Vol.3.Issue 12. December 2017
PCM
YOUR GATEWAY TO THE WORLD OF PAYMENTS
Innovating the world of eCommerce
AMIR ABDIN Founder & Editor-in-Chief Founder & Editor-in-Chief Founder & Editor-in-Chief
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Contents 6 8 12 15 19 24 27 30 32 33
BANKING CIRCLE: OPENING UP THE GLOBAL MARKET FOR FINANCIAL INSTITUTIONS
THE THREE HOTTEST ECOMMERCE TRENDS OF 2017
BANKS NEED MORE ROBUST ANALYTICS TO THRIVE- AND EVEN SURVIVE
THE EVOLUTION OF ECOMMERCE
STARTUP SPOTLIGHT: PAYKEY
HOW THE BIGGEST E-COMMERCE MERCHANT MEET THEIR CUSTOMERS PAYMENT NEEDS
ARBY’S PAUL BROWN
MONETIZE 9 IN AMSTERDAM
HOT JOBS
INDUSTRY EVENTS
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We wish you cheerful and festive holidays!
The Thought Leader rubric is a collection of leading professionals from a wide range of firms in the industry, educating the market on the best practices and how to overcome certain challenges.
Banking Circle: Opening Up The Global Market For Financial Institutions By Anders la Cour My name is Anders la Cour. I am one of the co-founders and the CEO of Saxo Payments Banking Circle. My career in payments started at a law firm in Copenhagen, where we were dealing with one of the large FinTechs emerging in that space. It caught my interest. A couple of years later we set up the business that today is Saxo Payments Banking Circle.
The traditional banks are facing the challenge of effectively servicing businesses that handle SME payments on a global scale. Changes to regulation mean that newcomers in the market, especially within the FinTech industry, have been able to step in and fill the gaps left by larger banks that no longer want to service this sector. This has created the global single digital marketplace for financial services.
Repositioning Saxo Payments Banking Circle
However, whilst the larger banks might have started the process of change slowly to address the digital marketplace, given their traditional heritage, they have a lot of knowledge, a lot of capital and a lot of insight in the industry and they will definitely bounce back. By 2020, the banking industry is likely to be more fragmented, but the different ways of delivering “banking services” will be broader than we see today. It will be interesting to see who the winners will be in that digital space.
We are still part of the Saxo Bank Group, with the same DNA that we had at the inception of our business. Our evolution over the last couple of years has been rapid and we have achieved significant growth in a very short space of time. That has brought us to a place where our role as a financial utility has been firmly established, evolving from simply being a facilitator for cross border payments. We are now putting a lot of resources into building our market position. We are still Saxo Payments Banking Circle and our platform, the Banking Circle, is getting more attention in the market. Due to the evolution and huge changes currently impacting the financial landscape, financial utilities will become more and more important. Over the last couple of years, we have seen a trend where Financial Tech businesses and banks are moving up the value chain and are trying to get as close to the customer as possible. This has created a transition towards more separated parts of the value chain. Ten or twenty years ago, everybody wanted to own the entire value chain, integrating all the components that underpin their service as part of their internal operations. Now we are seeing businesses focus more on their core proposition, and outsource the back office functions to companies with the specific expertise required to make the offering successful. This is where Banking Circle is coming into its own. We are providing the means for financial institutions to be open to service businesses operating in the international marketplace, sending and receiving cross border payments, whilst still allowing them to focus on the customer relationship. Banking Circle takes away the traditional requirement of multiple banking relationships and all of the paperwork and loss of time usually associated with the correspondent banking model of international payments. Changes to the international banking industry The enormous change that has occurred over the last decade, and which continues to accelerate, has been driven by the emergence of new technology and new regulations coming into force. We live in the era of a networked society where everyone is connected through different devices and this, therefore, accelerates innovation. Both consumers and corporates need to operate effectively and efficiently in this digital world.
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Financial Utilities As companies become more global, there is an increasing demand for corporates to transact across borders; without delay, without friction, and using only a handful of bank accounts to manage liquidity. The challenge is to do that competitively, and profitably. A bank’s operating cost of processing a cross border payment is somewhere between $25 and $35 per payment. With an operational cost base of between $25 and $35 per payment, it does not make sense for a financial institution to deliver that service as the cost passed on to the customer will be obstructively high. This is where financial utilities like Saxo Payments Banking Circle come in. They will allow anybody in the financial space to provide a service which would not be viable for them to provide in-house. To understand how this works, a useful analogy is the beginning of the industrial revolution 200 years ago. Most factories tried to have their own power generator. Today no factory would attempt to operate that utility themselves. Instead they source their power from a third-party supplier. We are seeing the same change taking place in the financial industry right now. And over time this will make a big difference, allowing financial institutions – whether the emerging Financial Tech companies or the incumbents - to focus on what they are best at, which is the customer relationship, the user experience and product development.
Anders la Cour
Co-founder at Banking Circle
C h a l l e n ge s fa c e d financial institutions
by
Anders la Cour is a hands-on leader, driving innovation to facilitate more efficient and costeffective cross border payments. As at July 2017 the Banking Circle annualised monthly run rate was $36 billion.
Many of the challenges we see today are linked to the fact that most of the IT infrastructure within which many banks operate, were built before the creation of the online space. From a product distribution perspective, it is quite a different product that you distribute online compared to the product you distribute in retail stores. It is not that the banking industry does not understand what is going on but the setup they have is positioned more as a retail bank than operating within the online space. Therefore, banks need to develop the structures and framework to deliver products in the online space, or risk falling behind competitors. To understand this challenge, we divide it into two categories; the user experience and the core back office. The user experience will definitely develop, as it makes sense for the banks to focus on this highly important area. However, it does not necessarily make sense for a bank to develop the core back office, because that comes back to the unfeasible cost structures mentioned earlier. As banks have a lot of experience, branding and funding, they will get into the user experience space and become very good at it. Whilst there is an argument that if they wanted to, some could also develop the core banking side, strategically this will only make sense if they were to deliver on a massive scale. The solution, therefore, is the evolution and growing relevance of the financial utility. Just as the evolution of power utilities proved that it didn’t make sense for factories to operate their own generators, soon it will not make sense for financial institutions to operate their own financial utilities.
Thought Leaders Corner
About Banking Circle Banking Circle is a global scale financial utility, underpinning the service propositions of financial institutions. Banking Circle enables financial institutions to offer banking services to their customers, helping them to trade globally and improve cash flow through enhanced speed of settlement whilst remaining fully compliant with financial regulation. A new white paper from Banking Circle is throwing the spotlight on how emerging financial utilities can make the difference. Published by Burnmark, the white paper examines the role financial utilities can play and how they are opening up the global market for financial institutions to meet 21st Century demands and expectations.
GET YOUR WHITE PAPER COPY HERE
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The Three Hottest E-commerce Trends of 2017 2017 has seen a reinvigoration of the worldwide ecommerce market, with the cross-border market developing faster than domestic online retail. In fact, the compound annual growth rate predicted for crossborder ecommerce for 2017 to 2022 now stands at 17%, higher than the 12% growth rate for ecommerce overall. Below are some of the most interesting trends and shifts that are driving the market.
The quicker and more cost-effective option for dealing with PSD2 is to outsource control of some or all of your funds to a licensed payment, such as Acapture - already compliant with PSD2. This way, marketplaces will not need to make huge system changes to continue operating as normal. For those interested, here are some easy-to-read reports on the implications of PSD2.
1. Online Marketplaces dominate the international scene
2. Consumer technologies driving growth of eCommerce
In 2017, online marketplaces have continued their rapid growth worldwide. By 2020, 39% of the world’s entire ecommerce market will be controlled by marketplaces, while, already, 53% of cross-border sellers in the US use online marketplaces. In China, Alibaba Group, the Asian ecommerce giant whose portfolio of websites includes the marketplaces Alibaba.com, Taobao and AliExpress, became Asia’s most valuable company and by August its market cap had reached USD442 billion. By subverting the traditional retailer consumer relationship and acting as a link between the buyer and the seller, online marketplaces have created a level of security and usability for all involved parties that would be very difficult to establish otherwise. For emerging merchants looking to move cross-border, an established marketplace offers all the tools they need. In 2018, marketplace operators will be heavily affected by the revised Payment Services Directive (PSD2), which obliges any operator that, at any stage in a transaction, is handling another party’s money to be licensed as a payment institution, with all that it entails from a financial, regulatory and operational angle.
While consumer technology is making the buyer more accessible to the merchant, it is also making the buyer more demanding, with a greater expectation for personalized shopping experiences and flawless logistics. To deliver such services, the big brands are utilizing the most popular technology trends, of which these five are the most prominent: data science, AI and machine learning, virtual reality, blockchain and the Internet of Things (IoT).
Data science By the end of 2016, the worldwide data market was worth USD23.8 billion. By the end of 2017, it will have nearly doubled to USD43.3 billion. Driving this growth is a need for businesses to better understand their buyers in order to better personalize shopping experiences and better optimize their service. For cross-border merchants, the ability to track the behavior of international buyers is invaluable when crafting an expansion strategy. It will, however, be crucial that all efforts in this area are made in line with GDPR from next May onwards. Artificial Intelligence and Machine Learning AI and machine learning bridge the gap between collecting data and putting it to use in the real world. With high quality AI software, merchants can truly personalize the customer experience with bespoke suggestions based on previous shopping behavior and deliver smart messages, tips and insights at the right time. Over the next three years, the AI industry will reach a valuation of USD70 billion. Virtual Reality With 171 million active users worldwide, VR is becoming increasingly attractive to merchants looking to give their consumers a unique, immersive shopping experience. While omnichannel retail has traditionally meant a combination of instore, mobile and online shopping, VR shopping represents an evolution of the concept, adding a new, compelling channel to the mix.
Gijs op de Weegh COO at Payvision Gijs op de Weegh is the COO of Payvision Group. He oversees the ongoing business operations within the company and the development and implementation of Payvision and Acapture’s overall corporate strategy, including business development, joint ventures and strategic investments. Gijs had accrued extensive knowledge into the ecommerce and global payments industries.
About Payvision Payvision Group combines the experience of an industry leader and the flexibility and speed of a start-up, being one of the fastestgrowing data-driven omnichannel enterprise. The Group includes Acapture, launched in 2015 as a brand new PSP and Payvision, an independent, global acquiring network. The Group maximizes the revenues of merchants and helps them grow their business globally through a data-driven omnichannel approach, a complete and reliable payment platform. The two companies were awarded Best PSP at the 2017 MPE Awards in Berlin.
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Blockchain Valued at USD210 million at the end of 2016, the blockchain market is expected to soar over the coming years and hit a valuation of USD2.3 billion by 2021. The key effect blockchain’s popularity will have on ecommerce is how simple it makes international online payments. Currently, the cost of cross-border remittance is between 5% and 20%. With blockchain, this cost is reduced to just 2% or 3%, while also guaranteeing the real time payment. Don’t miss my latest piece on cryptocurrencies and blockchain. The Internet of Things (IoT) In 2017, it is simply impossible to separate ecommerce from IoT. 82% of worldwide enterprises express an interest in IoT, with 23% using an IoT solution of some kind and a further 29% planning to implement one in the near-future. From energy efficiency to quicker time to market, cleaner inventory management and improved productivity, the potential benefits of IoT to international ecommerce merchants are nearly endless. 3. The transformation of the payment service providers (PSP)
Higher authorization rates Transactions are often rejected when one of the banks involved demands stringent security standards that are not being met. For example, they might block payments coming from banks registered in certain countries or use particularly tight security checks.
While consumer technology is making the buyer more accessible to the merchant, It is also making the buyer more demanding, With a greater expectation for personalized shopping experiences and flawless logistics.
To go beyond the initial role of a PSP to facilitate a transaction, a retailer’s PSP can offer crucial assistance in three areas. This support will not only enable the retailer to grow its business, but also propel the PSP on the much desired position of a trusted advisor. Leveraging payment data for a new level of consumer insight
In the omnichannel era, retailers have an ever increasing amount of payment data streaming back to them from various sources – in-store, online, mobile and social. This massive volume of information is one of the modern merchant’s most valuable assets to optimize their business.
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And yet, properly leveraging payment data requires expertise and a lot of time. The forward-thinking PSPs put data at the heart of their solutions for never-before-possible insights that enhance the customer experience and maximize revenue. For instance, at Acapture, we specialize in tailoring the checkout pro-cess to the merchant’s specific industry. This way, we can ensure merchants accrue as much potentially valuable data as possible without spamming the target audience.
So, even though the consumer is totally honest, the payment never reaches the retailer. Using data science, we can increase the chances of every legitimate transaction being authorized, leading to better authorization rates and higher revenues. Locking out fraud
When it comes to fraud, PSPs perform a delicate balancing act. Their platform must be secure enough to keep the fraudsters at bay while being flexible enough to accept as many legitimate transactions as possible. In the past, PSPs have been overly cautious. For example, they have blocked the IP address of entire countries where fraud is prominent, cutting out millions of potential genuine customers in order to stay protected. Through intensive data mining we can reduce the chances of false positives.
2017 KEY BUSINESS DRIVERS AND OPPORTUNITIES I N C R O S S - B O R D E R E C O M M E R C E R E P O RT
Banks Need More Robust Analytics to Thrive - and Even Survive According to a 2016 Juniper Research infographic, online transaction fraud is expected to hit $25.6 billion by 2020, meaning $4 of every $1,000 spent online will be fraudulent. The research firm also reports that retailers stand to lose $71 billion globally from fraudulent card-not-present transactions over the next five years. As settlement for ACH and wire payments accelerates, retail banks need to focus intently on catching fraud in real time—or risk losing business. One key tactic will be a greater reliance on machine learning and adaptive behavioral analytics. These technologies will not only help banks reduce real losses, but also cut the number of genuine transactions that get turned down—incidents known as “false positives.” While machine learning and adaptive behavioral analytics have been around for years, many banks haven’t embraced this technology due to the perceived cost of investment. Financial institutions also historically had the luxury of time: up to two days to stop suspected fraudulent transactions, the historic standard for ACH settlement. Yet now the faster world of ACH and wire payments is changing the dynamics. Institutions have started processing same-day digital ACH debit transactions. Same-day payments can settle in hours, increasing the chances that fraudsters can steal large amounts of cash. Meanwhile, settlement times for wire transfers now take as little as 10 minutes to complete. ACH and wire fraud might lag credit card fraud in terms of the number of hits, but they tend to be much costlier per incident. In one common instance, fraudsters first use phishing emails to obtain logins and passwords, then hack the email accounts themselves. These hackers will then pose as highlevel personnel, such as chief executives and chief financial officers, tricking accountholders into transferring funds to false recipients, often under a pretense of urgency and secrecy.
Wire fraud alone has had devastating effects. By one measure, email account compromises amounted to losses of $361 million worldwide in 2016, up 47 percent from a year earlier, according to data compiled by the Internet Crime Complaint Center, a division of the FBI. Outstanding risk is even higher: exposed dollar losses—including incidents where funds were recovered—amounted to over four times as much. Fraudsters also hack email accounts to target ACH transfers, with real estate being a common target due to the large sums of money involved. In one U.S. case, (in the state of Georgia), criminals hacked the email account of a real estate agent representing the sellers of a house. The hackers obtained the contact information for an attorney that was representing the buyers of the home. Posing as the seller’s real estate agent, they sent an email to the attorney requesting funds be sent to a fraudulent account number. The attorney unwittingly obliged, thinking it was the real estate agent representing the seller, and $200,000 was gone. The victim is now suing his bank and the attorney. Transaction fraud management redefined As ACH and wire fraud escalates, it’s not hard to see why stronger real-time monitoring is needed. Fraudsters have become more organized and sophisticated, some of them former bankers working in real offices and some even working inside actual banks. They are constantly changing how they’re interacting with financial institutions to pose as customers or hack into email accounts. In this environment, banks need more than traditional static fraud monitoring systems, since they degrade quickly as fraudsters change tactics.
Adaptive behavioral analytics can be used to detect anomalies in real time to identify new types of transactional fraud when they occur, without time-consuming (and expensive) manual intervention. The technology also has become extremely cost-effective to implement. Adaptive behavioral analytics brings two key components to help financial institutions minimize fraud and reduce friction: 1. Individualization Rather than only applying global rules to a vast data set of thousands of customers, behavioral analytics focuses on building anonymous statistical profiles of individuals, using hundreds of inputs. This micro approach helps banks understand changes being made to the account, to contextualize what is going on, and detect anomalies across multiple, complex data collectors. For example, real estate attorneys have very different transaction patterns versus those of printing businesses, so it’s important that a platform is able to contextualize the types of transactions a bank would expect. 2. Machine-learning capability Models using adaptive behavioral analytics can teach themselves. They can “study” customer transactions and detect different patterns of fraud, constantly updating their assessment of what is fraudulent and what is not. By contrast, static models will degrade quickly. Adaptive models are “non-degrading systems,” obviating the need for a massive update each year, or continuous manual updates by staff. Machine-learning models can also constantly tweak how they weigh inputs to make an accept or reject decision, including how accountholders logged on, what their usage patterns are, the destination of the funds, and how long accounts have been opened.
David Excell
Co-Founder & CTO at Featurespace Dave is Co-Founder and CTO of Featurespace. He studied with Professor Bill Fitzgerald (Featurespace Co-Founder) at the University of Cambridge, where he developed the ARIC platform. Under Dave’s leadership, Featurespace has grown from a concept to a commercial success with many blue-chip customers. Dave has been awarded 11 prizes and scholarships for his academic and commercial achievements, including the 2011 ITC Enterprise Award for Young Entrepreneur.
A practical approach to fraud management The fundamental takeaway to this changing landscape is adaptation and evolution. Fraudsters are not static, so risk models should not be either. They must be able to detect behavioral anomalies in real time to identify new types of transactional fraud when they occur, without manual intervention. This reduces false-positive alerts, allowing banks to accept more genuine transactions by better understanding the legitimate behavior of individual customers. It’s not a question of whether banks can fight fraud, it’s how efficient and cost effective they can do it in a world of shrinking payment windows for ACH and wire transfers. Machine learning and individualization will help banks adapt rapidly and avoid degradation of their transaction fraud monitoring. Early adopters of this practice will ultimately have a competitive advantage over their peers due to decreased fraud expenses, increased operational efficiency and most importantly, a better customer experience.
About Featurespace™ Created the ARIC™ platform, a real-time, machine learning software system. With offices in the UK and US, Featurespace has deployed ARIC to financial services and gaming organizations that have services or products in more than 180 countries. Customers include Ally Bank, TSYS®, Worldpay PLC, Playtech, PaddyPowerBetfair PLC, Vocalink Zapp, CashFlows and William Hill.
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EXPERT INTERVIEW
This is our cover story of the month. Highly regarded experts in the industry provide their point of view on specific challenges that merchants and other companies face in their day-to-day operations.
The Evolution of eCommerce
PCM: What are the latest payments developments you are seeing in the eCommerce world? Daniel: The main developments fall into three key trends: the rapid digitization of payments; the expanding role payments providers are playing in the provision of Big Data; and an intensifying ‘omnichannel’ approach. The first of these trends - the rapid digitization of payments - has been driven by two significant influences. Firstly, an increased consumer confidence in mobile payments and secondly a proliferation of new ways to process online transactions. We’ve seen the evolution of cash into ‘digital cash’ formats so that customers can spend it more easily online, as well as a plethora of emerging digital payment solutions now on offer. Gone are the days when the online shopper was restricted to completing their purchase using a credit or debit card requiring the backup of a bank account. Today’s eCommerce environment offers multiple, alternative digital payment options. These include the digital cash methods and pre-paid cards; e-wallets; e-vouchers; virtual account numbers or single use credit cards; cryptocurrencies; voice recognition and biometrics and the list goes on and on. What matters though is not that these digital payment solutions now exist, but that customers across all demographics are adopting them at a rate of knots thanks to their flexibility, added convenience and value for money. Furthermore, the newer digital solutions often offer significantly tighter security and avoid some of the most prevalent types of fraud that can occur when cards are stolen.
Payment processors can crunch extensive sources of data rapidly and deliver timely learnings. For example, we’re now able to assimilate Big Data from across all Paysafe channels, platforms and geographical locations and then overlay it with additional external sources, giving merchants enhanced analytics and insights in areas that were previously beyond our capabilities. Through this we can show them exactly what impact every variable has on their business, not just the conventionally tracked ones. For example, what impact does the weather have on sales? These are the sorts of questions we’re now starting to help our merchants answer. On the less savoury side, there’s recognition that the Big Data we can provide also acts as a powerful tool for solving some of the payments industry’s oldest problems. Fraud, in particular, becomes much easier to identify and address with real-time data tools. The combination of fast, powerful server grids with real-time data sets and predictive analytics lets us infer fraudulent behavior literally as it happens, rather than long after the fact; something that was nearly impossible to do with yesteryear’s conventional relational database technology. Using Big Data insights to build, grow and protect eCommerce businesses is not new, but we’re witnessing a growing recognition of the value payments partners are bringing as merchants increasingly lean on us for not just data, but actionable intelligence.
The second trend is that our many of our merchant partners are increasingly leaning on us for additional Big Data insights.
Expert Interview
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The third big trend we are seeing is around the ‘omnichannel’ experience. I hesitate to now use the term omnichannel because the word ‘omnichannel’ is arguably losing relevance. It might have sufficed in the e-commerce landscape of five years ago, but today’s scenarios are vastly more complex. The big problem with omnichannel is that it isn’t nearly omni enough. The idea that payments organisations can design their services around specific payments types for specific situations looks increasingly old-fashioned as the geographical and technological barriers between consumers and merchants become ever more blurred. In effect, they want a unichannel – not another loosely connected set of tools for a set number of scenarios, but a single, consistent platform that gives them control over every present and future aspect of their commercial payments activity. PCM: How will these developments impact the future of selling online and in-store? Daniel: The impact will be, and already is, massive. In terms of the ongoing digitization of payments and the evolution of cash, we’re seeing a huge adoption in the use of mobile wallets and other alternative forms of payment. The move to digital solutions has manifested itself around the world in some significant social changes such as last year’s demonetisation in India and the rapid introduction of biometric-based authentication in numerous countries.
Uber and Ola are great examples of getting this consumer experience right – you can walk away from the car without having to handle cash, worry about tipping the driver or collecting a receipt. This is incredibly easy and transparent for the passenger. More and more we’re seeing eCommerce merchants connect with consumers via integrated apps and platforms, with payments coming along for the ride, frictionlessly. Against the backdrop of providing a frictionless experience, eCommerce merchants also need to continue being laser focused on protecting themselves and their customers from fraud. Recent Paysafe research found that the majority of consumers today believe fraud is inevitable when shopping online, and, as a result, are willing to accept heightened security and authentication measures. The challenge facing merchants is how to enhance security while at the same time not detracting from the overall customer experience.
Big Data provided by payments partners is increasingly becoming a critical business tool. The opportunity of further impact is enormous – think about how the data can be truly leveraged and supported by AI to achieve mass-personalization, recreating the historical, highly personal relationship between store owner and customer. The eCommerce merchant is now better able to fully understand the customer’s unique needs and preferences and deliver a truly exceptional online retail experience. Some eCommerce players are already well on the way to achieving this. In terms of the new omnichannel, or unichannel, approach, this is now driving a more seamless commerce experience and generating some fantastic opportunities for eCommerce. For example, now when a customer goes in store to buy a new product, a TV for example, and they don’t find the one that exactly meets their requirements, they will now use their phone to order it, while still in the store. Is this an in-store, an eCommerce or a mobile commerce purchase? I think it’s all three! PCM: What are the most important factors in an eCommerce transaction and what do retailers need to pay special attention to? Daniel: Unsurprisingly, delivering a frictionless customer experience continues to be a huge priority. The retailers who thrive online are those who continue to invest in this and are mindful that it also needs to include the broad range of payment options that people now expect.
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PCM: You say a frictionless customer experience continues to be a high priority for eCommerce players, how do payments affect the process? Daniel: The payments process plays a critical role in today’s customer experience. Now it’s not just about how quickly the page loads and how well it renders on mobile but also about the range, relevance and efficiency of the payment methods offered. Millennials have been trained by the Apples and the Ubers of this world, to expect flawless, intuitive payment experiences. In general, it’s fair to say that all consumers view “their last experience as their next expectation.” So, keeping up with, and exceeding, those high baseline expectations is an absolute must.
For example, one of the areas that I believe needs some clear focus in terms of resolution is the pernicious incidence of “false declines” when a legitimate customer is declined his order purchase. The indications are that lost sales due to false declines can be even costlier to merchants than fraud itself. PCM: In summary, what are the main payment-related challenges in eCommerce? Daniel: The main payment-related challenge for an eCommerce player is simply choosing the right technology and payments partners. My advice is to do the necessary research and demand a lot from whoever is selected. For example, the right payments partner should be able to offer the broadest variety of both traditional payment methods as well as all the emerging solutions that are now widely available and growing fast in popularity. Their payments partner should also guide them on what tools and processes to put in place to severely curtail the incidence of fraud. This is critical to building customer trust and brand loyalty. As mentioned earlier, the same partner can also provide extensive and invaluable Big Data insights, above and beyond what was previously available, to help them strategize and thrive in today’s highly competitive eCommerce world. I know I’m biased, but selecting a superstar payments partner can be a make or break business decision for any retailer, but probably even more so the online retailer who is typically selling to very time-poor and highly discerning shoppers who are spoilt for choice in terms of retail options and can be a lost sale in a single click! eCommerce players should not be daunted by this, but see it as a huge opportunity. Digital technologies are the “great equaliser” of our time and it’s now easier than ever to reach new customers in new sectors, markets and even countries. Because of this, the global cross-border B2C e-commerce is expected to reach US $424 billion by 2021, double what it was in 2016.
Daniel Kornitzer
Chief Product Officer Daniel Kornitzer is EVP and Chief Product Officer, Paysafe Group plc. He has over 20 years of experience in technology management during which time he has pioneered groundbreaking initiatives, from one of the world’s first over-the-phone speech recognition systems at Nortel Networks and the ISO/ITU standards for video coding in use today, to FirePay’s digital wallet and industry-leading risk management processes.
About Paysafe Paysafe is a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through its industry-leading capabilities in payment processing, digital wallets and online cash solutions. Delivered through an integrated platform, Paysafe’s solutions are geared towards mobile-initiated transactions, real-time analytics and the convergence between bricks-and-mortar and online payments.
Against this backdrop, businesses can no longer afford to treat payments as a mere commodity.
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You think you have what it takes to start a business in a super-hot market? PCM takes a close look at some of the most innovative and promising startup companies in the payment industry.
PayKey sits in a really unique position in the market as we offer banks a solution to the challenges they are facing from both the world of social platforms and fintech companies.
PCM: Tell us about PayKey. How did this idea come to be? Daniel: PayKey is a fintech startup that bridges the gap between banking and social, enabling banks to have their brands become a part of their customers’ social and messaging experience. PayKey enables banks to provide their customers with the ability to initiate and complete a range of financial services, including P2P payments, request payment, balance check, cardless withdrawal, and more, from within any mobile application. Offering a cross-platform banking button on the smartphone’s keyboard boosts the bank’s brand engagement while making the banking experience quick, contextual, and simple for users. The company originally started as a social blockchain app, however after gaining a greater understanding of the financial ecosystem and key challenges banks are facing in terms of engaging the millennial market and maintaining control of the customer relationship, we had a lightbulb moment about how we can solve this problem for financial institutions by utilizing one of the most valuable and most used pieces of real-estate on the smartphone - the keyboard. And that’s how PayKey was born.
As consumers are no longer going to specific destinations to access services and companies, but are increasingly expecting those services and companies to be accessible to them from wherever they already are - be it Facebook, WeChat, or any other platform. Banks need to make their services channel agnostic and available from anywhere in order to not only meet the changing needs of consumers but to maintain control of the customer interface as new competition in the financial services industry heats up. This is exactly the problem PayKey solves - we transform the smartphone keyboard into a new channel for financial services, information, and communication, and by doing so, make a bank’s services accessible from any application in an entirely frictionless user experience. PCM: What makes PayKey different?
PCM: Why is it called PayKey? Daniel: PayKey’s product is a keyboard that looks and feels exactly like the smartphone’s default keyboard, however, it also has an additional banking button (customizable to the brand of each of our customers). Once tapped, the banking button opens a menu in place of the keyboard in the app that the user is already in, from which the user can access a range of financial services such as P2P payments and balance check. Payments through the keyboard were our first and still are our strongest use case. So, the name PayKey came from the logic of being able to pay through a key on your keyboard!
Daniel: PayKey sits in a really unique position in the market as we offer banks a solution to the challenges they are facing from both the world of social platforms and fintech companies. Additionally, our product itself is different to others on the market as we offer a white label solution that integrates with the bank’s existing mobile application. In contrast, most of our competitors are focusing on building “private garden” solutions that work only within their application. Our solution is platform agnostic, white labelled and works within any application; such as messengers, email and social networks. PCM: What were some of your biggest challenges for launching this business? Daniel: Starting out as a tech startup trying to work with large financial institutions, one of the first challenges you face is earning legitimacy and trust. By successfully participating in various accelerators and competitions, we were able to build strong relationships and develop strategic partnerships with multinational financial institutions such as Mastercard and KPMG, which really helped to give us a stamp of approval and to open doors.
PCM: Why is PayKey needed? Daniel: What we are increasingly seeing in the market today is something we like to call a ‘total convergence of platforms’.
Startup Spotlight
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After we signed our first few customers, and because our product doesn’t change any of the security and authentication methods of a bank’s app, we really started to see interest peak and the sales cycle speed up. PCM: Tell us about your expansion plans and how you go about choosing the next region you expand into? Daniel: With customers spread across four continents already, PayKey has a truly global focus. We’re always focusing on staying on top of the latest needs in the industry and ensuring that we’re providing the solutions that financial institutions need. We plan to continue bringing innovation at speed to the banking industry, and are exploring bringing our channel-agnostic keyboard to other verticals, Telco’s being one of them. PCM: What are the 3 things you want people to know about your company? Daniel: 1. We are working with the biggest banks in each region we are operational in 2. We are a completely unique solution - no one else is doing what we are doing 3. We have raised $16 million in funding and are earning revenue PCM: Any exciting announcements you would like to share? Daniel: We recently announced our $10 Series B funding round which was led by MizMaa and joined by strategic investors SBI Group, Siam Commercial Bank, and more. Additionally, we will be going live with one of the biggest banks by the end of the year which is very exciting.
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Daniel Peled CEO at PayKey Daniel is master of law, technology and economics, both by education and by skills. Daniel is a serial entrepreneur and a block-chain enthusiast. He assembles the best teams, gets the best investors onboard and builds relationships with the most lucrative clients.
Startup Spotlight
Founder & Editor-in-Chief amir@teampcn.com
Amir Abdin
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To get a complete view of all the businesses in the Payments ecosystem, this rubric showcases how merchants deal with payments and FinTech challenges.
How The Biggest E-commerce Merchant Meet Their Customers Payment Needs
PCM: As an eCommerce merchant what are the most important factors that influence your selection for a Payments partner? Bas: We always first focus on customer/ user demand and then think of the best way to meet those needs. The Dutch/Belgian payment method landscape is fairly simple and you only need three payment methods to broadly meet customers demand. Three things are important here: reach, conversion and cost. It only makes sense to offer payment methods that are in demand, that have a fast conversion and that are fairly priced. We only use PSP’s for all card payment methods, because we do not wish to be held back by all compliance rules imposed by PCI. All other methods are either a direct connect to a bank (iDEAL) or a complete in-house solution (for payment after delivery). What we seek in a partner for payments is an extremely high skillset in automation/ IT for instance to integrate seamlessly on our payment page. This next to off course reliability in the services and good support from both sales and operations teams. PCM: What challenges do you face currently when it comes to Payments processing? Bas: The landscape is changing rapidly in both innovation (startups filling in gaps that large financial institutions left untouched) and regulation. PSD2 is currently a big question mark in terms of what the demands will be on our business (e.g. do we need to change anything to keep doing what we do). It is not a good sign that in the Netherlands the implementation deadline of January will not be met. It was moved to “spring”, which is a fairly undefined period. Yet again, no certainty for businesses which is harmful.
PCM: What is the meaning of the concept “co-creation” to you and how do you see bol.com benefiting from it? Have you implemented this concept in your line of work yet, how? Bas: “Co-creation” is finding new ways with (a) partner(s) to meet customer needs and keep within the PCI or regulatory boundaries. An example is a credit card implementation we did with Ingenico a couple of years ago. Together we made a custom integration to make the customer feel at bol.com, whilst all credit card data is stored at Ingenico. Within the PCI limits we made the most customer friendly flow possible at that time. At this moment it is time for a revamp, as technological possibilities have evolved and there are now better ways to achieve a seamless flow for our customers using card payments. PCM: Tell us about a dream payment concept that will change how people pay online for products? And do you see this happening in the future? Bas: Payments should not be a barrier from a customer perspective. It is all about trust, convenience and loyalty. Ideally, a customer does not need to do any payment transaction when shopping. They can pay whenever and wherever they want. It is also not limited to “online”. From a loyalty perspective it would be awesome if customers could also pay at a pickup in a store using their mobile phone that is linked to their bol.com account and payment options.
PCM: How can PSPs help in overcoming these challenges? Bas: Everybody in the financial domain/ fintech industry should gather and team up or seek connection to influence the policy makers. PSP’s could play a defining role here, but also industry associations could fill that need.
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Payment Collective
PCM: If that “dream concept” ever happens and gets implemented in your operations, how will it affect your payment operations? What would be the advantages and disadvantages? Bas: More convenience means less barriers when paying, means higher fraud risk. We are already excellent at finding and reducing fraud, but in future this needs to evolve to selflearning algorithms that can reduce risk and at the same time widen the convenience for customers.
Bas Winkel Director Performance Management & Financial Operations Bas joined bol.com in 2004 to scale up the Logistics department with 50% (from two to three employees ). Up to 2007 he worked on various process improvement projects focusing on more grip on the supply chain and planning of incoming goods. In 2007 he started leading the ‘Financial Operations’ team, responsible for all payment- and order processing and fraud detection. This team has grown to over 50 FTE both Business and IT, still focusing on process stability and reduction/ automation of all waste. The volume has grown to over 50 million transactions in 2016. Bas also leads the ‘Performance Management’ team, responsible for managing over 16.000 partners that are active at bol. coms marketplace (30 FTE). Monitoring the behavior with automation is key to scalable growth of this business model (with a turnover share of 30% in 2016). Before bol.com Bas worked at Free Record Shop as a consultant, on various assignments in the Financial department.
About Bol.com
PCM: Finally, what are a few words of advice you would like to tell professionals who are looking to get into payments and more specifically payments from the merchant end? Bas: Always focus on the need of your customer (in this case the merchant). Medium to large business have different needs than small to medium size merchants. Better to choose one of these groups to keep that focus. Offer only regional payment methods that have reach, conversion and fair cost. Evolve to a tech company first and payments second.
Since its launch in 1999, bol.com has been one of the most popular stores in the Netherlands and Belgium. Due to its wide selection, excellent service and convenient shopping, bol.com enjoys the confidence of approximately 6.5 million customers in the Netherlands and Belgium. This appreciation is reflected in the many awards bol.com has won. In March 2016, for example, bol.com was pronounced ‘Best Web Store in the Netherlands’. In addition, shoppers voted bol.com ‘Best Online Department Store in the Netherlands’ and ‘Best Web Store in Belgium’ in both 2015 and 2016. With a selection of nearly 15 million products, all of these customers keep finding what they’re looking for. Bol.com offers the largest selection within dozens of specialty stores, including books and e-books in Dutch and other languages, music, movies, games, electronics, toys, jewelry, watches, baby products, gardening and DIY products, as well as everything for the home, pets, sports, leisure and personal care. Bol. com is part of Ahold Delhaize.
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In this rubric we are introducing inspiring professionals of the financial technology industry and look into their careers and ambitions. This is a collaboration in partnership with Atlanta Trend.
Arby’s Paul Brown By Robert Green Igniting Change In case you haven’t heard, Arby’s is new again. Employing a deft combination of internal focus and external outreach, Atlanta based Arby’s Restaurant Group’s CEO Paul Brown has begun a remarkable turnaround, capturing the attention of the national news media, industry leaders and customers alike. The headlines say it all: “Arby’s is cool again,” says Fox. “Arby’s is stepping up its game,” says USA Today and “Arby’s Business is on Fire,” according to Business Insider. For 11 consecutive quarters, Arby’s has significantly outperformed all competitors in the quick-service restaurant category. July and August of 2015 were the two best months in the chain’s 50-plus year history. The thoughtful and quiet-spoken Brown refuses to take personal credit for any of the recent accomplishments of the restaurant group. “I have a great team of people working with me,” he says. But in speaking with Brown and those around him, it soon becomes clear that the CEO of Arby’s is definitely the catalyst for positive change at the company. That he did it in a rather undramatic way is testament to his remarkable leadership skills and confidence in himself. That he knew what he was doing from the beginning is evidenced by a powerful increase in the franchisee support and customer satisfaction that prevails today. The Internal Change “First, I knew that we needed to build stronger connections with all stakeholders,” says Brown, “which is why we started out by listening. The path to building strong and lasting connection begins with listening, ends with listening, includes listening in the middle and begins with listening again.” Brown went into the field a lot and still does so today. “The ability to tap into the vast experience and knowledge base of franchisees is perhaps the greatest asset in a franchised business,” he says. But he also did a lot of listening with customers, management worker and frontline employees. “Second, we began to define a clear purpose for Arby’s,” he says, “the reason for the brand to exist.” After listening carefully to stakeholders and studying the competitive landscape, they defined the following purpose for the Arby’s brand: Inspiring Smiles through Delicious Experiences. And that the way to do it would be to Serve, Refresh and Delight.
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“For some, this may cause a bit of an eye roll,” he says, “but it did a number of important things for us – a) It defined our business – creating experiences, not just serving food, b) Set a bar for our performance – it has to be delicious, not just acceptable or mediocre, and c) Established a goal for the end result of our efforts – inspiring a smile in every stakeholder.” This purpose for Arby’s includes a long term vision. Unveiled in 2013, “Deli – Inspired Delicious” is a term used internally to highlight their vision of serving great food prepared fresh to order for each guest, served with a friendly, neighborly feel. The company now insists that everything it does must align with this vision. “The vision of Deli – Inspired Delicious has become the filter through which everything impacting the brand passes,” says Brown. Ideas that don’t meet the Deli – Inspired Delicious standard, however good, are set aside. This vision is helping Arby’s to carve out a unique space in the restaurant business. “We now occupy our own space, between Quick Service and Fast Casual,” says Brown. They have even branded and trademarked that space as ‘Fast Crafted™.’ “Fast Crafted,” says Brown, “means that we offer quality, affordable food that is quickly, yet skillfully prepared. We strive to provide superior food and service to a traditional Quick Service Restaurant but at the same time be more convenient and affordable than a Fast Casual restaurant.” “Third, we wanted to instill a belief that there is always a better way,” says Brown, “and this is a critical step.” Taking this step, believes Brown, is the difference between a company that is truly innovative and one that merely has a long list of goals. “We are always asking ourselves if there is a better way,” says Brown, “but the key to making this work is really listening to front line workers and empowering them to act.”
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His best example is that the company implements a “make it right” service culture that allows any team member at any time to replace any item that a guest is not satisfied with – including giving them a free meal on their next visit if need be. Says Brown: “It’s been amazing and more than a bit humbling to experience the power of thousands of people all striving to find a better way to meet a common goal.” The External Change “From a brand viewpoint,” says Brown, “we were all over the place. We decided to really focus on who we are.” Welcome to the launch of Arby’s funny and unapologetic “We Have the Meats” campaign which features the voice of Golden Globe winning actor Ving Rhames. Meats stacked high and deep are appreciated and celebrated. Taking the joke a bit further, the company then set up the Vegetarian Support Hotline where non-meat eaters can get tips on how to avoid their “delicious sizzling meat.” “Be strong and call this toll free number,” they conclude. “We’re here for you.” Playing along with “The Daily Show” host Jon Stewart’s barbs about the company instead of being offended was also a good idea. His running gags, in the guise of speculation on whether or not Arby’s even qualified as food, were numerous. Although Stewart had gone on record as saying that his numerous Arby’s punchlines were just for laughs, another company under different leadership might well have taken a legal approach. “My view,” said Brown, “was that instead of reacting to him, why not engage with him?” The no hard feeling mindset was manifest in the catered lunches provided by Arby’s to the show’s cast and crew whenever Stewart let a joke fly. Further, Brown decided to sponsor the host’s last show in August of 2015 and was present in the studio audience as Stewart said farewell.
The company provided Comedy Central two videos containing some of Stewart’s best insults set to the music of “Thank You for Being a Friend.” In addition to its television audience the videos have had hundreds of thousands of viewing on YouTube. Numerous journalists and ad executives believe that Arby’s clearly got the last laugh, receiving massive free publicity for being a good sport. Not being ashamed to be in the meat sandwich business and knowing how to take a joke were not the only changes that the company made. The restaurants have been given a facelift as well. The new as well as remodeled restaurants are modern, well designed affairs that really do give the feeling of being somewhere in between quick service and fast casual. There is also less food waste and more operating efficiency in the new design. Sales volume has gone up and so has the profit margin. Franchisee satisfaction has gone up dramatically – over 27 points since Brown took over the company. “Nearly 2,300 of our 3,300 restaurants are owned by franchisees,” says Brown, “so that’s very important to us.” New locations are on the drawing board. With one location in Manhattan, the company is adding a second, as well as opening in other urban areas. Although born in Atlanta, Brown has worked all over the world working as a partner at McKinsey & Company, as President of Expedia North America as well as President of Brands and Commercial Services at Hilton. “It’s good to be back in Atlanta,” he says, “and I really appreciate the way I’ve been embraced by the Atlanta business community.” A Georgia Tech grad, Brown serves on the Board of the Georgia Tech Foundation as well as the Advisory Board of the Scheller College of Business at Georgia Tech.
Paul Brown CEO at Arby’s
For all the great changes that he has sparked at Arby’s, Brown remains quiet and on-task. “Sales are growing at an accelerating pace and customer counts are increasing,” he says. “But we have to stick to constant evolution – through a culture of innovation – in order to avoid abrupt, risky or revolutionary change.”
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Monetize 9 in Amsterdam On February 13, 2018 MGI Research will host Monetize 9 – The Monetization Summit at the Koniklijke Industrieele Groote Club in Amsterdam. PCN met with MGI’s Andrew Dailey and Matthijs Koorn at Money 20/20 in Las Vegas, USA and to get their take on what’s driving the interest in monetization, why Monetize 9, and the key take-aways from Money 20/20. PCM: First of all - who is MGI Research? Matthijs: MGI Research is a fiercely independent Research and Advisory firm founded in 2008 by a group of top-ranked analysts and executives from Gartner, Wall Street, and industry. We provide research and practical insights to help companies reduce revenue leakage, improve customer satisfaction, and re-think core processes like Quote to Cash. PCM: Who are your clients? Matthijs: We work on a confidential basis, but as you can see from case studies at past Monetize events, it’s mid-to-large companies that tend to be viewed as leaders in their markets. Our clients are looking for an additional edge, and often are fast-growers or looking to transform themselves.
PCM: Who cares about monetization? Matthijs: As companies come up with new business models, launch new digital products and new pricing plans (think subscriptions and usage), and try to create a smoother customer experience, they all face the challenge of streamlining their quoting process, getting a handle on their pricing and product catalogs, and needing more agility from their systems – especially billing, quoting, and payments. PCM: Monetize 9, what happened at 1 to 8? Matthijs: Well-spotted! The first 8 Monetize events were in San Francisco and New York City over the past four years. The focus is on practical case study interviews with real companies like Pitney-Bowes, General Electric, Verizon, Ports of South Carolina, AppNexus, Adobe, et al. It’s companies small and large, all talking about how they are addressing issues like subscription billing, new payment methods, regulatory compliance, launching new products, and creating new pricing plans faster. Real companies sharing real experiences – and MGI’s latest research and vendor ratings – networking with peers - that’s what a Monetize event is all about.
PCM: What can people expect? Matthijs: No powerpoint, no sales pitches by vendors, and no techno-babble. It’s oriented towards business, finance, and IT folks – from beginners to world-class practitioners. Everyone goes away with new ideas, new metrics and benchmarks, and hopefully having made some new business connections. And your very own Rogier Rouppe van de Voort will share the latest salary info and secrets to landing your next opportunity or making your next key hire! PCM: What are your key take-aways from Money 20/20? Matthijs: Payments is becoming a corporate priority. Whether it’s because companies want to improve the customer experience (CX), find new revenue sources, better understand blockchain, or deal with regulatory compliance – interest levels and allocated spending are going way up. Second, the most talked about companies – Adyen and Stripe – weren’t there. Third, on the tech front, everyone is adopting an API-driven, microservices architectural approach. Fourth, companies are investing time, money, and resources into creating more seamless customer experiences – not just in B2C scenarios, but in B2B as well. Omni-channel, cloud-first strategies are becoming the norm – in all industries. And finally, there is a real shortage of qualified talent. Finding and retaining the right people will be a major challenge in 2018.
Matthijs Koorn Research Director and Head of Payment Strategies at MGI Practice Matthijs Koorn is a Research Director and Head of Payment Strategies Practice at MGI Research. He is a recognised payment technology industry expert with a deep knowledge of the entire payment processing cycle. Matthijs is based in The Netherlands where he lives in The Hague with his wife and three sons and enjoys running and spending time with his family.
About MGI Research MGI Research is an independent research and strategic advisory firm focused on the needs of technology vendors, buyers and investors. Through subscription-based Research, Benchmarking, Industry Studies and Advisory engagements
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These are the latest job opportunities we have available! For more information please visit www.teampcn.com/jobs or check out our international Job Board at www.payment.jobs 32
Events DANA POINT, US DECEMBER
3-5
This Summit is an educational forum designed for investors, issuers, platforms, underwriters, banks rating agencies, lawyers, service providers, accountant, and other related industry professionals. At this conference learn and network with industry leaders to gain insight on the newest techniques to maximize returns and reduce risk exposure in this growing area of marketplace lending. Discount Code: PCNML2017
LONDON, UK DECEMBER
6-7
FinTech Connect Live is the UK’s largest fintech event. It provides a platform for all those attending to collaborate, differentiate, form connections, source solution, conduct and generate business with new, existing and upcoming fintech players in the market.
BOGOTA, CO DECEMBER
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ATPS Latinoamerica is the only conference dedicated to reducing payment, fraud & credit card costs of Latin America’s Airline & Travel Industry. Discount code: PCN
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SYDNEY, AU
DECEMBER
13
Join the best briefing on Australia’s payments / transaction developments and be a part of the top network in Oceania! Co-hosted with AusPayNet, the inaugural Australian Payment Summit is a strategic & pragmatic - for & by senior professionals – platform. APS covers key trends and discusses global lessons, Fintech and what lies ahead in developments. Discount Code (10%): APS_Partner
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