeen successfulinharnessingthepowerofthepersonalcomputer andpackagingitindevicesthatwouldofferalotmore conveniencethanalaptopwould.Themobilephonedevice hasevolvedfromahumblecallingandtextingdeviceto essentiallybeingacomputerandcamerainyourpocketand theykeepgettingsmartereveryyear.Otherdeviceslike laptops,tabletsandwearableshavealsomaturedoverthat periodbutthecrucialadvantagesmartphoneshaveisof thembeingsmalltocarrybutstillareextremelypotent whenitcomestopresentingpower,usefulnessandmobility, theperfectpackage,Yet.

Ourworldisnowcentredaroundsmartphonestothepoint thatmostofusfeelincompletewithouthavingthem around.Smartphoneshavereachedthetechnological maturityandIoT(Internetofthings)havebecomeareality -thesehaveledtoanerawheremostofourinteractionsand transactionsstart(andinmanycasestheygetcompleted) overthemobilephone.Theyareeverywhere,andtheyare heretostay.

AsGooglealsorankshigherthewebpagesoptimizedfor mobileandCustomerexperienceovermobiledevicesiskey tothesuccessofanyproductandservicesofferedandhence weseeorganizationsrevampingtheirwebsitesanddigital platformsmakingitmobilefriendly,spendingmillionsof dollarsonUI(Design)andUX(Experience).

Butdespitemakingthewebpagesresponsiveandproviding abetterexperience,smartphoneshaveissuesofhavinga smallrealestate(screensize)andlowattentionspanofthe userasmostofthetimeusageonthemobileisonthego. Flickingfromonewebpagetoanotherandyouhavealready lostthecustomer Toovercomesomeofthesechallengeson smartphones,wegotSirioniPhonesandsubsequently GoogleAssistant.

Althoughstillinaninfancystagevirtualassistants/chatbots aregraduallybecomingpartofourlifeasmoreandmore usecasesarebeingcreatedacrossdifferentindustries.The advancementinArtificialIntelligenceandMachine Learningtechnologiesaremakingitpossibletoprovide morepersonalizedservicestocustomersanditisplayinga significantroleintheadoptionofthesetechnologiesby organizationsaswellascustomers.

Thewholeideaofhavingonechannelforallinformation andinteractionsopensawholenewworldofpossibilities withimplicationstoeverysphereofcustomeranduser engagement.

Virtualassistantsarefastbecominga‘gatewaytoalldigital interactions’andtheyarenotonlygoingtochangethe existingdigitalchannelsandplatformsbutalsophysical deviceslikeremotecontrolsandotherphysicalbuttonson variousappliances,instruments,devicesandvehicles.

TheVirtualassistantsaregoingtochangeour‘Searchand Find’habitto‘AskandSelect’andwilltrulyprovide personalizedserviceswhilegettingbetterwithevery interaction.Wewillseemoreandmoreservicesgetting convergedinthevirtualassistantsandinsomewaythey maybeouranswertoprivacyprotections.

Disclaimer:Anynamesoforganisationsandproducts mentionedinthearticleareforreferencepurposesonly.No illreputeintendedinanyway

Empowering Commerce Globally Payworks:

Withtheever-increasing useofcardsandonline paymentsystemsover pastdecades,PointofSale(PoS) paymentgatewayshavebeen garneringalotofattention.Itwas withthesedevelopmentsinmindthat Payworkswasfounded.

ThevisionofPayworksistomake cardpaymentscompatiblewithall PointofSalesolutionsthrough technologythatissimpleandeasyto use.Tomakethisvisionareality,the companyprovidesclientswithnext generationPoSpaymentgateway expertiseandsolutions.

Usingitstechnology,developersof PoSsolutionsformerchantscan quicklyandcost-efficientlyintegrate cardpaymentfunctionalityintotheir applications,andsecurelyprocess EMV,contactless,andmobilewallet transactionsatthepointofsale.

WithheadquartersinGermanyand officesintheUS,theUKandSpain, Payworksprovidesitstechnologyto leadingacquirersandpayment providersinNorthAmerica,Europe andAfrica.

TheAccomplishedLeader ChristianDegeristheCEOand Co-founderofPayworks.Heis responsibleforsettingand

implementingtheoverallstrategic plananddirectionofPayworks, whilealsoleadingitssenior managementteam.

Hemakescriticalcorporate decisions,andmanagestheoverall operationsandresourcesofthe company.Christianhasfocusedhis careeronenablingsolutionproviders tomoveawayfromlegacy technologyandthishascontinuedto beamajordriverofhisbusiness strategyatPayworks.

PriortofoundingPayworks, ChristianbuiltPAYRETOin SoutheastAsia.Itisoneofthe leadingBPOcompaniesforpayment providers.ChristianattendedTU Munich,GeorgiaTechandCDTM Munich.Heholdsdegreesin BusinessAdministrationand TechnologyManagement.

SupportingGrowthand Internationalization Payworkssupportsitsclients’goals ofgrowthandinternationalizationby supplyingtechnologywhichisbuilt tosimplifyrapidbusinessexpansion.

Developerssimplyintegratethe powerfulPayworksPulseSDKinto theirinternalsystems.Oncethis integrationwithPayworksis complete,thesolutioncanbeused

forglobaldeploymentwithout changingitsoriginalintegration.

ThetechnologyPayworkshas developedsupportsbothacquirers andpaymentserviceproviders workingonaglobalscale,aswellas merchantswhoneedareliable systemonwhichtoconduct internationaltransactions.

Payworksclientshavecometo expectfastertechnologyintegration. Throughaplatformbasedfullyon API,thecompanyallowsforfastand flexibleintegrationofcardreaders intoanyPoSapplicationand environment,regardlessofwhetherit isstationaryormobile.

Sinceitoffersapre-certifiedsolution thatincludesbothsoftwareand hardware,thecompany’sclientsare abletogotomarketfaster.Thiscan beamatterofdaysinsteadof months,asthecasecanbewithlessadvancedsolutions.

Thecompany’snextgeneration paymentgatewaytechnologyis operatedinthecloudandprovidedas aSoftwareasaServicemodelto paymentproviders.WithPulse, developersofPointofSalesolutions areabletointegratepayment acceptanceinlessthan5minutes. Additionally,withPulse,Payworks

Christian

CEO & Co-founder

hassimplifiedcardacceptanceby offeringacloud-based,pre-certified, andeasilyaccessiblegateway technologysignificantly,facilitating innovationintheintegratedPointof Salespace.

EnteringtheSegmentandthe DifferentiatingFactor Payworkssawtheneedforamodern paymenttechnologyplatformto challengedecades-oldsystemsthat shouldbemadeobsolete.The companywasinspiredbytheability tobringnewideasformodernizing paymentacceptanceatthePointof Sale.

Ithasbroughtanewlevelof innovationintothemarketatatime whenPOSsolutionswerelackingthe technologyneededtokeepupwith consumerpaymenthabits.

Payworkshasacompetitive advantageoverotherpayment serviceprovidersbecauseitisableto providetechnologythatdoesthe heavyliftingforitsclients.Payments

andthePointofSaleareboth intricateandtheclientsunderstand thattheycantrustonthecompanyto betheexpertstheyneed.

Traditionalgatewaysarelocally hostedandexpensivetorun.They requirespecializedknowledgeand merchantstypicallyhavetocontend withcomplexsetupstructures. Anotherinherentproblemistheir limitedabilitytointegratecard terminalswithPoSsystemsand supportcardpresentonly.

WithPayworks,clientscanexpecta cloud-basedandcost-efficient solution.Itdoesn’trequire specializedknowledge,supportsselfservicefeatures,iseasytouseand supportsdigitalonboardingof merchants.Thecompany’s technologyisbuiltfordevelopers, andthisenablesquickintegration.

Bestofall,Payworksenablesall paymentchannelswhilepromoting globalsolutions.

PaintingtheBrightFuture

Thecompanyiswitnessinggreat progressintheindustry,butbelieves thatthereisstilllotsofroomfor growthandfurtherprogress.Whenit comestothefuture,Payworkswill continuetopromoteanddevelop modernpaymenttechnologyatthe PointofSale.

We work with leading payment providers and innovators at the Point of Sale to deliver the fastest, simplest and most secure Point of Sale technology for businesses.

Deger

of through

Thewaypeoplemakepaymentsarechangingfasterduetotheimprovedintegrationofdigitaltechnology Thishas

benefitedtheindustrywithincreasedcompetitionandconsumerdemands.

ThechangescanbewitnessedinTravel,E-commerce,HouseholdBillpaymentsetc.Therecentintegrationoftechnologyin paymentsolutionsmakestransactionsfastandseamlessandcanbedoneatthecomfortofyourhomes.

Althoughwearewitnessingaconsiderablechangeinthepaymentsolutionindustry,thereisstillaconsistentuseofthecash andcards,whichsolelydependsonthegeographicalsetting.Insomeplaces,peopleprefercashandcards,whileinother places,theyencouragethemoreuseofdigitalsolutions;forexample:TheUnitedStatesandCanada.Analysishasshownthat

intheseareas,theyarelikelytoswitchcompletelyto technologyenabledpaymentsolutions.

Thepaymentsolutionprocesseswillbecomemore innovativebecauseofthefollowingdisruptivetrends;

· DigitalBankingandRemotePaymentApproval

Astheyoungeragedmassesareturninguptotechnology morethanthetraditionalmediums,thereisanotionthat mostpaymentsolutionswillbedonethroughdigitalenabledmediumsratherthancashorcheque.Thiswill resultinmoreengagementofmobilephonesanddigital softwareapplications.

Variousbusinessoutletsareacceptingmoreofmobile paymentwhichishelpingthemtoimprovecustomer experience.Theadditionofinstantalerts,appreciation notificationsandinstantpaymentdeliveryismakingthis innovationmoreinteresting.

· Customer-FocusedStrategyasaPriority

One retained customer is one attained success. ~ Chidiebere Moses Ogbodo Customerexperiencepostbusinessencounteriswhat makesadifferenceintheindustry.Digitalbankingsolutions areimprovingthewaycustomersfeelaftermakingtheir payments.Inthepastyears,oneneedtostandinaqueuein thebankbeforetheycanmakeeventhesmallest transaction,buttheintegrationoftechnologyinnovationhas reducedthestresstothelowestlevel.Wecanwitness improvedservicesandinstantexpensemanagementwhich ishelpingeveryonethatisusingthismediumtostayabove thecrowd

· ImprovedCustomerSatisfactionthroughRewards

Acustomertendstocheckbackonthesales-personwho gavethematipordiscountafterpurchase.Thisisalso applicableinpaymentsolution.Afterpeoplemakesa purchaseonlineorevenviacardsandtheselleroffersthem acertainpercentageofdiscount,theywillalwayswantto comeback.Thegoodnewsisthatmostbusinessenterprises aresupportingthisideaincollaborationwiththefinance institutions.

· FinTechCollaborationandExpansionofNetworks

Theinnovationinpaymentsolutionisincorporating feasibilityofresourcemanagementbetweenthefinancial

andnon-financialorganizations.Throughthisdevelopment, theresultwillleadtoeasymergingofboththetraditional mediumofresourcemanagementconceptswiththerecent anddigitalizedconcepts.Variousfinancialorganizations thatmaynotbeabletohandletheprocessofmigrating fromthetraditionalformattothedigitalizedplatformfinds easeindoingsobypartneringwithtechnologycompanies.

Organizationalgrowthismeasuredbothinmarketvalue, infrastructureandtheextentoftheirnetworks.The integrationofdigitaltechnologyadvancesinpayment provisionshelpsespeciallythefinance-oriented establishmentstoeasilyexpandtheirreach,eventothe mosthiddenplacesintheworld.Thishelpstotouchthe livesofpeoplenomattertheclassandstatusanditrepays withtremendouscustomergrowth.

· ImprovedSecurityandPaymentbyCodes

Securityishugeconcernwhenmoneyisinvolved.People aresoconsciousandveryinquisitiveabouthowtheir moneywilltravelfromthesendertothereceiver.Inso manycases,theywilleventhinkthatsuchplatformsas digitalizedmediumsarenottrustworthyasasinglewrong numbercandirecttheirmoneytounknowndestination. Thetransactionasoftheoldwastruecheques.Buttoday, therewillbealimitedneedforthosemethods,rather, paymentwillsimplybedonebyinputtingacertain usernameandpasswordandyourdashboardwillbeopened. Throughthispage,youcaneasilymakeeverypayment.The ageofdigitalizationisturningthewholeprocessintocodebasedandthisraisesthequestionofhowtostaysafe.Itis alsobelievedthatforsecuritypurposes,theinstant notificationoftransaction,linkingofsecuredemailand encryptiontoindividualdataanddisaster-recovery provisionswillleadtheinnovationtobetterdirection.This concernhasabigdealwithblockchain,augmentedreality, IoTandbiometrics.

Youmaybeaskinghowthefuturewilllooklikewithtechenabledpaymentsolutions.Astheworldisgrowingand globalizationisgainingagoodground,peopleblendsinto whattheyseethatisworkingwell.So,asdigitalpayment solutionismakingeventhelifeofthelaymanonstreet easy,morepeopleinthenearfuturewillcompletelyadopt thisinnovation.Itwillnotharmthefinancialinstitutions, butitwillbegreatiftheycanmigrateorbetterintegrate someformoftechnologystrategiesintheirfinancial solutions.Thischangemaybeslow,butitwillbeconsistent asthetechnologychangesarenotgivingroomfor procrastination.

TamesRietdijk CEO BusinessForensics

Being

about

future

About the Author

Tames Rietdijk (1966) started his career in 1987 at KPMG as accountant (division financial institutions) and has been working mostly for software companies since 1994 in different positions from Product Manager to CTO. Since 2005 Tames has been certified as Anti Money Laundering Specialist by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and he is a tutor at the Radboud Management Academy. Tames is Chief Executive Officer at BusinessForensics and his area of expertise lies with Product management, Forensic investigations and Data analytics. He is responsible for the design and development of the various BusinessForensics propositions applicable for the banking, investment and insurance industries.

In his vision on Risk management Tames calls for Risk based supervision instead of traditional Rule based supervision. Risk based supervision requires trend analyses with a total view instead of a snapshot of a specific event. For Risk management to be effective, more is needed than just detection of risks and that is the reason why the BusinessForensics platform offers a total solution in data mining, big data processing up until case management and sanctioning.

Duetoseveralincidentswithinthefinancialsector relatedtotheirintegrity,peopleandsocietyin generalhavelosttheirtrustinbanksandinsurance firms.Mostofthebanksandinsurancefirmsknowthis betterthananybodyelse.Regulatorsandsupervisorsare almostfuriouslytryingtorestorethistrustbyimposing strictrulesuponthemthatfocusonpreventingtheprevious incidentsfromhappeningagain.Eventhoughthismight winthemsomebattles,Iwilldefinitelynotwinthemthe war,astheissuestheyarestrugglingwitharefarmore complex:

• Tryingtomanagetheirdata:volume,privacy, complexity,security,availabilityetc.Especiallyina contextoffinanceandrisk,additionalrequirements applytotheconfidentiality,originationandaudittrailof data;

• ReducingtheirITexpenses:keepingoldagedsystems up-and-runningisdifficultandexpensive,resources understandingthesesystemsaregrowingscarce,and suchasituationisdefinitelystallingITinnovations, wheretheyseemtoberequiredtoadoptnew technology;

• Respondingtofindingsfromregulatorsand supervisors,whichneedtoberesolvedimminentlyat theriskoflargefines,negativecareerimplicationsor

even license consequences.

• Replacingcurrent solutionsbeing‘endof-lifecycle’forwhich safeguardingthehistoryas builtupintheircurrentsystem maybeaspecificissue,inadditionto apotentialoperationalriskwhen solutionsceasetofunction;

• Processingtoomanyoperationalriskissues, imposingareputationalriskforboththebankandits leaders,istroubledbyalargenumberoffalsepositive alerts,takingupvaluabletimeandresources.Theseis onlyanexampleofreasonsforagrowingbacklog.

BusinessForensicsalsoaimsforbanksandinsurance companiestorebuildtrust.Yetwerealizethattowinthe war,ittakesadifferentapproach.Webelievethatbanksand insurancecompaniesneedtoreorganizethemselvesinorder toimprovetheiroperatingmodelsandtosafeguardthe integrityoftheiremployeesandclients.Yes,thisinvolves newrules&regulations.Butthatisnotenough.

Sustainabilityrequiresbanksandinsurancesfirmsto embracetheirfuturewithconfidence.Thisalsoinvolves newtechnologiesandnewdata,whichinturnwillbring themnewrisks.Iteveninvolvesnewcompetition.

Webelievethattrulygood-naturedbanksandinsurance firmscanbecompliantwithnewrulesandregulations. Embracenewtechnologiesandnewdata.Timelyidentify newrisks.Facetheirnewcompetitionwithconfidence.To createanorganizationthatisincontrol.Bydesign.Only thenwilltheybeabletoavoidcrime,coincidenceand prejudice.AndthatiswhereBusinessForensicscomesin.

Weachievethatlevelofcontrolforourcustomersby continuouslymonitoringtheircompliance-andintegrity risks,frommultipleangles.Theresult:atransparentand truthfulviewon‘whatishappening,hereandnow’intheir organization.Ourfocusonriskallowsthemtorespond effectivelytoemergingchallenges,inordertokeepthebad guysout(intermsofclientsandemployees).Bylearning fromourcustomer’sexperience,oursystemcontinuously improvestheirresponsivenessandresilience.Improves theirlevelofcontrol.Controlbringsconfidence,andonly withconfidencecanyoubuildabrightfuture.

BusinessForensicsaimstobethetrustedpartnerofchoice forbanksandinsurancecompaniesaimingtorebuildtrust. Tous,partnershipmeanscooperatingtoreduceallrelevant compliance-andintegrityriskstolevelsthatareacceptable forbanksandinsurancefirms,fortheirclientsandfor societyasawhole.Ourapproachfollows7standardsteps:

Ÿ Anexperiencedteamthatunderstandsandis passionateabout(big)dataanalysis,machinelearning and(cyber)security,bringingsustainablefintech innovationtoyourcompany,

Ÿ Westructureyourdatainsuchawaythatyouare preparedforeverypossibleoutcome,asitisimpossible topredictwhatyouwillcomeacrossduringyour analyses.

Ÿ

Wedeliverafinegrained,adaptableconfiguration becauseeveryorganizationisuniqueandthesystem mustresembleyourspecificsituationasmuchas possible.

Ÿ

Asaresult,yourorganizationfeelsasifitis‘Designed forControl’,havingprotectedboththeprivacyof individualsandvalueofyourassets.

Inthiscomplexfinancialworld,BusinessForensicsprovides acoherentpackageoffuture-proofsolutionstothemajor challengesfacingallfinancialinstitutionsinthecoming decades: Ÿ

Implementingnewlawsandregulations, Ÿ Becomingmoreresponsivetonewemergingrisks, Ÿ Theincreasingvolume,complexityandvelocityof (new)data, Ÿ Embracingnewtechnologies,beingabletodrive businessinnovation, Ÿ Preparingforthenewcompetition:technology platforms,cryptocurrencies,fintechetc.

BusinessForensicsprovidesastructuredapproachto reducingabankorinsurer’sriskprofileswhilereducing theircostofcompliance,andatthesametimeimproving theirdamagerecoveryrates.

Trustacceleratesperformance.Betweenbanksandtheir clients,manandmachine,oldandyoung.

About the Company

The team at Business Forensics consists of consultants, architects and developers with offices in The Hague and Singapore, and has been offering software and know-how for monitoring and managing compliance and integrity risks since 1998, amongst which are financial and economic crime risks. Preferred customers are those banks and insurcance firms that take pride in maintaining or (when necessary) rebuilding the trust of their clients, who do not view compliance as a burden but feel the inherent need to ‘do the right thing’. So as partners, we can keep crime, abuse and coincidence away from their clients.

Ÿ

Theresultsorourjointanalysismustresultinan increasedawarenessandunderstandingofwhatis happeninghereandnowwithinyourorganization,with afocuson(integrity)risk.

Ÿ

Thisimprovedinsightintheidentifiedriskswillallow youtodecidehowtobestrespondtothem,inorderto reducepotentialdamagesasmuchandassoonas possible.

The forensic platform (the HQ products) provides real-time (big) data analysis of network, transactions and signal of evolving risks and threat. These are presented users in an accessible and understandable way, providing context and situational awareness. As a result, companies and institutions can discover these risks early and immediately take measures aimed at limiting possible damage as much as possible and optimizing chances for recovery.

Ÿ

Ourcollaborativelearningapproachallowsyour organizationtocontinuouslyimproveitsresilienceand pro-activelyreduceitsriskprofilethroughautomated feedbackloops,

Compliance is also demonstrated by measuring good behavior. Confidence in our system increases by minimizing the number of false positive alerts. In addition, unnecessary (reputational) damage is reduced and corporate agility is greatly improved. Trust improves performance; between man and machine, young and old, customer and supplier.