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Banking on NextGen payments MONEY interviews Charlon Scicluna, managing director at Credorax Malta, on the support it offers to online merchants and payment service providers to collect and manage payments in a fast-changing world where online shopping is no longer a fad but a lifestyle. Can you tell us who you are and what services you provide? When was Credorax founded? Credorax is a licensed Merchant Acquiring Bank, providing cross-border smart acquiring services to global merchants and payment service providers. Essentially what that means is that we enable ecommerce merchants to collect and manage the money they receive from customers paying by credit cards and other payment methods. Credorax was founded in 2007 and today we have roughly 250 employees around the world. We have two headquarters – Malta and Israel – and with banking licences in Europe, Japan and the US, we are the first hi-tech firm to become a fully licensed global bank. We provide NextGen, cross-border payments processing, gateway and PSP connectivity

and acquiring for point of sale, ecommerce and omni-channel payments. I presume your clientele are mostly online merchants. What are the needs of merchants in this case and where does Credorax step in? We can also actually support in-store and point of sale commerce. However, it’s true that with the evolution and convenience of online shopping, more and more businesses are selling predominately online. This means that merchants can reach more customers in more places, but it also adds a layer of complexity that we can help with. Once customers get to the shopping cart on a website, the payment process needs to be swift and smooth, so that customers don’t get discouraged and abandon their cart. That’s where we come in. Credorax helps merchants ensure that customers reach the payment finish-line smoothly, by offering the currencies and payment methods that their customers around the world want. And then we collect those funds for our merchants and remit them in

their preferred currency – that’s the nature of acquiring – and we can do that all with one technical connection. Additionally, we have advanced data and business intelligence tools that help merchants optimise their conversion rates, so they are seeing the highest levels of transaction authorisations, and we help merchants stay protected against fraud while also remaining fully compliant with all the regulations that come with accepting online payments. Perhaps most importantly, we have a strong customer-centric approach and we work closely with our merchants to make sure they have the right support and ongoing assistance. One of the services you are pushing seems to be NextGen digital payments. Can you tell us what it's all about for those out there who are not so accustomed to tech talk? NextGen systems are cutting-edge technology platforms that were built from scratch by hi-tech companies. Some of the older, more dated technology systems often have legacy problems and are less stable and harder to maintain. Imagine, for example, the difference between constructing an entirely new building from scratch, versus renovating an old one by fixing all the problems that come about one after the other. In today’s fast-paced world, and especially with online commerce, merchants want to be sure to partner with a payment company that has the most innovative and advanced technology available, with NextGen systems that offer stability and speed. Does Credorax operate differently in terms of the systems used when compared to traditional banks? If so, how?

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MONEY MAY 2019 ISSUE 54