PCM Volume 4 - Issue 6: Money 20/20 Las Vegas Special Edition

vol.4. issue 6.

October, 2018.

PCM

Your gateway to the world of payments

MONEY 2020

SPECIAL EDITION Find information on all attending companies of Money20/20 Las Vegas 2018 | qBotica & Automation Anywhere features

JELMER ROTTEVEEL

BLANKA LIGETI

JESSIE RANDHAWA

Marketing and Business Development Manager

Production Editor and Head of Creative

Online Marketing Executive

jelmer@teampcn.com

blanka@teampcn.com

jessie@teampcn.com

PCM is designed by Blanka Ligeti, Payments & Cards Network. Art and photos © Payments & Cards Network, pexels.com excluding advertisments and company logos.

PCM™ is property of Payments & Cards Network, Keizersgracht 477, 1017 DL, Amsterdam, The Netherlands. All material contained within PCM is the property of Payments & Cards Network. All other product and service names may be trademarks of their respective companies. ©2017 Payments & Cards Network. All rights reserved. Reproduction of any kind is strictly prohibited without express prior written consent of Payments & Cards Network.

ADVERTISING INFORMATION For details, please contact jelmer@teampcn.com

w w w. t e a m p c n .c o m

THANKS TO OUR PARTNERS!

CONTENTS

4

THOUGHT LEADER | NEXO STANDARDS Born in the ISO

10

STARTUP SPOTLIGHT | EDO 4ALL Transforming the High-Risk e-commerce industry...

12

THOUGHT LEADER | FEATURESPACE It’s Time for a New Look in a “man’s world”

18

THOUGHT LEADER | EWPN Unconscious Bias in the Workplace

22

THOUGHT LEADER | CARDLYTICS Making Diversity a Non-Issue is Everyone’s Issue

24

STARTUP SPOTLIGT | COLLECT AI

28

STARTUP SPOTLIGHT | QBOTICA All stars align for AI

32

EXPERT INTERVIEW | AUTOMATION ANYWHERE The evolution of automation has started to accelerate

35

JOBS & EVENTS Check out our hottest jobs and events from the industry

Digital communication in receivables management...

BORN IN THE ISO What can payments acceptance standards offer the USA and North American market?

The USA, and even more broadly and diversely, North America, has experienced a rapid period of change in the way consumers pay for goods and services in the last decade. Card has quickly become king in the States – credit card payments rose to $95,000 (in mio) in 2015, and with the increasing daily use of these cards for smaller, more casual payments, it’s estimated this figure will rise to a staggering $128,000 (in mio) by 2021.

Neighbouring Canada tells a similar, increasingly digital story – with credit cards dominating at the POS (point of sale) and the country rapidly becoming a global leader in contactless card and mobile payment adoption - a whopping 79% of consumers with a contactless card made a PIN-less payment last year and issuers are increasingly defining a ‘mobile first’ strategy.

Consumers are benefitting from better security, greater convenience and flexibility, but for the payments acceptance ecosystem, it’s generating more than a few headaches. In fact, the plastic card boom and rise of ‘tap and pay’ payments are creating the need for an estimated 40% growth in the U.S.’s POS terminal infrastructure in the next three years. Incorporating so many new technologies and regulations has created a deeply fragmented global payment acceptance market, and stakeholders are at a loss as to how best to work together - not to mention the legacy costs and complexities players have faced when expanding into, or setting up in, multiple geographies.

4 | THOUGHT LEADER | NEXO STANDARDS

The industry needs a fresh approach to remove the complexities of international expansion and encourage innovation. The answer?

Standardisation.

Open standards – where to start?

With the industry’s breadth of stakeholders, including merchants, card schemes, acquirers, payment service providers (PSPs) and vendors, establishing open and international standards for payment acceptance takes considerable time and effort. One standard that has made significant progress is ISO 20022, ISO’s universal financial standard. In the ISO standard for APIs whitepaper, the organisation defines ISO 20022 as “a new way to develop message standards within the financial industry – a standard to develop standards, so to speak” and explores the adaptability of the standard to accommodate emerging requirements, such as defining a standard API approach for financial services. It’s already realizing huge efficiencies across Europe’s financial landscape, and the standards are now gathering momentum across North America as central to both Payments Canada’s payments modernisation strategy and the U.S.’s Faster Payments program. Harnessing the efficiency and interoperability potential of ISO 20022, the ‘standard to develop standards’, the members of nexo Standards have achieved just that with the development of a comprehensive portfolio of payment acceptance messaging specifications and protocols to standardise the exchange of payment acceptance data between stakeholders.

nexo Standards: who, why and how? nexo was established in 2014, when three historical contributors of card payment standard specifications were merged: EPASOrg, the OSCar consortium and the CIR SEPA-Fast Technical Working Group. Its mission? To support all card payment acceptance stakeholders, from terminal to acquirer, and back again, by establishing a standardised and universally beneficial way to apply ISO 20022, manifested in a portfolio of implementation specifications and messaging protocols. If we consider ISO 20022 as the ‘lingua franca’ of the whole financial ecosystem – a universal messaging language for all kinds of transactions – nexo’s specifications are the card payments acceptance arm of this language. The creation of an open forum for all payments stakeholders dedicated to continuing to support, maintain and develop these protocols is, in short, a pretty big deal.

Recognising and nurturing the needs of each player is enabling a new age of customer centricity – whoever your customer is. For the vast and diverse North American market, payments acceptance standardisation can not only enable simplified international expansion, but also create an opportunity to deliver better, more efficient services domestically too.

NORMAND PROVOST Chair of the MarCom and Liaison Committees of nexo standards Normand Provost is Chair of the MarCom and Liaison Committees of nexo standards and is responsible for defining nexo’s marketing strategy and supporting organisations to overcome electronic card payment interoperability challenges with the adoption of global payment acceptance standards.Normand also serves as Head of International Card Payment Standards at Desjardins.

Breaking down the benefits Borderless, uninhibited expansion

ABOUT NEXO STANDARDS

The incompatibility of proprietary systems, together with the varying domestic interpretations of past ISO standards (ISO 8583, for example), have resulted in acceptance infrastructures differing both within and between countries. This has meant that despite being ISO compliant, domestic ecosystems have still generated barriers and complexities that have meant integration costs for each market are high and time to market is slowed. Uniquely, the nexo Standards messaging protocols and specifications enable merchants, PSPs, acquirers and vendors in North America to create a fully interoperable cross-border payment acceptance infrastructure.

nexo standards enables fast, interoperable and borderless payment acceptance by standardising the exchange of payment acceptance data between merchants, acquirers, payment service providers and other payment stakeholders. nexo’s messaging protocols and specifications adhere to ISO 20022 standards, are universally applicable and are freely available globally. nexo standards is an open, global association dedicated to removing the barriers present in today’s fragmented global card payment acceptance ecosystem.

Headquartered in Brussels, its members represent the full spectrum of card payment stakeholders, including acceptors, processors, card schemes, payment service providers and vendors.

Centralization, centralization, centralization Centralizing and unifying payments management for all stakeholders can realise huge efficiencies and cost savings. By migrating systems to standards such as nexo’s messaging protocols, international merchants, for example, can consolidate payment requests from multiple locations around the world; volume-based deals can then be negotiated via a smaller number or even a single acquirer. Of course, domestic relationships can still be maintained. All it takes is for the acquirer in question to also support global standards and given the benefits on the table, why would they refuse?

MONEY 2020 SPECIAL EDITION

Centralization, centralization, centralization

Standardization = innovation

Centralizing and unifying payments management for all stakeholders can realise huge efficiencies and cost savings. By migrating systems to standards such as nexo’s messaging protocols, international merchants, for example, can consolidate payment requests from multiple locations around the world; volume-based deals can then be negotiated via a smaller number or even a single acquirer. Of course, domestic relationships can still be maintained. All it takes is for the acquirer in question to also support global standards and given the benefits on the table, why would they refuse?

Once implemented, the efficiency of nexo’s protocols release internal resources previously dedicated to payments ‘firefighting’. With integration, upgrades and interoperability simplified, each stakeholder can redirect this resource to developing and delivering new innovative payment services. Whether that’s delivering mobile payment services or a new loyalty scheme, this free resource is key to increasing customer engagement and brand equity. Not to mention that the rollout and maintenance of these services are then faster, more efficient and borderless!

Powered-up partnerships With all stakeholders accommodated under nexo’s scope, all nexo-compliant players can increase time-to-market and facilitate quicker, simplified and borderless integration at whatever point in the acceptance chain they sit.

When negotiating new partnerships, compliance with nexo Standards can offer a hallmark of quality, an attractive selling point, and increased confidence in new relationships - take, for example, acquirers looking for a new terminal manufacturer. Vendors are also empowered to compete on equal terms and on a global scale in a nexo-compliant industry. This in turn encourages more competitive pricing models and enhanced offerings, as well as eradicating the age-old issue retailers face of vendor lock-in.

6 | THOUGHT LEADER | NEXO STANDARDS

Consistency is key nexo’s messaging protocols and specifications offer a simple means to ensuring a consistent customer experience is delivered and that systems are efficiently managed. For merchants, this can enable them to deliver a standardized experience at the point of interaction between multiple payment types and allow for the simple parameterization of payment services for individual countries, thereby ensuring that services are communicated to consumers in their native language. This can also be beneficial for merchants operationally. By standardizing the exchange of payment acceptance data with, say, a nexo-standardized Terminal API, the delivery of new services and system upgrades are dramatically streamlined. This mitigates risks such as forced updates if old versions aren’t actively managed and having multiple devices on different versions.

Smoothing the integration process Payment and sales are currently fragmented into two specialised industries, meaning retailers face major costs and complexities when integrating between the sales software and payment processor. nexo has taken the initiative to bridge this gap with standardisation and the creation of the nexo Retailer Protocol, designed specifically to link the sales system to the payments point of interaction (POI) – whether that’s a physical terminal or the checkout part of an online shopping cart – with the goal to operate seamlessly between, and remain independent of, any specific platform.

This unification is a big deal for retailers – simplifying initial integration, future upgrades and enabling a truly ‘plug-and-play’ approach when expanding internationally.

Getting ahead in the new age of customer centricity Money 20/20 USA is a yearly showcase of the latest and greatest innovations in payment technologies.

Across North America, players seeking to keep up with the latest innovations and expand and transact beyond their nation’s borders should be integrating standardisation into their strategy. By basing future payments infrastructures on nexo’s protocols, players are empowered to adopt a truly customercentric approach - simplifying the introduction of new solutions at scale, reducing costs and improving operational efficiency. In an increasingly complex and exciting payments ecosystem, championing a borderless, interoperable global payments system is essential for payments stakeholders to tackle challenges quickly and effectively enough to remain competitive. Becoming a part of nexo Standards ensures your unique pain-points are heard and effectively addressed.

Want to join the future of payments acceptance?

Learn more at www.nexo-standards.org

Would you like to be a sponsor or have a special feature in the Payments & Cards Magazine?

Please contact Jelmer Rotteveel, Marketing & Business Development Manager at Payments & Cards Network: jelmer@teampcn.com

TRANSFORMING THE HIGH-RISK E-COMMERCE INDUSTRY IN A SAFER PLACE THAN TRADITIONAL PHYSICAL GOODS

Edoardo Fiorentini has spent the last twenty years of his experience in managing risk for some of the major players in the industry. These were mostly concerning physical goods and some fraud pressure types that are common for the segment of e-commerce tangible goods.

Once he achieved some of the best results compared to the best industry standards, the challenge was over. Fraud never sleeps, and neither did he.

After optimizing and forecasting catastrophic scenarios, their preventive measures and how to handle the incidents, unfortunately his winning passion started fading and he had to look around for a new challenge.

When praising his results, many commented with the impossibility to even approach non-subscription/unregistered consumers in a digital content scenario.

When digital content was “solved� and found its balance, there was only one place left that no one wanted to try and combat; adult entertainment. When he realized the scope of the industry and the big issues with chargebacks and fraud within the industry, he knew that this was his challenge to take. But consider the following; How would you build a plane if we had the technology, but didn’t invent it yet?

Breaking New Grounds Just like the Wright brothers Edoardo felt the freedom of taking what he knew and built a platform around it, which resulted into B.Ai.b (Balanced Ai 4 Businesses); a risk scoring platform based on the latest available technologies and services on the market. The platform was tailored for a subscription and rebilling model in a high-risk environment. It is made to the specifics, and to have all the tools and analytics that a CRO or Risk Manager would ever need, including a chargeback management console, a blacklist and thirdparty data enhancement connections, where he implemented the usage of blockchain into the order scoring Ai. 10 | STARTUP SPOTLIGHT | EDO 4 ALL

12

It is made to the specifics, and to have all the tools and analytics that a CRO or Risk Manager would ever need, including a chargeback management console, a blacklist and thirdparty data enhancement connections, where he implemented the usage of blockchain into the order scoring Ai. Once Baib was activated and had its first client, the results were too good to be true. This pushed him back to R&D to validate the results, which were indeed correct. Luckily it came with a great testing platform to easily upload your dataset, compare your assumptions to the machine learning results in less than 30 minutes and take a real time decision.

Risk experts will have access to the advanced control panel with admin roles to modify up to the smallest parameter of the platform. Fraud Managers and Analysts can have their specific access with live reporting, and BL management and Chargeback can upload everything easily.

Edo4All Is There To Save You From Risk & Fraud Baib is the first product of Edoardo’s own startup, Edo for all, or Edo4all in short. After many years giving trainings, presentations and speeches in the industry, he thought it was time to give even more of a push and do something for it.

No products fit all, so of Edo4All also offers consultancy in risk management, fraud prevention and chargeback handling. Training has been always remained a big passion, and he is excited to the opportunity in helping companies manage and reduce their fraud pressure.

Edo4All is currently working on building a small group of international talented people that work helping Edo4all in all different parts of the business.

People have joined with great enthusiasm and are super excited about this adventure, and he hopes so are you.

EDOARDO FIORENTINI Owner at Edo4all Consulting Edoardo ¨Edo¨ Fiorentini is a Risk and Fraud Management professional with extensive experience and excellent track-record in delivering solutions for preventing financial losses in e-commerce. He is passionate about data analytics and it´s applicability in fraud prevention.

He uses his know-how in helping companies optimize their processing patterns. He is set on a journey to challenge the global market in fraud prevention solutions.

ABOUT EDO4ALL Edo4All is a consulting company launched in 2018. It´s practice is focused on providing risk management solutions for e-commerce business including retail and digital subscriptions (recurring billing). The fraud platform, B.AI.B, is a powerful tool built with the mindset of a Risk Manager. It´s analytical dashboard and simulation environment help manage fraud and chargebacks more transparently.

The platform concept relies on the individual business model as ¨one doesn´t fit all¨.

MONEY 2020 SPECIAL EDITION

IT’S TIME FOR A NEW LOOK IN A “MAN’S WORLD” More than 50 years ago, the Godfather of Soul - James Brown - recorded the iconic song, “It’s a Man’s Man’s Man’s World.” And today, the only thing outweighing the tune’s familiarity is its truthfulness. It’s still a man’s world in the technology sector.

According to the International Labor Organization, women account for more than half of the employee base across the global financial services industry. However, men still dominate many fields, especially C-suite offices. This leaves women wondering where they fit in, the best ways to grow and how to claim their seat at the proverbial table. And there’s more: Atlassian

found that only 30 percent of underrepresented groups have any presence or a sense of belonging within Silicon Valley companies. The adoption of company-wide diversity initiatives, as we’ve seen with high-profile brands, also remains flat.

While this scenario - and these statistics - are unfortunately not specific to the fintech or payments sectors, our space admittedly has a long way to go. The non-majority still struggle to gain traction in their Fintech careers and receive any opportunity to even compete for success.

But if I’ve learned anything in my career, it’s that the businesses with the most promise for longevity and success share a passion for providing equal opportunities… opportunities to which any and all are truly welcome.

A “Jill” of all Trades To thrive in a career, one must develop a passion for learning and possess a natural curiosity for the world around them. A diverse array of experiences quickly develops a person’s skill set, making it more complex and unique, allowing them to be increasingly competitive in their pursuits.

For example, my background includes influences from different roles and industries, including media, technology and augmented reality.

Truly, my career path has been serendipitous, but I’ve trusted that each job along the way would teach me something valuable, even without knowing where it would lead. And it always has. If you outperform your own targets and those of your peers’, never allow complacency to creep into your day-to-day routines and achieve the genuine support of your colleagues and customers, you will progress.

Produce through Purpose Seeking your own purpose - equally on a personal and professional level - is imperative to achieving success.

From my first day at Featurespace, one of my primary responsibilities has been to create and grow our company to make it a commercial success. A commercial success provides security

12 | THOUGHT LEADER |FEATURESPACE

for our customers, workforce and investors.

Differentiation in the machine learning arena would require an exceptional senior leadership team to foster a culture in which diversity and respect for others is as emphasized as much as the expertise and innovation that goes into developing our products and services.

Our ongoing commercial success has been and always will be a byproduct of the diversity that resonates throughout our entire workforce. One of my proudest moments at Featurespace was when a colleague commented, on the arrival of our latest job applicant for an interview, that it was impossible to look at a person and guess if they would be offered a role. There’s no visual stereotype at Featurespace. We hire for what is going on inside the head and heart.

Know Your Worth A big career lesson I’ve learned is to benchmark your personal commercial market value. It’s much easier these days to research comparable roles on the web; no woman should ever expect to or actually be paid below her male peer. In my experience, women tend to be reluctant to ask.

I coach females to research and ask for their value - we rehearse the “ask”; it’s a lesson they can take with them throughout their careers.

Another valuable lesson is to enjoy work, to add as much fun into ideas and interactions as possible. On the whole, work is serious business - especially when things aren’t going your way. Peppering through tough days with lightheartedness alleviates stress and promotes creativity. Resilience and longevity are essential in our world and sometimes it’s very much about weathering the storm. In his new leadership book, helpfully titled “How to Lead”, Jo Owen describes how “Teach First”, an organization that encourages graduates to move into teaching, found at entry level there were an equal number of males and females. By the time teachers achieved the role of headmaster, there were far more males than females. On further inspection, the root cause was simply this: women had read the job description and ruled themselves out from the start, believing they didn’t have the relevant job experience required for the position.

The thing is, the men didn’t have the experience either, but the difference was that the men still

MARTINA KING CEO Martina is CEO of Featurespace and joined the company in 2012. Former Managing Director of augmented reality company Aurasma, Martina has an extensive career in media technology, including leadership roles at Yahoo! Europe and Capital Radio.

Martina is non-executive director of Debenhams and was named one of the Top 40 powerful women in tech by Silicon Republic.

ABOUT FEATURESPACE Featurespace Limited provides adaptive behavioral analytics solutions for fraud prevention and customer management applications.

The company offers ARIC engine, a real-time, machine learning fraud management software platform that understands the behavior of each individual customer. Its solutions include ARIC Fraud Manager, a software platform for fraud detection, reporting, and case management; ARIC Accept that understands the optimal payment route for each individual customer; and ARIC Responsible Gambling, a solution to demonstrate responsible gambling compliance while gaining customer insight. The company serves banks, insurance companies, and gaming organizations. Featurespace Limited was founded in 2005 and is based in Cambridge, United Kingdom

applied for the role. As women, we can be too hard on ourselves and tend to shy away from positions we don’t think we can fill. The “imposter syndrome” trap is very real and can leave you fearing that even in success, others may perceive you as undeserving or unqualified. My best advice? Push that aside and aim for goals you think you think are unobtainable. You’ll probably surprise yourself. The worst that can happen is that you hear it’s not your time yet and if that’s the case, ask for feedback, deploy it and look for the next opportunity. Over my career, I’ve enjoyed coaching and mentoring men and women. Overall, I’ve found that women need to be encouraged to articulate their ambition more so than men. Articulating one’s ambition and delivering it with personal confidence makes others feel confident in return.

It’s contagious. If you don’t know your worth and how to communicate it, then you can’t expect the world to recognize it. Going into any situation prepared for success is vital, be it an internal meeting or a salary negotiation. I always advise people to study their numbers, to know the facts and make sure the results are clearly understood.

quotas were initially mooted in the U.K. as a way to ensure that women would be considered for non-executive positions, as an individual who has thrived in a meritocracy, I was unsure.

In 2005, Cranfield University commenced measurement of board diversity and when only 9.1 percent of non-executive roles were held by females, it set and achieved a target of 30 percent. The adage of what gets measured, gets done is true and we now need to deploy the same dedication to improve the number of female executive directors. Consequently, I have become a supporter of diversity quotas. Ultimately, creating lasting change will come from everyone questioning our involvement in the way things are done. Are we recognizing those women who are deserving of a promotion or higher pay?

Are we recruiting employees based on applicable skillsets or physical characteristics? Are we working in our communities and in our homes to inspire our young women to believe in themselves? The way we answer these questions today will reveal how much work is still ahead in making sure opportunities in our industry and the world are equally available.

What’s Going On?

Credit Where it’s Due

Currently, only 13 percent of science, technology, engineering and math (STEM) jobs are held by women. In 1985, 35 percent of Computer Science graduates were female and by 2015, this dropped to 14 percent. In 2018, the number of female FTSE 100 Executive Directors in the U.K. was down to 6.4 percent and statistics produced

by PitchBooks show that just 2 percent of total venture capital investments go to femalefounded companies.When

Most people know the line “it’s a man’s world,” but what often goes unnoticed is another important lyric from that song: “…but it wouldn’t be nothing, nothing, not one little thing, without a woman or a girl.” And while Brown received all the credit, there’s another person that deserves just as much, if not more recognition for the timeless ballad: Betty Jean Newsom.

14 | THOUGHT LEADER | FEATURESPACE

She wrote it.

Join us April 22-23 at Mercedes-Benz Stadium in Atlanta, Georgia for FinTech South 2019 A global exchange of insights, innovations and trends fueling tomorrow’s financial tech industry.

95

Speakers

30+

International Companies

1K+

Attendees

470

Companies

420 90+ 45M

C-level Executives

Exhibitors

Media Impressions

Visit fintechsouth.com for more information Š2018 Technology Association of Georgia. All rights reserved.

3PEA International A1QA Accenture Accura Scan ACHeck21 ACI Worldwide ACS Group Active.Ai Advanced Call Center Technologies Advanced Fraud Solutions Advanced Mobile Payment ADVASA Co., Ltd. Aerospike AEVI Affinity Solutions Agent IQ AI Assist Airwallex Alkami Technology allpago AllTrust Networks AmaTech Group American Express Clubhouse AnyVision Apollo Electronics Co. Applause Apptizer ARGOTECHNO Arkose Labs Artivest Asia Pay Gateway Ltd. Asiabill Company Limited AsiaPay AT&T Aurionpro Solutions Automation Anywhere Avalara Backbase Bank of America Merchant Services Bank of America Merchant Services Banking Circle Baofu Pay Barnes International BBPOS BBVA Transfer Services BehavioSec Belatrix Software Bill.com

BioCatch BioConnect BioSmart BitCover Blocksafe BlueVine Bolt Brighterion BrilliantTS Business Birmingham Capital One CAPITAL Prepaid Services Center for Financial Services Innovation ChargeAfter Chargebacks911 Chartwell Compliance Chetu CIAB Cisco Citcon USA Citi Clinc Cloud Elements Cognizant Coincierge Club Competiscan ComplyAdvantage CompoSecure CPI Card Group Credit Suisse Crowe Crux CSG Currencycloud Current Components Dai Nippon Printing Co. Daon Dash DataRobot DataVisor DDbill Payment Co. Dinpay DecisionLogic Deloitte Devbridge Group Diebold Nixdorf Discover Financial Services Divido dLocal Dojo Domus Semo Sancus Dspread Technology

16 | PAYMENTS & CARDS NETWORK

Beijing Inc. EBANX eGifter Electronic Money Association Elevate Emailage Emergent Technology Holdings Endeavour DSecure Entersekt Entrust Datacard Envestnet | Yodlee Epson Equinix Equinox ESR International Ethoca EverCompliant ExaDigm Extractable FacePhi FDATA Featurespace Feedzai Feitian Technologies FICO FIDO Alliance Fidor Finastra Fingopay Finn.ai Fintech Argentina First Data FIS Fiserv Fit Pay Flywire ForgeRock Forter Fortr3ss Freshfields Bruckhaus Deringer FTV Capital Fujian LANDI Commercial Equipment Co. Fujian Newland Payment Technology Co., Ltd. Fujitsu G2A PAY Galileo Processing Gemalto General Atlantic Geoswift

GfK GIACT GitHub Goodwin Procter Google Grab Grace Union Tech GuardSquare GURUCUL H20.ai HackerOne HCL Technologies Hello Soda HITACHI VANTARA Hogan Lovells Hong Kong Trade Development Council i2c IBM ICC Solutions ICK International ICOBox ID Analytics ID Finance ID R&D ID.me IDA Ireland IDEMIA IdentityMind Global IDMERIT IDology IDScan.net Infobip Infosys Ingenico Group Inside Secure InstaReM Intercash Intuit Invest Hong Kong Invest Northern Ireland Ipreo Ipsidy IR IrisGuard IT Biometrics J.P. Morgan JobCoin JobsOhio JSOL Corporation Jumio KONA Kony Kount Kyriba

2018 Attending Companies Every year Money 20/20 attracts the best, boldest and brightest businesses from across payments, FinTech and financial services. From industry institutions to up-and-coming innovators, everyone is here, every time.

Lateetud LeGain Group Lending Club LexisNexis Risk Solutions LGO Markets LianLian Pay Lightico Linea Lingua Franca Search lisnr.com Lyons Commercial Data MagicCube Man & Machine Marqeta MASTERCARD McKinsey & Company MeasureOne MeaWallet Melissa Mercator Advisory Group Metropolitan Commercial Bank MicroBilt Microblink Microsoft MicroStrategy MillenTech CTI Group Mitek MO Technologies Modirum Moelis & Company Moody’s Analytics Moxtra MuleSoft MX Technologies myGini N&TS GROUP NACHA Elevation Consulting NCR Corporation Neustar NICE Actimize NMI North American Bancard NS8 NTT DATA Services Oak HC/FT Oceanpayment OmniMerchant OmniPayments Ondot Systems OneClick.ai OneSpan

Onfido ONPEX Ontario, Canada Delegation Optimove OV PAAY Pax Technology Paya PayKademy PaymentsSource PaymentVision Payoneer Paypal Payrailz Paysafe PAYTOO PayU Payveris Perfect Plastic Printing PerformLine Perkins Coie Personetics Phoebus Plaid PPRO Princeton Identity ProfitStars Promon PwC qBotica Quovo R&P Group Radial Rambus Rapyd RDC REACH Risk Ident Riskified Rivetz RRD RS Software RSA Safedome Samsung Pay SecurityMetrics Sensibill Serrala Servicing Solutions SEWORKS Sezzle Simility Siodata Technologies Slalom

SmartDisplayer SmartStream SnapCheck Socure SodaTransfer SoftServe Software AG Solace Solstice Splunk SQS SSenStone Stack Overflow STRANDS SUNMI TECH SURETLY Sutton Bank Swarm Fund SwiftPass Swych/Travelex Syniverse TagPay Tappy Technologies TAS Group TaxSlayer TCV TeleSign The Clearing House The Federal Reserve The Israel Export Institute ThreatMetrix TNG FinTech Group TOC Biometrics Transaction Network Services TransferMate Transmit Security TransPerfect Translations TransUnion TriNet True North Trust Science TRUSTID Trustonic Trustwave Ubiquity Global Services UL Uniken UnionPay International UniTeller Financial Services Uphold Urban FT Urjanet

USA Technologies Verifone VeriShow VeriTran Vexata Vidyo Visa Vital Waller Lansden Dortch & Davis Wells Fargo West Midlands Growth Company Western Union Business Western Union Business Whitepages Pro Wilen New York William Blair Wirecard WizarPOS WorldFirst Worldpay US WULET Wyre Payments XAC Xema Xpress Money YapStone YeePay Yoti Zenmonics ZenQ ZestFinance ZipLine ZorroSign Zumigo

PCM | MONEY 20/20 SPECIAL EDITION | 17

UNCONSCIOUS BIAS IN THE WORKPLACE Unconscious Bias

Work Environment

In the late 20th Century, students from Yale University took a newly designed psychological test called “Implicit Association Test”, which claimed to measure racism. Students who considered themselves absolutely egalitarian were found to have unconscious prejudices that made them behave in discriminatory ways that, even if they were small, could have a significant cumulative impact.

We all have implicit biases and just understanding this fact, is already an improvement. If we can identify what these preconceptions specifically are for each of us then we are on the right path.

Since then, the term “unconscious bias” or “implicit bias” has gained significant momentum.

Working in the Fintech world, I often hear the expression when talking about recruitment, conduct, or even innovation projects that are based in technologies with potential decisionmaking impact, such as machine learning. The fact that society is increasingly familiar with the term is indeed a big step towards diversity and inclusion.

Changing Perceptions Whilst a decade ago most senior executives, both male and female, would have never even stopped to consider if they were making discriminating decisions based on prejudiced perceptions. Businesses are now embedding implicit bias within their HR policies.

Some firms are even providing their employees training on the topic. For example, Starbucks has recently appeared in the news with their announcement to offer such training to all their managers and staff members. Consultancy firms that specialise in the topic are growing and it is part of the diversity and inclusion agenda in most companies. This is undeniably bringing plenty of goodness to society from many angles.

However, there are risks behind this unconscious bias hype that we need to be aware of and try to mitigate.

18 | THOUGHT LEADER | EWPN

We won’t always be able to act against them, but by being aware of them, chances are that we learn to mitigate them and train ourselves to think twice and challenge our actions. Yet while this is an exercise many of us do when making decisions, can we say the same about our everyday life? Every time a mum and a dad attend a school meeting, and only the dad is told how good it is he could leave work early to be there.

Every time an adult accompanied by a child of a different race is asked how long they have been working as a child carer. These are all examples of unconscious bias that we could all be participants of, either as the perpetrator or the victim, in our everyday lives. This can be easily extrapolated to the work environment. While unconscious bias policies are implemented across the board in many companies, these mostly touch on big topics, such as recruitment, promotions and task assignment, but are not necessarily as effective on everyday stakeholder management. There is a big risk that we default to believing that by doing our mandatory training, by asking to see CVs anonymised and by thinking twice about every promotion or salary rise, we are “cured” from implicit prejudices.

Gender Equality Let’s pick up gender equality as an example. We see leaders with gender parity in their teams that will still ask a young female colleague who she reports into, assuming insufficient power to make a decision.

We see managers that themselves share parental duties equally at home that won’t question why a male report asks to work from home but will immediately assume that, in the case of their female reports, such an ask is due to a childcare emergency which might affect work results. We see women in very senior positions that would never dare to ask for flexible working patterns, terrified their gender-conscious teams will still see her as less capable at leading them. The most devastating biases come from people that, having done a thorough analysis of their behaviours, believe they are free from preconceptions because they have already put some good actions in place. There is still a long way to go on predispositions that may manifest on smaller actions. We have to keep refreshing our view. We have to keep on actively challenging ourselves and we have to be open to other perspectives, different from our own. Whilst we probably can’t get rid of the everyday implicit bias entirely, we can and must work to reduce it over time.

Bias or Sexism?

There is another risk arising from the unconscious bias hype, probably even bigger than the one just described. This one comes from the “unconscious” component of it. Unconscious is defined as “done or existing without one realising”, which de facto suggests that it is more forgivable and that, to some extent, cannot be avoided. This has created a “bubble of acceptance”, where, in a way, we consent that some unfair behaviours just have to happen, that there is no way to escape them. By doing this, we are sometimes justifying completely mindful decision-making, permitting it to hide behind the implicit bias shield. We have all recently seen the news on the Tokyo Medical University entrance results scandal, where the scores were altered to reduce the number of female students they admitted. I have heard many people’s opinion on the fact that the directors of the University have an unconscious bias against female doctors. Since they were anticipated to shorten or halt their careers after becoming mothers.

DIANA CARRASCO Head of Digital Risk, Compliance and Policy Diana’s expertise is in developing innovation for financial and payments institutions. Diana is Head of Risk, Compliance & Policy for HSBC’s Digital Bank, where she leads their Financial Inclusion and Vulnerability task force. In parallel, she has held several advisory roles and worked as a guest lecturer for University of Cambridge.

ABOUT EWPN European Women Payments Network (EWPN) is the first and only panEuropean not-for-profit organisation for women working in the Banking, Payments and FinTech industries in Europe with the primary objective of championing diversity and inclusion (not just gender) in the financial sector.

MONEY 2020 SPECIAL EDITION

The basis for labelling this as unconscious bias, I have been explained, is that in the Japanese society both culturally and traditionally, women stop working or reduce their hours after motherhood, which is detrimental to their employer and, since this is the tradition, this is the expectation. Hence, the University directors cannot be blamed for it.Now I don’t possess enough knowledge of Japanese society to have an informed opinion on whether this statement on tradition is true or not.

However, this is sexism that, even if it happens to be the norm in a particular culture, is still not a valid excuse. On the contrary, if this is the case, then significant action is required towards gender equality. I personally cannot accept there is any unconsciousness in knowingly and voluntarily reducing female applicants’ marks by 20 points whilst increasing their male opponents ones with an extra 20 points.

We are talking about front-runners here, some of the world’s most innovative people, the most intelligent, and the ones that bear the decisionmaking power in their companies to make them successful. Allowing unconsciousness to be an excuse for biased judgements that are glaringly obvious is, at a minimum, lazy, accommodative and almost irresponsible.

No Excuses

Yet we have to do more than that: we have to ask more of ourselves and of our work environment.

Walk away from being complacent and refuse the pat on the back for the good work we do towards diversity and inclusion.

We don’t have to look at examples as significant as the Tokyo Medical University one. I am sure that we can all think of examples closer to home, where decisions that some years ago would have been heavily questioned, are nowadays being permitted under the banner of implicit predisposition. It somehow seems that the unconscious bias term is sometimes being used to justify anything that we do not wish to highlight, challenge or fight. We have to be very careful not to let the term become a trap, or a carte blanche, to get away with just an apology for perfectly cognisant discriminating decision making.

20| THOUGHT LEADER | EWPN

The Push for Diversity Unconscious bias exists, very few leaders are openly racist or sexist – most insist they’d love to build a more diverse team. However, unconscious bias may be blurring their sight. I do not want to give readers the impression that I deny the existence of genuine unconscious bias or that it is irrelevant, or insignificant. It is not, and we all need to fight implicit prejudices.

We have to keep the bar high as leaders and as members of the society we live in, constantly challenging our comfort zone on this topic and asking ourselves these two relevant questions: are we as alert of our biases in everyday life as we are when making big decisions? And, are we hiding behind the excuse of unconscious bias for bigotry we are aware of? And we must be prepared for what the honest answer to these questions may be.

MAKING DIVERSITY A NON-ISSUE IS EVERYONE’S ISSUE When I was asked to talk about diversity in the FinTech industry, my immediate reaction was frustration…..frustration because diversity is a topic that has been highlighted for years yet still remains a global issue. While things are progressing, it’s at a glacial pace; and the only way it can further advance is for all of us to be unafraid to continue the conversation. So, let’s talk…

To start, it’s worth noting that diversity is not an issue for the FinTech community alone. Diversity, or in this case lack thereof, is a problem that has been around for a long time. As the co-founder of Cardlytics, I’m very passionate about the topic because I know diversity will bring a broader range of ideas and thinking, which is incredibly important for any company, but particularly one like Cardlytics where we strive to harness new ideas and perspectives.

According to 2017 McKinsey data, companies with low gender and ethnic diversity are more likely to underperform their industry peers on profitability. At Cardlytics, for the longest time we didn’t have any senior women on the executive team other than myself. I initially kept apologizing for it, but then decided no, we are changing this.

I am pleased that this year alone we’ve added two additional women to our exective team. We are updating our hiring and promotion practices to make diversity a priority. We are definitely not perfect, but we are working hard to get it right and always pushing to be better. We’re currently reshaping our overall diversity and inclusion plans to keep the momentum going and give not just women, but people of all backgrounds, a safe, inclusive place to contribute and succeed. And we will not stop there. We will continue to utilize this 22| THOUGHT LEADER | CARDLYTICS

thinking in everything we do until it becomes muscle memory.

Because just like any workout program, as you continue to use and build muscles they will become stronger and you will start seeing the benefits.

One organization I’m particularly proud to partner with is YearUp Atlanta, a nonprofit organization that provides a one-year training program for low-income, diverse young adults. It teaches its students the value of hard work, perseverance and collaboration, and since our partnership began in 2015, we’ve hired nearly all our YearUp interns for fulltime positions.

It becomes the responsibility of all of us to try and build diversity within an organization, but as a diverse leader, I feel it’s incumbent upon me to lead by example.

Shortly after co-founding Cardlytics, I started the Women of Cardlytics interest group. The vision behind this group was, and still is, a platform to help women in our company grow through education on topics like learning new skills, dealing with career obstacles, and building a strong network of advocates and mentors.

While I started Women of Cardlytics, it took other employees within the organization to solidify its importance and keep it moving forward as a safe place to professionally learn and grow.

My job is now to encourage individuals at all levels to be part of the conversation and make them feel secure in doing so. Beyond that, we let our employees run our interest groups on their own. While they have senior-level sponsorship, they have a budget and are in charge of managing those budgets to make things happen.

I’m a firm believer if someone has an interest in something, we should find ways to capitalize on it. People at all levels of the organization should feel empowered to organically build an idea.

When that happens, a true grassroots movement with less resistance begins. Having these groups in place can also be a strong developmental tool for our employees and quite frankly a great way for me to interact with employees I don’t get to work with every day. I learn a lot and hopefully they do as well, so it becomes a two-way street.

As serious as I am about helping females and minorities advance their careers at Cardlytics, I feel that same passion around helping entrepreneurs. According to a Fortune article earlier this year, female founders accounted for only two percent of venture capital dollars in 2017. Given my experience in starting a company from nothing, raising over $200 million in venture capital and taking it public earlier this year, I believe I can help new entreprenuears, particularly woman. Part of the reason there are very few female founders is because there are very few female venture capitalists.

Female founders have to raise money from an extremely male dominted venture capital industry. This can be intimidating, frustrating and oftentimes, as we see reflected in these stats, unsuccessful. It makes me feel like a pioneer in some regards because leading into our IPO we raised more than $200 million.

I know the hurdles these female entrepreneurs are facing, and I want to help. I currently mentor a woman who founded her own business and recently started her own venture fund in Atlanta.

I believe it is not just my pleasure but my duty to help grow the next generation of women entrepreneuers to hopefully be significantly larger than my generation.

While diversity continues to be a challenge, it is a problem that we can solve, and it is important we all continue to discuss the problem and take action to make it happen.

LYNNE LAUBE Co-Founder and COO In February 2018, Lynne took Cardlytics public on the Nasdaq, making Cardlytics the first tech IPO of the year. From 2008 through 2017, Lynne secured more than $200 million in capital from leading investors and scaled the company to become the dominant global leader in purchase history-based analytics.

Lynne has tremendous passion around helping women excel in the workplace and has led a number of development and mentoring initiatives. At Cardlytics, she launched Women of Cardlytics, a program that provides education and mentorship to help women grow their careers. This program is one of the reasons Cardlytics has won top places to work in Atlanta for several years.

ABOUT CARDLYTICS Cardlytics is recognized as one of the country’s fastest growing technology companies by Deloitte Fast 500 and Inc. 5000. Founded in 2008, Cardlytics helps marketers understand how and where consumers spend money by partnering with the top financial institutions around the world. Cardlytics unlocks the value inherent in consumer transaction data in a way that protects both the bank and its customers.

Cardlytics helps companies better target their marketing, and importantly measure the impact of their marketing using actual customer purchases.

Cardlytics was recently named the 5th Best Entrepreneurial Company by Entrepreneur Magazine.

MONEY 2020 SPECIAL EDITION

DIGITAL COMMUNICATION IN RECEIVABLES MANAGEMENT IN LINE WITH THE CUSTOMER? YES, IT’S POSSIBLE! The constant battle for new customers is a cross industry challenge – be it ecommerce, insurance, banks, utility companies and many more. Large amounts are invested in customer acquisition, but rarely amortised if you look at the churn rates. Those who want to keep up with digital changes and just want to keep digitally aligned with customers have to act fast - the big ones in the industry have finally realised that. But do you have what it takes to implement it?

Customer journey from insurance completion to payment through to reminders Once a product has been purchased or a service has been booked, marketing can check it off their list and register a “success”. What people tend to forget that this is just the beginning of the customer experience – if you want to keep the customer. Questions you should ask yourself in this process are: How do I communicate with the client, on which occasion and through which channel? Is the user experience good through the digital and analogue communication methods provided? How can customers pay their bills, what is my strategy if the customer defaults?

Thus, 49 percent of companies know that digital receivables management leads to lower late payments, but only 18 percent actually use digital solutions. This is the motivation behind collectAI, a company focusing on making receivables management smart and automated.

Modern customer approach in six steps Gentle but effective receivables processes should create a positive experience for today’s digital consumer. This is vital to maintain the customer relationship into which you have invested so much already. Only then will the customer, in whom one has invested a lot in customer acquisition, be retained. collectAI recommends six main steps to navigate towards digital transformation, including a digital approach in receivables management:

At the same time, for receivables management, it goes even beyond the simple adoption of automation and technology: Customer-centric receivables management requires a new attitude towards the end customer. Anyone who uses the term “debtor” today has missed that - they are still customers. By using the term debtor, companies begin to reduce the value.

2. Data is the oil of the 21st century – and the key to individualised communications To flexibly adjust your communication strategy to the needs of customers, data is essential.

One way to get better records is to incentivise the customer, e.g. with providing their mobile number. This can be done in many ways. One example is a letter with an integrated QR code leading to a landing page for entering further contact details. Of course, this must be done in accordance with the Data Protection Regulation.

3. Meet your consumer on their level by offering digital communication channels Consumer behaviour is changing towards digital - this is well understood. 28% of U.S. consumers would like to pay mobile at all times as the recent Statista report just found. The use of digital channels ensures customer proximity. Thus email, SMS or messenger services should be part of your standard channels, also to reach younger customers where phone calls and letters are not popular.

1. Company culture transformation to change employees’ attitude

4. Be there when your customer has time for your message

Applying digital tools and letting technology take over certain steps in your customer communication requires a new mindset: Your employees are core to this change and need to embrace digitisation – this of course is a process and not something that happens overnight.

Consumers nowadays are busier than ever which is why it is even more important to find out about the right time to approach them. In the area of payments and receivables, it is recommended to look at an ideal time of the day and even time of the month to get in touch.

24 | STARTUP SPOTLIGHT | COLLECT AI

In case a payment is late, a reminder should follow early in the process and with a positive tone, ideally before the due date. The earlier the customer is approached in the payment reminder process, the higher the likelihood of maintaining the customer relationship.

5. Landing Page in the look and feel of your brand To ensure your customer remains within your brand experience, a landing page in the familiar look and feel is essential. Your digital messages therefore should include a link to a mobile responsive website that’s fully branded. The site should show transparently the amount due and enable the customer to get in touch with customer services by chat, e-mail or telephone.

To settle the outstanding amount, the site should also offer a range of payment options to make payment easy and uncomplicated – no matter where your customer is or when your customer decides to proceed with the payment.

MIRKO KRAUEL Chief Executive Officer & MD Mirko is a fintech expert, with 16 years of experience from both, startups and larger companies.

Prior to joining collectAI, he was a Principal at EY Innovalue, a strategic management advisory firm driving digitisation for the banking and payments industry. Before that he advised clients during their realignment after the financial crisis in 2008.

ABOUT COLLECT AI

6. Automation and Optimisation via technology combined with smart Artificial Intelligence (AI) mechanisms Smart processes save time for the workforce, achieve better results and reduce process costs.

For example, an AI allows customers to be addressed as needed through individual timing, adjusted tonality, or choice of communication channel. For example, a business person might achieves automated technology better in the early morning or late evening, rather via e-mail and in a neutral tone. On the other hand, a young student is more likely to read text messages during the day, for example during lecture breaks. The AI ​​tracks the successes and adapts automatically self-learning to adapt to the varying behaviour of customer groups and specific customers.

collectAI provides digitised, AI-based payments and collection services to manage account receivables.

Covering the end-to-end process from e-invoicing and dunning to debt collection it helps clients balancing between collection rates, costs and customer retention.

With its proprietary technology, it fundamentally improves the customer experience. collectAI, founded in 2016, is part of Germany’s largest e-commerce retailer, the Otto Group.

MONEY 2020 SPECIAL EDITION

INTERVIEW WITH MIRKO KRAUEL, CEO OF COLLECTAI PCM: How would you describe collectAI? What is the value added of collectAI compared to a traditional account receivable software and what is the use of the Artificial Intelligence?

Mirko: collectAI is a financial technology company focusing on digitising receivable management end-to-end. With this, we tackle a topic which has thus far mostly been neglected during cross-industrial digitisation. We offer services starting with the purchase of a product or service or the return debit note - depending on the industry. We digitise e-invoicing, dunning and debt collection on a modular basis. Our AIdriven technology is customer-centric, observing and continuously optimising messages, timing and tone of voice. Our services are a win-winsituation for both, companies - our clients - and end consumers - their customers. This is also what differentiates us from traditional services.

What drives us is the philosophy that a customer worth serving is a customer worth keeping. Due to outdated or manual processes on our clients’ side we see that consumers aren’t served well enough during the invoicing, dunning and debt collection processes. Very often the customer relationship gets damaged or breaks because payment reminders are too aggressive. Focusing on the customer relationship and therefore the ultimate goal of increasing customer retention, collectAI’s technology is changing this situation.

As a practical example this means that certain customer groups are more likely to respond at 9am in the morning rather than 9pm.

Furthermore, we integrate payments in every communication step. A customer can pay directly online. Our algorithms measure their own effectiveness by using all relevant information and optimise the decision the next time a customer communication is being sent out to a) a specific customer as well as b) customers whose profile is similar to the one customer.

Questions the system might ask itself are for instance: “Did they open the email?”, “Did they go to the landing page?”, “Did they try to make payment?”, “Was the payment completed?” etc.

This leads to a smart automated process that is fully individual and leads to the best response based on the information the algorithm has.

PCM: What’s the biggest success with this approach thus far?

Mirko: Having started the business in 2016, we today not only sell a vision but a real working product: We have for instance a collaboration with a bank, part of the Societe Generale with impressive success rates. The achievement is a cost reduction of 89 percent with a higher collection rate of 24 percent.

PCM: collectAI is focusing a lot on the Communication Channels and Payment Methods, can you elaborate on that and give us some examples?

Mirko: The old way of managing receivables is a linear progression: mostly manually you send a letter or an email to the customer in default. This letter is a standard letter without any individualisation. collectAI digitises these processes, which is also drastically reducing costs for our clients. While doing so, our technology makes use of machine learning algorithms that are able to individualise the communication with every customer. Therefore, we individualise the choice of the channel (email, whatsapp, text message, postal letter, etc.), the timing (early in the morning, in the evening) and the tone of voice (friendly, mindful or assertive).

26 | THOUGHT LEADER | COLLECT AI

PCM: What are the industries that are mainly using collectAI today and what are your target markets?

Mirko: At this points we serve banks, e-commerce platforms, digital publishing houses, insurances, utilities, P2Ps and other fintech companies. Our focus is on Europe. We narrow it down to DACH, NORDICS and UK as our core markets.

ALL STARS ALIGN FOR AI PCM: How can machine learning and AI improve business processes?

Automation of business processes is inevitable as they are really based on old ideas, technology and customer expectations of the previous century.

ML and AI can make that inevitable change smoother by adding a level of sophistication with minimal disruption to current procedures and humans performing the processes. AI and ML provides intelligence and insights based on data, context and content at the point of interaction to the humans working at enterprises, so they can react appropriately to their customers. Very minimal change management but phenomenal transformational experiences to the business and customer.

PCM: In terms of developments for machine learning and AI, how far are we currently?

Many companies had ambitious plans for 2020 but I must say all stars are really aligning for Vision

2020 to become reality primarily because of the speed of innovation powered by AI and ML. Beaming economy, unprecedented amounts of data, information, investments, interest, affordable infrastructure costs and innovation from from 2-persons startups to Global Technology firms like IBM, Amazon, Microsoft to government sectors, could some ask for anymore. There will be further consolidation and convergence of technologies such as RPA and Artificial Intelligence, RPA and ML, RPA and blockchain solutions coming together as companies look to evolve their business models iteratively and in different dimensions.

PCM: Which sectors are you focussing on when talking about robotics process automation?

The primary sectors we focus are Banking, Insurance, Supply Chain, HealthCare, Manufacturing and Semi-Conductor industries. Within these sectors, our current work has been primarily on Risk, Regulatory, Compliance, Purchasing, Finance and Logistics. For example, we are currently working with a Fortune 200 Global Bank, our digital workforce functions as Regulatory Auditors or “Botitors” verifying customer enrollments.

In a Fortune 200 Logistics company, our bots are releasing thousands of Purchase Orders to suppliers and processing thousands of Invoices from these suppliers creating payment vouchers automatically.

PCM: What kind of current and upcoming challenges do you foresee in the industry?

The biggest challenges we foresee in the industry is not about availability of technology but appropriate application, acceptance and adoption of the technology. Let’s take the case of Blockchain and RPA, Blockchain provides a trustless provenance and basis for smart contract execution, however it is not designed to hold large amounts of non essential data - both through its design, and also as it’s not purgeable - something required by GDPR and other privacy laws. Robotics is great at capturing data, storing it appropriately and stitching together disparate systems and processes. A single business

28 | STARTUP SPOTLIGHT |QBOTICA

process may require interoperability of several distinct blockchains, that require integration with off-chain solutions and complex key management. Robotics can play a significant role in assisting with these emerging technical solutions that would be problematic for humans to operate.

For example the topic of frictionless trade post Brexit at borders, and the application of different legal frameworks and customs processes would be well suited to blockchain supported supply chains running alongside more traditional digital solutions. Robotics can straddle both to create a viable solution for businesses. When a payment process (either blockchain based, or fiat payment based) is incorporated, a powerful set of technology services can be unleashed. And finally, another fear or taboo is that Bots are viewed very similar to outsourcing. Interestingly people forget that after 20 years of outsourcing, IT jobs in countries like USA, UK and Germany have only gone up not down.

PCM: How is qBotica overcoming these challenges?

The industry would need a lot of external help to accelerate adoption but they are uncomfortable doing this with the Top 4 and large outsourcing firms who come with strings attached using land and expand strategy, yet leaving a long tail of work and technical debt behind. qBotica is providing an alternative and comfort to our customers with our no-strings and no tails left behind methodology. We are pure play RPA and AI services, not interested in other service lines.

By designing solutions with a ‘both brains’ model of intelligence and execution, our clients will gain incrementally from our services and be at the forefront of emerging technology solutions for global, complex businesses. This allows us to create offerings where domain-based solutions can be dropped into technology to further streamline core business processes and reduce friction for businesses.

MAHESH VINAYAGAM CEO & Founder Mahesh is the Founder and CEO of qBotica, is a Payments and Technology Services industry veteran. Mahesh has over 20 years of experience in the Technology services space and has been pioneering the adoption of Digital Workforce using RPA and AI. Mahesh serves on the board of several startups focusing on AI and Blockchain and mentors upcoming entrepreneurs in the Greater Phoenix area. Mahesh also serves on the Forbes Technology Council.

YVONNE SCHNEIDER Board Advisor - Strategy & Operation Yvonne is a 30+ year veteran in the Information Technology, Financial Services and Travel industries. Having retired from a 26-year career with American Express in 2016 as Senior Vice President/Unit CIO, Yvonne acts as a Founding Advisor for qBotica, an RPA consulting start-up and runs her own consulting firm, Omni Insights Inc, focused on general, management leadership, software development, and technology trends.

ABOUT QBOTICA qBotica is a boutique RPA and AI solutions firm offering full range of advisory and implementation services from Discovery, Design, Development to Deployment. qBotica helps customers identify use case suitable for Automation, choose the right RPA product and implement solutions. qBotica’s customers include Fortune 200 Global Bank, Fortune-200 supply chain giant, a stock fund based as well as a mortgage services firm. qBotica partners with leading RPA vendors such as BluePrism, UiPath, AutomationAnywhere, Kofax and Abbyy to deliver the solutions.

MONEY 2020 SPECIAL EDITION

PCM: What are the plans for qBotica for the rest of the year and 2019? 2018 has been phenomenal with a great team already doing some amazing things at many Fortune 500 clients. We signed up some amazing partners such as BluePrism, UiPath, AutomationAnywhere, Kofax, Abbyy, Infosys Edgeverve, RapidMiner, AutomationEdge and Light NLPBots. Rest of the year we would continue working on augmenting RPA with Cognitive capabilities such as Machine Learning (ML), Artificial Intelligence and Content Intelligence using OCR/ICR.

30 | STARTUP SPOTLIGHT |QBOTICA

A key pivot for us is the foray into Blockchain, qBotica is developing offerings on Blockchain and RPA, one of our board advisors Stuart Wilson is an industry leader in Blockchain and he is powering the transformation at our firm. At this year’s conference you can see some Banking Bots, Auditor Bots, Content Bots as well as AI and NLPBots in action.

Our goal for 2019 is create complete Automation Platform powered by RPA, AI, ML, NLP technologies whether on-premise at our Customer sites or distributed over Cloud secured by Blockchain.

Did ewe know?

It may not surprise you that New Zealand has the most sheep per square mile. Or that the UK consumes the most fish-and-chips per year.

Yes, Atlanta. Home to more than 100+ FinTech companies generating more than $72 billion annually, Georgia’s FinTech ecosystem employs 40,000+ professionals. Atlanta is the global capital of financial technology.

What role can you play in FinTech in Atlanta?

Explore the potential at fintechatlanta.org

Š2018 FinTech Atlanta. Created by Arketi Group.

But did you know Atlanta processes the most financial transactions per minute?

THE EVOLUTION OF AUTOMATION HAS STARTED TO ACCELERATE Automation Anywhere is the leader in Robotic Process Automation (RPA), the platform on which more organizations build world-class Intelligent Digital Workforces. Automation Anywhere’s enterprise-grade platform uses software bots that work side by side with people to do much of the repetitive work in many industries. It combines sophisticated RPA, cognitive and embedded analytic technologies. Over 1,350 organizations use this AI-enabled solution to manage and scale business processes faster, with near-zero error rates, while dramatically reducing operational costs. Automation Anywhere provides automation technology to leading financial services, insurance, healthcare, technology, manufacturing, telecom and logistics companies globally.

For additional information, visit www.automationanywhere.com.

PCM: Can you tell us how Automation Anywhere started?

The company was started 15 years ago when founders asked a simple question: “Why after 20 years of automation less than 20% of tasks, which can be automated, have been automated?”

We went through multiple waves of disrupting technologies, like personal computer on everyone’s desk, enterprise level solutions, such as ERP, CRM, etc., mobile and cloud technology, and now it is AI and machine learning.

However there is still a big gap between what could be automated and what was actually automated. That is because of top down approach to automation, when IT and developers enable automation for knowledge workers, which turns IT into the major bottle neck in automation process.

Automation Anywhere went with the different approach – empowering business users with the tool to automate own work. There is still a very important role for IT to manage and monitor the 32| EXPERT INTERVIEW | AUTOMATION ANYWHERE

entire automation infrastructure, but the actual tasks could be automated by business users via building and training bots.

PCM: Can you explain us your different business operations?

Automation Anywhere is a later stage enterprise software startup with corresponding operations.

However, the key focus of our business operations is ensuring success of our customers. Even during the current phase of rapid growth and geographical expansion, we prioritize the highest standards for product quality and support of existing customers.

Enterprise company while investing in RPA solution is looking for a long-term partner, who will walk with them hand-in-hand not just through the trial and POC projects, but all the way to the large enterprise-scale implementation.

Automation Anywhere is the absolute market leader in customer support and product scalability with the largest implementations of thousands RPA bots. Most of Fortune 500

companies rely on our solutions in their most critical automation projects.

PCM: Which companies would be in most need of automated processes? Can you give examples of which processes can be automated using Automation Anywhere?

Large enterprise companies were the first adopters of RPA technology. Shared services departments rip significant benefits from automating financial, accounting, HR processes. Those benefits include: labor cost savings, 24x365 coverage, 5-10x faster processing, 100% accuracy with no human errors, ad-hoc scalability and flexibility of redeployment, full control and compliance.

Overall it leads to business efficiency as well as happier employees, who do not need to deal with mundane tasks anymore.

PCM: Is Automation Anywhere also able to predict business opportunities from a sales perspective?

Our Digital Workforce platform includes powerful smart analytics component – Bot Insight, which can track, analyze and represent not only operational data from running bots, but also business intelligence on data passing through RPA bots. Since RPA bots often deal with more information systems within the organization, they have access to more data and be able to drive more valuable business insights, than any individual system.

This is how bots are operating with marketing data: leads, pipeline and bookings can for example identify the profile of high value vs. low value customers and then predict the outcome from marketing activities, based on target segments for these activities.

PCM: The University of London found that automation makes work more human. Can you elaborate on why that is?

By automating mundane, repetitive tasks organizations give people more space for intelligent and creative work. We envision the future where human do humans’ work: communicating and collaborating with people, providing high quality personalized service, designing and creating new products, services and experiences. And all these activities are enabled by bots, which take on all the back-end routine operations.

MANISH RAI Vice President of Product Marketing

Manish Rai is Vice President of Product Marketing at Automation Anywhere.

Rai is a Silicon Valley veteran with more than 15 years of experience in marketing industry leading technology solutions spanning Cognitive, AI, RPA, and Mobility. Rai was previously VP of Corporate Marketing at Meru Networks, a publicly listed company that was acquired by Fortinet. Prior to Meru, Rai helped drive rapid growth for mobility solutions at Aruba Networks. Earlier in his career, he held senior positions at Motorola, Symbol Technologies, eGain and Booz Allen and Hamilton. Rai has an MBA from The Wharton Business School and an MSEE from The University of Arizona.

ABOUT AUTOMATION ANYWHERE

Automation Anywhere is the global leader in enterprise-grade comprehensive Robotic Process Automation software including Cognitive, and real-time analytics.

Over 1000 of the world’s largest brands use our platform to create and manage their Digital Workforce and scale their business processes faster, with near-zero error rates, while dramatically reducing operational costs.

Go be great.

MONEY 2020 SPECIAL EDITION

PCM: How do you see Robotic Process Automation (RPA) evolve in the future?

RPA is highly efficient technology for automating well-defined procedures and operating within wellorganized environments based on structured data.

However, according to Gartner 80% of data in the modern enterprise is unstructured, which includes all kinds of human communications: emails, chat conversations, meeting recordings, voice, videos and documents. This dramatically reduces the scope of projects for potential automation. We see the future of RPA in overcoming this barrier and leveraging AI and Machine Learning technologies for taping into the world of unstructured data. In order to lead this expansion, we have created IQ Bot – a cognitive automation product, which leverages the set of AI technologies and can be trained to operate at scale with STP of 60%+.

Our computer vision technology uses the latest AI techniques like convolution neural network in combination with OCR to recognize and digitize each document. Natural language processing is

34| EXPERT INTERVIEW | AUTOMATION ANYWHERE

used to understand the contents of the document, while machine learning helps to continuously improve from user feedback. Moreover, IQ Bot connects RPA with 3rd party cognitive technologies that can perform tasks like language translation, sentiment analysis and chat.

PCM: What are the plans for the upcoming year? Any announcements that you can share?

At the recent IMAGINE conference, we have introduced the concept of Digital Worker. This is a virtual employee, who possesses a set of skills, related to a particular role. For example – accounts payable clerk can process invoices, perform data validation and PO matching in specific ERP systems, process payments, etc. Organizations will be able to “hire” such digital workers as an assistant to empower and boost productivity of a human employee. Later this year we plan to announce the first set of Digital Workers and next year take this concept to a new level creating a partner ecosystem with hundreds of digital workers for different tasks.

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EUROPE

Commercial Manager

BRUSSELS BE

Business Analyst / Process Expert

AMSTERDAM NL

Customer Lead (Freelance/ Contract)

AMSTERDAM NL

Executive Account

COLOMBUS USA

Delivery Manager

SEOUL KOR

Business Development Lead

ATL/OH/NY USA

Enterprise Sales Manager

These are the latest job opportunities we have available!

28

HOT JOBS

COLOMBUS/ NEW YORK USA

Enterprise Sales, KAM

PARIS FR

Product Manager

VIENNA AT

Head of Country, SWAT

AMSTERDAM NL

Quantitative Risk Analyst

PARIS FR

Ingenieur de Production

ATLANTA USA

Scrum Master, Payments Customer Success

SEOUL KOR

Korea Account Manager

ATLANTA USA

Technical Project Manager

BERLIN/ MUNICH DE

Merchant Development Manager - DACH (German speaking)

SEATTLE USA

Technical Product Manager

ATLANTA USA

Payments Project manager

SEOUL KOR

Business Development Lead Korea

For more information please visit www.teampcn.com/jobs or check out our international Job Board at www.payment.jobs 28

EVENTS

10|22-23

BRUSSELS, BELGIUM

NPF & Regtech 2018

10|29-11|02

HONG KONG, HONG KONG

Hong Kong Fintech Week

10|29 -30

LONDON, UNITED KINGDOM

Connected Claims Summit Europe

11|7-8

HO CHI MINH CITY, VIETNAM

Seamless Vietnam

EVENTS

11|14-16

HANGZHOU, CHINA

Money 2020 China

11|25-30

DANA POINT, USA

Marketplace Lending & Alternative Financing Summit

11|26-28

LONDON, UNITED KINGDOM

Payments International

11|27-28

JAKARTA, INDONESIA

Mondato Summit Asia

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