2020 Volume-05 Issue-03
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2020'S MOST TRUSTED PAYMENT AND CARD SOLUTION PROVIDERS
EDITOR’S DESK
F
or nearly half a century, the World Economy has been rapidly moving from cash-oriented to cashless. Ease of use, secure transactions, accountability, low chances of corruption, and informal economy and reduced use of paper are some factors that have been constantly promoting a cashless economy. The now omnipresent internet ensured that the use of cards and digital payments reaches not just the urban population but the rural as well. 2020 Volume-05 Issue-03
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2020'S MOST TRUSTED PAYMENT AND CARD SOLUTION PROVIDERS
Security – The Backbone of a Cashless Economy
Security, forms the backbone of this cashless economy. If it weren’t safe enough it wouldn’t gain popularity. Along with the payments industry, security technology has also advanced to deal with all kinds of threats that may hamper it. From cards made of cardboard and celluloid to the modern chip implanted ones and the digital wallets, the digital payment industry sure has come a long way with technology by its side. After the first plastic cards were introduced, the first line of security included a tamper-resistant signature panel, embossed digits on the card, and other micro features. With electronic development came more robust cards which could be authorized in real-time. The rising need for authentication and authorization paved the way for the introduction of Card Verification Value (CVV) numbers and PINs.
With e-commerce creating up a storm in how people purchased goods, CVV2, Address Verification Services, etc. came to the fore. With a new century stepping in, securing the data by implementing encryptions, digital signatures, firewalls became the norm. Linking of mobile phones, Transaction alerts, multiple PINs to authenticate transactions also came up. As people join-in the digital revolution, the cards and digital payments of the future need to be loaded with more features and needless to say security. So the cards of the future will be utilizing geolocation to ascertain the location of the registered mobile device and the card being used at a given time and microchips that can be locked-in or waved to transact. Eyes will also be on the biometric technology and how it can help make card transactions safer. This edition brings to you, 2020’s Most Trusted Payment and Card Solution Providers that are fuelling the digital economy and making sure that millions of transactions being carried out across the globe are safe and secure. Crosskey is a financial services company which provides flexible and modular solutions to help clients select precisely the functionality they need, and to expand and adapt in line with changing demands. Limonetik is a disruptive B2B payment platform providing High Standard Quality payment services to gateways, acquirers and Tier 1 international merchants and marketplaces (B2B & B2C). PayMotion is a leading
multi-channel payment platform for online merchants. It is an enterprise-grade platform designed to help small and medium-sized businesses sell across the web, mobile, and social media storefronts. Paytweak develops innovative payment management services to enable companies to accept secure electronic payment on all channels, globally. The company facilitates collection, down payment, distance selling and payment at the point of sale via its unique functionalities on the market. Prodoge- Headquartered in Los Angeles, Prodoge began as a Dogecoin processing company in 2019 and has grown to become a crypto wallet supporting Dogecoin, Bitcoin, and Digibyte, while offering all the tools anyone needs to do business with those crypto currencies along with fiat currencies. Some of the other promnant shortlisted companies areSoldo, Bancontact, Praxell, Rapid Financial Solutions, Bitmymoney. While flipping the pages you might also come across articles and CXO-articles penned by our in-house writers and executives respectively. We believe that these articles will further give insights into how strong-headed leaders are changing the world. Happy Reading!
Sneha Sinha
10
Crosskey Taking Digital Finance to the Next Level
16
Limonetik Your Go-To Digital Payment Platform
20
PayMotion B2B’s Preferred So ware Team
24
Paytweak Where All Your Digital Payment Needs are Met
30
Prodoge An Emerging Leader in the FinTech Market
Mentor’s Insights Backend-as-a-service for Payments-as-a-service
14
Leader’s Desk Being con dent about your future when your organization is designed for control
26 CXO
MAY 2020
ARTICLEs Need of Banking The age of disruptive banking through digital payment solutions
22
Entrepreneur Speak Sustaining Entrepreneurial Spirit in the Modern Era
32
Editor-in-Chief Pooja M. Bansal Senior Editor Anish Miller Managing Editor Sneha Sinha Publishing Control Team Shruti Jambhale Quality Assurance Team Abhishaj Sajeev Visualiser David King Art & Design Head Amol Kamble Art & Design Assistant Asha Bange Co-designer Paul Belin Art & Picture Editor Deepanjali Business Development Manager Sophie Smith Marketing Manager Mary D’souza Business Development Executives Michael, Anna, Vishnu Sales Executives Kelly, Karen Technical Head Jacob Smile Assistant Technical Head Amar Sawant Technical Consultants Pratiksha, Aditya, David Digital Marketing Manager Alina Sege Assistant Digital Marketing Manager Prashant Chevale SME-SMO Executives Gemson, Manoj, Renuka Research Analyst Eric Smith Circulation Manager Tanaji sales@insightssuccess.com
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2020 Volume-05 Issue-03
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2020'S MOST TRUSTED PAYMENT AND CARD SOLUTION PROVIDERS
“
Choose E xc e l l e n t, Choose Insights
motive, we present to you, Crosskey, a financial services company which provides flexible and modular solutions to help clients select precisely the functionality they need, and to expand and adapt in line with changing demands.
Thomas Lundberg
Headquartered in Mariehamn, Finland, Crosskey was originally an in-house IT-department of Ålandsbanken and became a standalone IT-company in 2004. The company has been successful in the Swedish and Finnish market by winning clients and supporting them in their successful journeys.
CEO
TAKING DIGITAL FINANCE TO THE NEXT LEVEL
T
he FinTech sector has undergone a massive transformation in the last couple years. Taking specifically digital payments into consideration, the need for physically visiting banks for our financial needs is now becoming an increasingly redundant requirement. Flawless access and utmost convenience are the primary factors that make digital payment platforms our
10 | MAY 2020 |
go-to option for all financial tasks. Undoubtedly, security is a pressing concern and companies across the world are competitively pacing towards providing customers with the most secure, easy and rewarding services. This edition, 2020’s Most Trusted Payment and Card Solution Providers, emphasizes explicitly on such companies and exhibits them to the world. Pertaining to the same
Crosskey has been an important part of the Finnish S-Bank’s successful journey from a start-up bank in 2006 to one of the top 3-4 banks in Finland today. Also, Crosskey is a pioneer within the Fintech/Open Banking market with the co-operation between Ålandsbanken and Dreams, Trustly and Doconomy as Crosskey has enabled these co-operations. Today Crosskey has approximately 280 employees, over 3 million end users in the bank systems’ databases and peaks above 1.5 million transactions per hour, daily. The company provides solutions in three different market segments viz., Banking (core banking), Card issuing and Capital Markets (back office).
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2020's Most Trusted Payment and Card Solution Providers
The company’s solutions are built on a ‘step-by-step’ integration model, making it possible for customers to implement one module at a time with a short time to market. Economic and environmental sustainability is part of everything Crosskey does. Apart from being sustainable all solutions from Crosskey are built to support the Fintech and Open banking strategy of their customers.
is likely that in the future, the amount of regulation will increase. I think the key to success in this market is to have an ear to the ground and listen to what the customers think they want and then combine it with a lot of knowledge, compliance and visionary thinking.
In the following interview with Thomas Lundberg, Crosskey’s CEO gives us profuse insights on the FinTech market and its intricacies. Thomas also share his opinions and perspectives on how his company is sustaining its competency in a cutthroat industry segment.
First and foremost, due to our history being spun out of a bank, our banking expertise (about the market, the market needs, compliance etc.) is bespoken and in a class of its own among IT-companies.
Below are the highlights of the interview: What is your opinion on the current scenario of digital payments? Today’s market for digital payments is extremely exciting and the global digital payments market is growing rapidly. Today’s customers expect seamless, secure payments, on top of which the market has changed so that increasingly more non-bank companies are offering digital payments. Imagine what opportunities for us technology providers to offer customized solutions for our customers! Of course, there is tremendous development in this area and the challenges are to find the gold grains in the range of opportunities. Security is also of paramount importance and it
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What are factors that contribute to your company’s success and why?
Secondly, we operate close to our customers and our systems are built on a common core, but our offering includes a layer of extensive customer adaptations, which puts us close to the customers once we integrate our solutions. Thirdly, we operate locally, with offices close to our customers’ markets, which allows us to be ‘inthe market’ together with our customers. One of our core pillars is strong personal relationships and it is a red thread throughout our business. Also, we started our journey in agile working methods already in 2012. Why should customers choose you as their preferred payment partner? How do you distinguish your offerings from your competitors? By choosing Crosskey as a supplier you will gain access to a large
network of experienced experts, innovative business developers and responsive development teams. One of Crosskey’s core competences is that we control the whole value chain from in-house system development, certified processes along with agile working methods for requirement handling, project management, and release handling all the way to monitoring; both manual and automated are done completely inhouse. This guarantees high quality in our development process as well as excellent stability. The Crosskey Cards Platform is new and modern, built with real-time processing and APIs throughout. Such standardized APIs have also made it possible to integrate Crosskey’s bank system towards many Fintech applications proving that the platform is one of the few systems on the Nordic bank market that already has a proven readiness to deliver on the current and future market demands. The Crosskey Card solution is handled with continuous delivery, deploying the application, and running many thousands of automated tests continuously every day of the week. Our card system is operating several installations – all with their unique needs. Performance and cost can be scaled dependent on size, solutions running with number of end customers ranging from tens of thousands to millions. How does Crosskey amend its offerings and criterion according to the rules and regulations of the different countries it serves?
| MAY 2020 | 11
Our market is undergoing a major change right now, our systems are being opened through various technological platforms and many new players in the industry are emerging who want to support the development towards end customers. Standardization is in this case a very good way to go in creating opportunities for everyone on equal terms. The financial sector is not all about innovation; the pressure from legislators and the big players on the market has been enormous these last couple of years. One example of this is the PCI requirements that are a must have requirement. Crosskey are proud to be one of the first Card issuing players in the Nordics that are fully PCI-DSS compliant along with direct connections towards both MasterCard and Visa networks. We offer a service that is compliant with the industry requirements.
12 | MAY 2020 |
Exhibiting Quality and Business Excellence • Crosskey has been awarded as IT project of the Year 2016 in Finland. • ‘Crosskey’s solutions are the cornerstone of our business” Iikka Kuosa, SVP, Business Development, IT and Service Center at S-Pankki. • During 2019, Crosskey was ranked and recognized as a top 10 supplier of banking platforms in Europe, with specific support in the platform for banks in their cooperation with Fintechs. • Crosskey is PCI-DSS and ISO9001 certified. • Recently, the leading Nordic challenger banks ICA Banken, Ikano Bank, Söderberg & Partners and Ålandsbanken recognized Crosskey as the best and most future proof banking platform to build their coming joint new mortgage bank venture on.
What can be expected from Crosskey in the coming years? From a functionality perspective, our system is now developing in a faster than ever speed in order to support our customers’ journeys in digitalization and automation and generally around scaling the business volumes with minimal increase in headcount or other costs. We have enhanced, improved and modernized our banking platform in the recent years, and we will continue doing that incrementally going forward. We avoid “big bang” modernization projects, thus we do the enhancements incrementally, protecting our customers from being negatively impacted by risky, time consuming and expensive transformation projects.
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T
he growth of the Fintech ecosystem brought with it an influx of Payment Service Providers (PSP). These new arrivals are changing the way the industry is serving and interacting with its customers.
risk losing business. Customers today are looking for faster onboarding, fewer questions and more services offered instantly, from “one-click-checkout” to the ability to login with social networks and even easy ways to share expenses on the go.
Growth Triggers Fresh Challenges Square Gets it Right It doesn’t matter if you are a B2C or a B2B company, you are now facing a more informed, savvier Customer/Merchant who is looking not just for the best pricing but for the best value for their money. This evolution of the customer required the service provider to evolve as well, simply to keep up. Providers have had to consider additional services as part of their value proposition – not always an easy task for companies with limited resources and legacy systems.
Payment Service Provider Square is an excellent example of a PSP who acted quickly to respond to customer demand. Square started out with their card reader and MPOS, then quickly expanded their services to ecommerce, scheduling and many more options designed to help SMBs (Small Medium Business) expand and scale their own enterprises. Square’s ease of use has helped thousands of merchants improve revenues and take control of their day to day activity.
The market became more accessible to young, fresh brands offering agile and innovative approaches to payments. Many veteran players have been left to follow their lead or
At Coriunder, we have been focused on the PSP-As-AStartup (PAAS) approach, where the PSP is changing their strategy and allocating their budgets to become more
14 | MAY 2020 |
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Mentor’s Insights
competitive with newer, more agile providers; this led to another PAAS approach. This one has been around for a while but wasn’t considered as an alternative; Payments-As-A-Service. This option paves the way for white label gateway providers that have been enabling the quick setup of a Payment Service Provider without the need of a large technical team and the security certifications that come with it. The majority of providers are focusing on the large network of acquiring banks and alternative solutions instead of on the flexibility needed for the PSP to build his client base. But it’s not just about the payments. Our Solution for the PAAS Dilemma Our approach is slightly different; we built a BAAS (Backend-As-A-Service) model that gives our clients tools to manage Customers (Card holders/Users), Merchants, Affiliates and even their own employees. This provides our clients with a way to build apps and services as part of their offering and to manage the billing and “standard” services all within one, PCI Level 1 certified, management suite. This approach made Payments an “Add-on” to the PSP’s service and not the main service; we see some clients expanding our Merchant Management Portal to allow scheduling and invoicing. Other users are building risk and fraud tools to extend the KYC checks and transactions monitoring they have in place. We serve as a hub that provides the PSP with the options they need to integrate to every service provider they wish to. Together, they can create intuitive workflows that better serve their business logic.
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BAAS and Fraud Prevention An evolution of a customer comes hand in hand with the evolution of the “Fraudsters”. In many cases, the PSP is left exposed on both fronts; they need to both cater to the customer and combat fraud. Clients adopting BAAS are using the Backend solution to manage both transactions and customers, so they now have the ability to integrate Risk and Fraud tools. In many cases, they can even build their own custom tools to define workflows that help them better mitigate risk and more effectively fight chargebacks and fraud. We see the struggles of our customers as a shared challenge, so we offer a C2C (Client-to-Client) integration as
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.
part of the core functionality, brands can help one other find solutions more quickly. With C2C integration, additional revenue streams can be established, as clients developing new services or expanding to new territories can assist one another with growth and opportunity. When we launched our service we aimed it at startups looking to build their idea on top of our Backend; we soon we learned that the PSP market was in dire need of a service like ours. We are now serving Payment Service Providers globally, with partners based in Hong Kong, the United States, Cyprus, Malta, Costa Rica and more. By addressing the needs of this rapidly growing industry and helping clients create innovative custom solutions, BAAS can resolve the dilemma faced by the average PSP. About Coriunder: Coriunder is a Backend-As-A-Service platform for fintech and ecommerce companies. Whatever your services might be, Coriunder provides you with reach management tools to monetize your solution and enables you to expand globally with our Payment optimization tools and a single point of integration for all of your services. With over 300 available integrations to acquiring banks and service providers, Coriunder is the logical Backend-AsA-Service for the Payment Service Provider.
| MAY 2020 | 15
“
Our goal is to help the ecosystem to easily embrace the New World Of Payments and its issues
“ Christophe Bourbier CEO
Please introduce Limonetik to our readers, also about its foundational history, and services. Originally created to offer a prepaid payment card usable on the Internet and to dematerialize gift cards and loyalty cards, Limonetik changed course in 2014 following its second fundraising. The goal: become a global payment facilitator. Besides, the Marketplace model has spread around the world, accounting for 30% of B2C international payment; it has highlighted all the complexity of a transaction including multiple parties (financial, regulation, logistic). But the Marketplace model is now the trend. All retailers would like to be the “new Amazon” which has just announced an increase of 81% in Italy of its sales during the last weeks of the Covid.
YOUR GO-TO DIGITAL PAYMENT PLATFORM
I
n the recent past, the consumer has clearly comprehended the capabilities and the necessity of going digital. If a classroom can come to a laptop, if a 2000 page novel can be read on a phone, and if your car can park itself, we most certainly can and should move on from cheques and cash to digital payment. In our quest to bring to your desk, an ardently curated list of profound companies in the financial services segment, we crossed paths with Limonetik, a disruptive B2B payment
16
| MAY 2020 |
platform providing High Standard Quality payment services to gateways, acquirers and Tier 1 international merchants and marketplaces (B2B & B2C). In the following interview with Christophe Bourbier, Limonetik’s CEO, we get a brief yet reassuring glimpse of the industry and its future. Christophe also provides us with insight into his company and its vision for the near future. Below are the highlights of the interview:
The norm is to build packaged all-in-one full-service payment solution. But all-inone Full-service solutions can't manage the multiplicity and heterogeneity of every payment scenario. That’s why at Limonetik we decided to create value with one of the most customizable fullservice platforms. We decomplexify the process for merchants explaining them where the money comes from and dispatching everyone commission at the end of the day. We understood the complexity and the difficulty of globalization and omni-channel challenges. Our goal is to support retailers and also PSPs, Gateways, Acquirers, Banks, in those difficulties. To do so, we propose to connect with 250 payment methods over 170 countries managing different currencies. We
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2020's Most Trusted Payment and Card Solution Providers manage payment complexity, for online as well as in-store shopping, like payment method processing, reconciliation, bookkeeping, fees handling, payout. And above all, the integration is through one single API. The back-office enables companies to monitor payment accounts and payment transactions. Companies trust us as payment experts. From 2018 to 2019, our transaction volume has increased to 44%. What is your opinion on the current scenario of digital payments? The world has been completely disrupted by the digitalization, ewalletization, mobilization, uberization & internationalization. Now, the merchant wants to integrate the best payment methods so the customer doesn’t even realize he is paying and wants to dispatch instantly all its partners commission. And the more diversified payment methods are, the more complicated it is to receive money for merchants. Even though a unification of payments methods would ease merchant’s business, it is not possible with really diversified international payment landscape and the constant arrival of new payment methods. Chinese, for example, don’t pay with Visa. They prefer actors like WeChatPay or AliPay. In Africa, people has shift from cash to mobile payment without the credit/debit Card step. In this new world of global consumption, the traditional payment service providers need the agility of Startups to be time to market and propose innovative solutions to their clients. Our goal is to help the ecosystem to easily embrace the New World Of Payments and its issues. What are factors that contribute to your company’s success and why? The evolution of the current market is the key to our success. Cards are no longer the primary payment methods for consumers over the world: only 23% of
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the online transactions are made by bank cards globally.
(2FA) is active for every payment account of the company.
Every country has developed several local payment methods: more than 400 hundred identified. Plus, Marketplaces is becoming the norm: it will absorb 70% of the 2024 B2C international payments. And the norm is to build packaged all-inone full-service payment solution. But All-in-one full-service solutions can’t manage the multiplicity and heterogeneity of every payment scenario.
What can be expected from your company in the coming years? One of our main development for the future is to become more and more international. To do so we are currently developing our compliance abroad.
That’s why we created a customizable full-service payment solution. Each month we integrate new payment methods to our payment methods catalogue that includes today more than 250 international payment methods. Plus we enable marketplaces payment flows and make them possible and compliant with regulation. Why should customers choose Limonetik as their preferred payment partner? How do you distinguish your offerings from your competitors? The competition in the payments segment occurs between all-in-one fullservice payment solutions to meet merchants and marketplaces needs. Agnostic, Limonetik is the only actor that can connect and enhance a fullservice solution by using the existing PSP of the client. Limonetik helps the PSP to build and/or enrich a unique payment value chain for the end merchants/marketplaces. Limonetik is agnostic of the gateway, the acquirer, the front-end solution or the payment method. To meet client’s specific needs, Limonetik is focused to provide a highlevel of support with the capacity to adjust its legal, technical, financial, risk & compliance solutions. We are fully compliant with PSD 2. Limonetik is also certified PCI DSS level 1, GDPR compliant and two-factors authentication
When Quality is Assured Limonetik has been awarded the following: • Best payment solution provider FRANCE 2020 by Global banking and finance review • Insights Success in the 10 Payment & Card Solution Providers 2018 • Thanks to Limonetik Gourming won the “Trophées de la Transformation Numérique” The Guiding Mind Graduated with a master’s in business and international relations from San Diego University, Christophe Bourbier, CEO is a born entrepreneur and an executive with over 20 years of experience in competitive and disruptive strategy. Competitor at heart, captivated by international affairs, Christophe, before he founded Limonetik, had created different companies in High Tech and Communications. In 2008, he cofounded Limonetik with the aim to market the digital gift card. Christophe quickly realized that the company was too far ahead of its time and decided to evolve the offer by moving from dematerialized gift cards to dematerialized payment. After several fundraisers and product evolution, Limonetik's strategy paid off. By placing the company in indirect sales (i.e. through PSPs and acquirers such as Ingenico, Worldline, Computop, ACI), Christophe has secured a place for Limonetik in a highly technical environment that is less competitive than players in direct sales such as Stripe, for example. | MAY 2020 | 17
“
Our multi-channel eCommerce platform drives revenue, because our merchants get more than just payments, they get our entire team, at no extra cost
Bobbi Leach CEO
“
B2B’S PREFERRED SOFTWARE TEAM
I
n the hindsight of stating the observable, Albert Einstein once said, “It has become appallingly obvious that our technology has exceeded our humanity.”
Indeed, technology has exceeded humanity. With technological ease at the touch of mere fingertips, we have made our world easy for us and those surrounding us. And within the financial world, now, we are heading towards a cashless society—a world where payments become more 20 | MAY 2020 |
digitized and embedded in our everyday lives.
will become an entirely invisible step in the act of purchasing items. One can perceive a future where people will make their purchase and be automatically charged.
In the years to come, as people will use devices and other digital signatures to pay for their needs, physical currencies will continue to diminish. The evidence itself is in our hands, our smartphones, and digital wallets being used as digital payment middlemen.
Such developments wouldn’t have been possible without the significant industry players taking on the edge of innovation to deliver their best to the payment industry.
Payments will become something we won’t even need to do anymore. It
As such, our next innovator in “2020’s Most Trusted Payment and www.insightssuccess.com
2020's Most Trusted Payment and Card Solution Providers
Card Solution Providers” is PayMotion, a leading multi-channel payment platform for online merchants. It is an enterprise-grade platform designed to help small and medium-sized businesses sell across the web, mobile, and social media storefronts.
the firm to acquire the expertise in the industry.
Major Takeaways
Expertise at Hand
• Regulations in different countries • Products tailor-made for each market • Unified Compliance Management System • Partnered with PayPal • 14th annual Bronze Stevie Awards for New Business Intelligence Solution • 2019 Silver Golden Bridge Awards for Business-to-Business Product of the Year • Ranked 5th in The Software Report’s Best Ecommerce Software of 2020 Awards
PayMotion’s expertise and functionalities cover the entirety of online business owners. The firm concentrates on clients that offer digital services, products, and subscription-based businesses. Leveraging years of experience, PayMotion understands the needs in place, particularly markets, and thus has optimized its services and tailored accordingly.
Bobbi is much active in her tech community as she has been a guest speaker at local tech events, universities, as well as various women in tech events.
Union. Consequently, offering them localization capabilities that allow them to transact internationally. The best of all, all these features are paired with experts in the field. They offer their knowledge and expertise at no cost to the merchants. Security at Heart
Meet the Exemplary Mind Helming leadership duties at PayMotion is an exceptional personality, Bobbi Leach, the CEO of the firm. Bobbi has been leading the company since 2009 and has brought her wealth, knowledge, and experience in the tech industry. Her leadership skills are responsible behind PayMotion’s growth, evolution, and what it is today; an end to end payment solution tailored for online businesses. She has guided the business and its offerings towards the world of subscriptions, consequently making it possible for www.insightssuccess.com
“We pride ourselves in the way we offer our services, offering our clients an actual team of experts in payments that will help them and support them in growing their online business, at no extra cost, each step of the way,” asserts Bobbi. Other than that, what makes PayMotion unique is its deep expertise in online subscriptions. Unlike others following a broad strategy of payments for all, PayMotion specializes in subscriptions. It has built a platform highly tailored for tracking sales from channel partners and thus makes it easy to manage businesses. Furthermore, the firm has support business in multiple countries in North America and the European
PayMotion is a robust digital service provider; however, above all, PayMotion prioritizes to confront any security breaches and any theft of customer data. In relevance, Bobbi shares, “Through our platform, we are able to track and monitor all access to our network and cardholder data in real-time and provide instant alerts for attempted breaches.” As part of the PCI DSS Level 1 certification, PayMotion adheres to regular scans, test protocols, and independent audits to meet and maintain these industry standards. What lies ahead? Revealing the plans, Bobbi cites that the firm will continue to grow as a business in the regions it serves. Herein, she plans to work on enhancing and optimizing the platform to serve the customers best and making room for upcoming clients too. For forthcoming years, PayMotion will continue to innovate and create new features and technologies to keep up with the evolving payment industry to remain competitive and best serve the merchants. | MAY 2020 | 21
OF
THROUGH
T
he way people make payments are changing faster due to the improved integration of digital technology. This has beneďŹ ted the industry with increased competition and consumer demands.
The changes can be witnessed in Travel, E-commerce, Household Bill payments etc. The recent integration of technology in payment solutions makes transactions fast and seamless and can be done at the comfort of your homes. Although we are witnessing a considerable change in the payment solution industry, there is still a consistent use of the cash and cards, which solely depends on the geographical setting. In some places, people prefer cash and cards, while in other places, they encourage the more use of digital solutions; for example: The United States and Canada. Analysis has shown that
22 | MAY 2020 |
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Need of Banking in these areas, they are likely to switch completely to technology enabled payment solutions. The payment solution processes will become more innovative because of the following disruptive trends; · Digital Banking and Remote Payment Approval As the younger aged masses are turning up to technology more than the traditional mediums, there is a notion that most payment solutions will be done through digitalenabled mediums rather than cash or cheque. This will result in more engagement of mobile phones and digital software applications. Various business outlets are accepting more of mobile payment which is helping them to improve customer experience. The addition of instant alerts, appreciation notifications and instant payment delivery is making this innovation more interesting. · Customer-Focused Strategy as a Priority One retained customer is one attained success. ~ Chidiebere Moses Ogbodo Customer experience post business encounter is what makes a difference in the industry. Digital banking solutions are improving the way customers feel after making their payments. In the past years, one need to stand in a queue in the bank before they can make even the smallest transaction, but the integration of technology innovation has reduced the stress to the lowest level. We can witness improved services and instant expense management which is helping everyone that is using this medium to stay above the crowd · Improved Customer Satisfaction through Rewards A customer tends to check back on the sales-person who gave them a tip or discount after purchase. This is also applicable in payment solution. After people makes a purchase online or even via cards and the seller offers them a certain percentage of discount, they will always want to come back. The good news is that most business enterprises are supporting this idea in collaboration with the finance institutions. · FinTech Collaboration and Expansion of Networks The innovation in payment solution is incorporating feasibility of resource management between the financial www.insightssuccess.com
and non-financial organizations. Through this development, the result will lead to easy merging of both the traditional medium of resource management concepts with the recent and digitalized concepts. Various financial organizations that may not be able to handle the process of migrating from the traditional format to the digitalized platform finds ease in doing so by partnering with technology companies. Organizational growth is measured both in market value, infrastructure and the extent of their networks. The integration of digital technology advances in payment provisions helps especially the finance-oriented establishments to easily expand their reach, even to the most hidden places in the world. This helps to touch the lives of people no matter the class and status and it repays with tremendous customer growth. · Improved Security and Payment by Codes Security is huge concern when money is involved. People are so conscious and very inquisitive about how their money will travel from the sender to the receiver. In so many cases, they will even think that such platforms as digitalized mediums are not trustworthy as a single wrong number can direct their money to unknown destination. The transaction as of the old was true cheques. But today, there will be a limited need for those methods, rather, payment will simply be done by inputting a certain username and password and your dashboard will be opened. Through this page, you can easily make every payment. The age of digitalization is turning the whole process into codebased and this raises the question of how to stay safe. It is also believed that for security purposes, the instant notification of transaction, linking of secured email and encryption to individual data and disaster-recovery provisions will lead the innovation to better direction. This concern has a big deal with blockchain, augmented reality, IoT and biometrics. You may be asking how the future will look like with techenabled payment solutions. As the world is growing and globalization is gaining a good ground, people blends in to what they see that is working well. So, as digital payment solution is making even the life of the lay man on street easy, more people in the near future will completely adopt this innovation. It will not harm the financial institutions, but it will be great if they can migrate or better integrate some form of technology strategies in their financial solutions. This change may be slow, but it will be consistent as the technology changes are not giving room for procrastination. | MAY 2020 | 23
collection, down payment, distance selling and payment at the point of sale via its unique functionalities on the market. Paytweak’s proprietary technologies combines Blockchain, Artificial Intelligence and Machine Learning with its revolutionary infrastructure and makes it both the expert and leader of secure remote payment. Connected to all buyers and all PSPs around the world, the company triggers instant payments that speed up collections and reduce customer payment times.
Thierry M. MEIMOUN CEO & FOUNDER
PAYTWEAK WHERE ALL YOUR DIGITAL PAYMENT NEEDS ARE MET
Features that Exhibit Distinction Paytweak is an efficient way to collect all your distant payments. Simple, fast and 100% secure, the following features evidently make Paytweak a class apart: • Ease of Use:
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n an era of everything-internet and virtual reformation, digital safety, security and privacy holds peak significance. Malware, torjan, phishing, so on and so forth can only be the tip of the iceberg if we take into consideration the breaches that have taken place in renowned banks and financial institutions across the world. In light of such situations, as end users or business owners, turning to a safe, secured and trusted digital platform for all our finance-related tasks is of utmost necessity.
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With the intent of bringing companies that offer the aforementioned safety and trust, into spotlight through this edition titled, 2020’s Most Trusted Payment and Card Solution Providers, we at Insights Success have the privilege to introduce you to Paytweak. Paytweak develops innovative payment management services to enable companies to accept secure electronic payment on all channels, globally. The company facilitates
Choose existing payment request messages or simply create/upload your own – Fill the amount and the customer’s e-mail address or mobile phone number and securely send the payment requests through the Paytweak’s anti phishing patented technology or through your usual software. • Encrypted and Fast: Digitally signed – Customers receive
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2020's Most Trusted Payment and Card Solution Providers
secure messages via Paytweak, meaning they can clearly identify you and make payments in total confidence. • Enjoy Profitability: All payments comes directly into your bank account – You save on intermediaries commissions/fees and receive your funds without delay. Offering Business Excellence Paytweak offers business owners with great features that make it easier to collect payment. It helps to make payment methods more profitable since businesses pay fewer fees and be more efficient. Below are a few of Paytweak’s B2B offerings: • Secure Online Invoicing: Create e-invoices following your models with an integrated payment method, reduce late payments, litigations and disputes – Send digital invoices customized with your logo and colours with innovative payment methods, so your private and/or professional customers can pay faster and more easily. Follows your Model: Paytweak makes an identical copy of your invoice, using your numbering system and integrating secure payment methods. Scheduled Payment: Plan the creation and sending of your invoices in advance, in batches or via your software. Tracking and Traceability: The digital invoice means information
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can be tracked and shared in your information system. Accounts Export: Export your accounts to your internal or external accountants • Travel Industry Payment Services: Paytweak has popularly become the instant payment service for tourism and hospitality professionals, allowing them to confirm bookings in one click and authenticate remote cardholders, and delivering complete protection from fraud. With Paytweak you can authenticate remote cardholders with 3Dsecure, and protect yourself against fraud. You instantly get on-screen notifications of secure payment and pre-approvals, as you talk to the customer. Payments are processed in real time and guaranteed by your bank. With Paytweak you secure the remote sales process from start to finish, and protect your image as well as the privacy of your customers’ bank details. • Call Centre Payment Services: Paytweak secures telephone payment during the conversation like no others and allows you to make phone sales happen. This allows you to put your customers’ minds at ease and receive payments over the phone, while your customers’ bank details stay private. Paytweak makes all your process DSP2 and RGPD fully compliant.
authenticate card holders in realtime, preserving yourself from fraud and maintaining the customer relationship at the highest level of requirement. Paytweak triggers, secures and manages remote payment while you are on the phone, notifying you when it has been processed and preserving your customers’ brand image. • Debt Collection Services: Paytweak reduces your need for working capital by optimising receivables management. Its innovative process automates the invoicing and collection process, scheduling customised friendly reminders according to the scenarios you set. To limit litigations, Paytweak manages the creation, sending and payment of your digital invoices. The solution also allows you to set scenarios for customised reminders in the event of late payment. Paytweak’s SmartScheduler gives you complete vision on sums outstanding and reminders sent, allowing you to intervene at every stage of the process. You become more available for your customers. To learn more about Paytweak and its offerings, click here.
With Paytweak’s innovations recommended by the Banks and PSP around the world, you can remotely
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Tames Rietdijk CEO Business Forensics
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Leader’s Desk
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 ue to several incidents within the financial sector related to their integrity, people and society in total solution in data mining, big data general have lost their trust in banks and insurance processing up until case even firms. Most of the banks and insurance firms know this license better than anybody else. Regulators and supervisors are management and sanctioning.
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almost furiously trying to restore this trust by imposing strict rules upon them that focus on preventing the previous incidents from happening again. Even though this might win them some battles, I will definitely not win them the war, as the issues they are struggling with are far more complex:
• Trying to manage their data: volume, privacy, complexity, security, availability etc. Especially in a context of finance and risk, additional requirements apply to the confidentiality, origination and audit trail of data; • Reducing their IT expenses: keeping old aged systems up-and-running is difficult and expensive, resources understanding these systems are growing scarce, and such a situation is definitely stalling IT innovations, where they seem to be required to adopt new technology; • Responding to findings from regulators and supervisors, which need to be resolved imminently at the risk of large fines, negative career implications or www.insightssuccess.com
consequences. • Replacing current solutions being ‘endof-life cycle’ for which safeguarding the history as built up in their current system may be a specific issue, in addition to a potential operational risk when solutions cease to function;
• Processing too many operational risk issues, imposing a reputational risk for both the bank and its leaders, is troubled by a large number of false positive alerts, taking up valuable time and resources. These is only an example of reasons for a growing back log. BusinessForensics also aims for banks and insurance companies to rebuild trust. Yet we realize that to win the war, it takes a different approach. We believe that banks and insurance companies need to reorganize themselves in order to improve their operating models and to safeguard the integrity of their employees and clients. Yes, this involves new rules & regulations. But that is not enough. | MAY 2020 | 27
Sustainability requires banks and insurances firms to embrace their future with confidence. This also involves new technologies and new data, which in turn will bring them new risks. It even involves new competition. We believe that truly good-natured banks and insurance firms can be compliant with new rules and regulations. Embrace new technologies and new data. Timely identify new risks. Face their new competition with confidence. To create an organization that is in control. By design. Only then will they be able to avoid crime, coincidence and prejudice. And that is where BusinessForensics comes in. We achieve that level of control for our customers by continuously monitoring their compliance- and integrity risks, from multiple angles. The result: a transparent and truthful view on ‘what is happening, here and now’ in their organization. Our focus on risk allows them to respond effectively to emerging challenges, in order to keep the bad guys out (in terms of clients and employees). By learning from our customer’s experience, our system continuously improves their responsiveness and resilience. Improves their level of control. Control brings confidence, and only with confidence can you build a bright future. BusinessForensics aims to be the trusted partner of choice for banks and insurance companies aiming to rebuild trust. To us, partnership means cooperating to reduce all relevant compliance- and integrity risks to levels that are acceptable for banks and insurance firms, for their clients and for society as a whole. Our approach follows 7 standard steps: Ÿ An experienced team that understands and is passionate about (big) data analysis, machine learning and (cyber) security, bringing sustainable fintech innovation to your company, Ÿ We structure your data in such a way that you are prepared for every possible outcome, as it is impossible to predict what you will come across during your analyses. Ÿ We deliver a fine grained, adaptable configuration because every organization is unique and the system must resemble your specific situation as much as possible. Ÿ The results or our joint analysis must result in an increased awareness and understanding of what is happening here and now within your organization, with a focus on (integrity) risk. Ÿ This improved insight in the identified risks will allow you to decide how to best respond to them, in order to reduce potential damages as much and as soon as possible. Ÿ Our collaborative learning approach allows your organization to continuously improve its resilience and pro-actively reduce its risk profile through automated feedback loops,
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As a result, your organization feels as if it is ‘Designed for Control’, having protected both the privacy of individuals and value of your assets.
In this complex financial world, BusinessForensics provides a coherent package of future-proof solutions to the major challenges facing all financial institutions in the coming decades: Ÿ Implementing new laws and regulations, Ÿ Becoming more responsive to new emerging risks, Ÿ The increasing volume, complexity and velocity of (new) data, Ÿ Embracing new technologies, being able to drive business innovation, Ÿ Preparing for the new competition: technology platforms, crypto currencies, fintech etc. BusinessForensics provides a structured approach to reducing a bank or insurer’s risk profiles while reducing their cost of compliance, and at the same time improving their damage recovery rates. Trust accelerates performance. Between banks and their clients, man and machine, old and young.
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. 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. 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. www.insightssuccess.com
“
Prodoge clients control their own keys (seed phrases) to their wallets, which puts them in control over their funds instead of relying on a 3rd party
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Julian Kopald Vice President
AN EMERGING LEADER IN THE FINTECH MARKET
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extended explanation wouldn’t arise, taking into consideration the nature of the FinTech industry, the related market and its benefits to customers.
The change-driven adoption of this digital transformation by the finance industry has opened up a myriad of doors for both financial institutions as well as the common public. The need for an
Pertaining to this evolution of the financial industry into a much sophisticated yet easily adoptable models and functioning, we at Insights Success, through this edition, bring to your desk, 2020’s Most Trusted Payment and Card Solution providers; featuring companies striving to provide best-in-class solutions.
he onset of an everything-digital era has been evidently showcasing signs of an endless influence over the commercial world. It has been impactful to such a level, that as end users or consumers, our day-to-day tasks and needs are now effortlessly achievable and attainable.
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One prominent name among those companies is Prodoge. Headquartered in Los Angeles, Prodoge began as a Dogecoin processing company in 2019 and has grown to become a crypto wallet supporting Dogecoin, Bitcoin, and Digibyte, while offering all the tools anyone needs to do business with those crypto currencies along with fiat currencies. These tools include peer to peer payments, invoicing, point of sale, shareable payment links, online checkout
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2020's Most Trusted Payment and Card Solution Providers widgets, and a global marketplace where people & businesses can promote themselves, send messages, and list & sell their goods & services without merchant fees. In the following interview, Julian Kopald, Vice President of Product Development, shares valuable insight into the current digital currency market and how Prodoge strives to sustain its competency. Below are the highlights of the interview: What is your opinion on the current scenario of digital payments? The future/present of payments will see the market split between “custodial” solutions offered by banks, card networks, and other “legacy” fintech providers, and “non-custodial” solutions offered by crypto currency focused businesses. Non-custodial solutions will grow as people & businesses seek greater privacy, more control over their funds, and embrace the near instant and nearly free global value transfers offered by crypto currencies. What are the major contributing factors behind Prodoge’s success and why? Prodoge really takes crypto beyond mere speculation and gives anyone the tools to become a global merchant in under a minute. It’s not just a payment solution, but a new way to do business and promote goods and services, with it’s own global marketplace to list products, profiles for merchants, and instant messaging all built into one platform, alongside traditional tools such as invoicing, point of sale, website checkouts, and shareable payment links.
or card based fiat payments in over 200 countries. Add to this that Prodoge has zero merchant fees for listing products, or doing transactions, along with nearly instant global settlement when using crypto, and doing business with Prodoge can quickly yield positive returns in both time and money. How do you amend your offerings and criterion according to the rules and regulations of the different countries it serves? Prodoge is a non-custodial solution, so our clients become their own banks, control their own funds, and are in total control. Our role is to provide a great platform for doing business and we actively monitor our marketplace to make sure it’s being used lawfully for legal business use cases. Security is a primary concern when it comes to payments. How does your company ensure security and safety? Prodoge clients control their own keys (seed phrases) to their wallets, which puts them in control over their funds instead of relying on a 3rd party. What aspects of Prodoge display its foothold in the market? Prodoge clients love being able to send or accept either crypto, or card payments (through our integrations with Stripe &
Paypal). This allows them to continue to do business in the “traditional” way, while expanding into the new world of digital payments offered by crypto, where global transactions can settle almost instantly and for free. All of our solutions are also mobilecentric, so people can invoice, take payments anywhere with the point of sale, or even online with our multicurrency web checkouts. Our shareable payment links are also popular, as people seek to get paid faster and easier over social media and through channels like WhatsApp and others. What can be expected from your company in the coming years? Prodoge will be continuing to improve our marketplace, merchant profiles, and making it easier for businesses to both promote themselves and find each other. In addition to this, we will be looking into adding exchange services for crypto & fiat, so that our clients can manage their funds with greater ease. Already, through Prodoge’s integration with Zapier, merchants can export their data to over 1,000 apps such as Quickbooks, or Salesforce, and in the future, we expect to continue opening our solution via API’s to list products or perform actions from anywhere.
Why should customers choose Prodoge? How do you distinguish your offerings from your competitors? Prodoge is perhaps the only solution available that allows people and businesses to send or accept both crypto www.insightssuccess.com
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SUSTAINING
ENTREPRENEURIAL SPIRIT IN THE
MODERN ERA
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usinesses operate, survive and progress in a highly dynamic economy, where change is the rule, not the exception. The change may be slow, sudden or almost extensive. One of the important forces of change is the change in technology. Most of these changes are used to enhance human capabilities to accomplish meaningful work. These changes are sometimes thriving on the entrepreneur. A successful entrepreneur works to visualize these future changes rather than waiting for it and create a more desirable environment in the organization. Technological breakthroughs do occur and it takes courage for an entrepreneur to accept the change and its implication. Technology breakthroughs like computers, color television sets, electronic sets, fuel-efficient vehicles, etc. have encouraged entrepreneurs to manufacture these products. Thus changes in technology from time to time pose several alternatives before the entrepreneur. This is an ongoing process in which the entrepreneur sets goals and strategies to meet changes in technology. But for strategies 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, entrepreneur is required.
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Technology is helping us solve problems where human power alone is not enough. Different types of businesses require different technologies, but again, it is impossible to solve all integration needs with a single technology. This article will help you understand, that technology is only the part of the original solution and how in different sectors the entrepreneur’s surrounding really matters. Accounting Technology allows us to complete tasks faster. It replaces the tiresome tasks of manually storing, 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. Employees today are far better at finding what they need when they need it. Though only this will not achieve the outcome. Here, let’s take a clear look at how the entrepreneur’s spirit is really helping to achieve the desired goal. Ÿ
Technology is good for bringing the change not forcing it. It cannot make employees more efficient. Yes, the right technology can help to make the work easier, but if an employee is truly falling behind or is just inefficient, all the technology in the world will not solve this situation. The
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Entrepreneur Speak truth is such employees can be sometimes inefficient due to either inexperience or laziness. An entrepreneur can identify this problem by improving communication in such 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 new and faster technology will not fix the problem. While a better solution is sitting the departments down together and talking about the problem with the entrepreneur will be a real solution. Retail Technology allows retailers to be available day and night interacting with customers how, when and where they are ready to shop. Retailers depend on technology to manage 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 even if it is embedded within AI, advanced analytics, etc. Ÿ
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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 maintains loyal customers. Communication In virtual workplaces, employees can interact and develop ideas by connecting through the use of video conferencing. This may include training and important meetings from far 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’s good communication is necessary to allow efficient flow both internally (among employees) and externally (using technology). Ÿ
Automation The robots are coming and can actually help us, to be more productive, freeing us from most of the time-consuming Ÿ
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and repetitive tasks. One of the most important areas of a p p l i c a t i o n o f a u t o m a t i o n i s c o m p u t e r- a i d e d 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 replace human. Technology can do an adequate job, but we still need humans. It is certain that people to people communication remains fundamental where the entrepreneur’s contact in the various stages is required. Security Technology becomes even more critical when operating the business online. It is important to protect the businesses 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 slowing down any file or document. Ÿ
Storage Technology has led to the development of cloud computing to store business information and has been accepted by many in the world of business. Cloud Computing is cost Ÿ
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effective and convenient to the company management and employees can access data from anywhere by just using a device that can access the internet. It helps entrepreneurs to trust these technologies and build a strong trust among internal management of the company. Overall Artificial Intelligence, Blockchain technology, Cloud Computing, Internet of Things, 3D printing, etc. today are helping entrepreneurs to use this technology in every field to grow their businesses. But technology alone cannot create a company culture, where human interactions are valued. Because it is people who are assigned to work on this technology and to encourage them 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 needs of the company are, by creating a connection with all 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 well as guided men to create the better world.
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