The 10 Most Promising Payment and Card Solution Providers 2019

Entrepreneur Speak

Need of Banking

Tech Talk

Sustaining Entrepreneurial Spirit in the Modern Era

The Age of Disruptive Banking through Digital Payment Solutions

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

Editor’s Desk Is it the End of Physical Cards?

M

e: One Caffe Latte please!

Person over the counter: Its $2.95. How would you like to pay sir? Card or Wallet?

Me: Wallet! (And paid the amount) Then as usual I took it and started walking towards my office, sipping the freshly brewed coffee. From the coffee shop, it takes at-least 10 minutes to reach my office. So, I started thinking, how much we have come across since the invention of plastic money. There was a time when credit/debit card has a little or no penetration in most of the countries. However, once it took off, it took over the world by storm.

Still, due to the ever changing payment industry, now we have digital wallets, which are far easier and safer to use.

And due to its user friendliness, it is now taking over the payment industry, which is causing the slow death of the card form factor.

So, you may ask why this digital payment factor is causing so much disruption. Well! This has many reasons to consider; As we continue to evolve from cash based society to one that mainly accepts digital payment, small and smart merchants will continue to find different ways to accommodate their customers’ love of the smartphones. The trend of this digital payment is mostly driven by the ease of use and convenience along with the increased security in order to keep these transactions safe.

Thanks to the various tech giants including Apple, Samsung, Google and others, consumers have started to embrace these digital wallets to pay in person or remotely. Back in 2016, the mobile wallet payments Ÿ were only amounted to $75 billion. However, according to various reports the digital payments can grow to $500 billion by the end of 2020. Ÿ

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With the advent of Social Networking sites, have changed the way we communicate with each other.

People nowadays love to use their smartphone to scroll through the feeds of their Facebook, twitter, Snapchat, and Instagram account. So, merchants are doing their best to reach out their customers through social media platforms and offering them the ability to check out through the social network, rather than redirecting them to an online site, thus making payment process much faster and streamlined. Also, as per reports, around 30 percent of the total online shoppers prefer to purchase from a social media network.

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Also smart assistants such as Alexa are slowly getting us used to employing voice commands to order and pay for various merchandises. As per the industry veterans, relying on these assistants is trend that is only likely to grow even further, forcing merchants to accommodate AI shopping through their sites.

Mobile wallets, the future of payment.

At the end one can say, soon card issuers will have to redefine their strategies in order to stay ahead of the curve.

However, the long term impact may likely to come in the disguise of reduction in interchange fees, more focus on flexibility, back end bank integration, rewards integration etc.

So, with great enthusiasm Insights Success has shortlisted, “The 10 Most Promising Payment and Card Solution Providers 2019”, who are working round the clock to make transactions more secured and efficient.

Also, while flipping the pages don’t forget to go through the CXOs and articles written by the industry experts and our in-house editorial team.

Happy Reading!

Kaustav Roy

CONTENTS Gigadat Solutions Bringing a Reliable and Secure Online Payment Platform

08

Cover Story

22

34

Entrepreneur Speak

Need of Banking

Sustaining Entrepreneurial Spirit in the Modern Era

The Age of Disruptive Banking through Digital Payment Solutions

2 Touch POS™

Transforming Business Transactions

18

Payworks

Empowering Commerce Globally

26

32

iPayTotal

Prote on against Financial Fraud

16

28

36

Mentor’s Insights

Tech Talk

Leader’s Desk

Backend-as-a-service For Payments-as-a-service

Are We At The End of Our Search & Find Habit?

Being Confident About Your Future When Your Organization Is Designed For Control

Editor-in-Chief Pooja M. Bansal Executive Editor Kaustav Roy

Managing Editor Anish Miller

Assistant Editors Jenny Fernandes Hitesh Dhamani

Visualizer

Art & Design Director

Associate Designer

David King

Amol Kamble

Sanket Zirpe

Senior Sales Manager Co-designer

Co-designer Mayur Koli

Business Development Manager

Kshitij S

Peter Collins

Marketing Manager

Sales Executives

John Matthew

David, Kevin, Jobin

Technical Head

Business Development Executives

Jacob Smile

Steve, Joe, Alan, Manish

Technical Specialist Aditya

Digital Marketing Manager Marry D’Souza

SME-SMO Executive Prashant Chevale

Research Analyst Calvin Jones

Database Management Stella Andrew

Circulation Manager Robert Brown

Technology Consultant David Stokes

sales@insightssuccess.com November, 2019 Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com

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The 10 Most Promising Payment and Card Solution Providers 2019

Gigadat Solutions

Bringing a Reliable and Secure Online Payment Platform

“We recognized the need to create reliable and

secure online payment methods that suit any business wanting to expand across Canada.�

Cover Story

Guy Fietz CEO

“

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

D

igital payment has recently become the most accessible transaction system, which is a proven revolution in existing payment methods. It started as an option but within a short time has evolved into a necessity. In the last two decades almost 96% of financial transactions and payments have become digital across Canada, and Gigadat Solutions, a Canada-based financial service provider company decided to develop ergonomic and efficient online banking payment solutions to connect Canadian consumers with global e-merchants and service providers.

Below are highlights from the interview conducted between Guy Fietz and Insights Success: Describe your company and its cutting-edge (domain of the respective project) solutions which address all the needs of your customers.

Gigadat provides the most optimized payment service in Canada with unique bank level solutions that allow the customers to use native-like steps in order to quickly and safely pay for goods online. It is truly a 24/7 operation, and assists all of its customers day in and day out with their transactions and provides real live assistance if required in order to maximize our clients conversion rates and provide assurance and security for all our clients’ customers worldwide. Transparency is one of the key ingredient to Gigadat’s huge success and we provide a 100% real-time online reporting engine that allows all our clients to monitor, audit and forecast their revenues generated from Gigadat Solutions.

Give a detailed description of the featured person’s influence over the company and the industry.

Guy Fietz, CEO of Gigadat is a serial entrepreneur and a Canadian pioneer who created the first clearinghouse in Canada for fixed line and mobile telephone billing. Guy Fietz and his teams have been in the Alternate Billing space for over 20 years. The group has evolved from a Home phone billing platform, including Mobile billing networks and a full IXC Carrier status, to the Online Payments solutions at a bank level. He has created Gigadat to continue these services at a bank level by assembling a team that also has been in the high risk alternate payment industry for over 15 years in order to evolve to the next level of payments.

“

Describe in detail about the work culture and the values that drive your company.

What marketing activities do you implement o reach out to your potential customers?

Our Sales and Marketing team is world class. It is headed up by Olivier Bourreau and Sebastien Maraine who handle our global teams. We are completely accessible unlike a lot of payment companies these days. We attend all of the key trade shows around the world however typically do not have a booth as our customers around the globe are world leaders in the Online Payment and Services industries. Those customers are present in these shows so we choose to be present but not to compete with our customers intentionally. It’s not hard to find us either at the shows in Europe or in our offices in Canada. You can typically get a hold of us anytime, anywhere.

What is your idea of Corporate Social Responsibility?

Gigadat is a payment facilitator and we live in regulated markets.

We have respect for all regulatory requirements from around the globe which is a difficult task. We ensure that all our clients are AML and KYC certified or licenced where applicable, including GDPR practices if required. Gigadat provides transparency in any suspected or fraudulent transactions with its banking partners and has a 99.99% recovery rate on these transactions which provides a stable environment for our clients around the globe.

What technologies are you leveraging to make your solutions resourceful?

Gigadat’s BluSky reporting is a 100% real-time reporting engine available to all our clients. This allows our clients to typically

“

We recognized the need to create reliable and secure online payment methods.

“

Gigadat’s work culture is fanatastic, we have employees that have been with us for over 15 years and a lot that have been with us for over 10 years in a high turn-over environment and that say a lot. We treat everyone as part of an integral team to complete a smooth running machine. We do carefully select employees and also provide them with incentive plans to perform well and outside of the box.

We expect a lot from our employees and constantly challenge them through management to provide insight on how to improve procedures or systems that get put into a queue to develop or put into practice. This keeps our company on the cutting edge as technology moves faster and faster these days.

reposition our solutions to the top of the cashier page as we provide such high conversion rates. Gigadat is always developing with our in-house team of programmers and developers. We have several world class developments that will launch later this year and early next, such as Request for Funds which will allow a lot of merchants to provide subscription services online as well. We make Integration a simple process and we are very responsive, regardless of the client’s time zone. This can be difficult but we choose to Be There.

What are your company’s future aspirations? What strategies are you undertaking to achieve those goals?

Gigadat’s team is and strives to stay on top of the ever-evolving markets by listening closely to the needs of our clients and meeting with them regularly.

Gigadat is NOT a “set it and forget it” organization. We are very client- and customer-oriented so we do listen to the needs of the consumer as well as adapt to make things easier and more efficient for them. Gigadat is always automating where possible. It’s now called AI, but we have been building AI solutions within our products and services for years.

Testimonial Gigadat is well known around the globe to be the GO TO Canadian Payment Facilitator for any Acquirer, Payment Provider, or Large Online aggregator or Gateway Provider who wishes to turn on the Canadian tap by adding our solutions.

Our clients are all the Who’s Who around the globe so use your imagination who they could be and they are most likely a client of Gigadat Inc.

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SUCCESS MEDIA TECH LLC

T

he growth of the Fintech ecosystem brought with it an influx of Payment Service Providers (PSP).

These new arrivals are changing the way the industry is serving and interacting with its customers.

risk losing business. Customers today are looking for faster onboarding, fewer questions and more services offered instantly, from “one-click-checkout” to the ability to login with social networks and even easy ways to share expenses on the go.

Growth Triggers Fresh Challenges Square Gets it Right It doesn’t matter if you are a B2C or a B2B company, you are now facing a more informed, savvier Customer/Merchant who is looking not just for the best pricing but for the best value for their money.

This evolution of the customer required the service provider to evolve as well, simply to keep up. Providers have had to consider additional services as part of their value proposition – not always an easy task for companies with limited resources and legacy systems.

Payment Service Provider Square is an excellent example of a PSP who acted quickly to respond to customer demand.

Square started out with their card reader and MPOS, then quickly expanded their services to ecommerce, scheduling and many more options designed to help SMBs (Small Medium Business) expand and scale their own enterprises.

Square’s ease of use has helped thousands of merchants improve revenues and take control of their day to day activity.

The market became more accessible to young, fresh brands offering agile and innovative approaches to payments.

Many veteran players have been left to follow their lead or

At Coriunder, we have been focused on the PSP-As-AStartup (PAAS) approach, where the PSP is changing their strategy and allocating their budgets to become more

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Mentor’s Insights

competitive with newer, more agile providers; this led to another PAAS approach. This one has been around for a while but wasn’t considered as an alternative; Payments-As-A-Service.

This option paves the way for white label gateway providers that have been enabling the quick setup of a Payment Service Provider without the need of a large technical team and the security certifications that come with it.

The majority of providers are focusing on the large network of acquiring banks and alternative solutions instead of on the flexibility needed for the PSP to build his client base. But it’s not just about the payments.

Our Solution for the PAAS Dilemma Our approach is slightly different; we built a BAAS (Backend-As-A-Service) model that gives our clients tools to manage Customers (Card holders/Users), Merchants, Affiliates and even their own employees. This provides our clients with a way to build apps and services as part of their offering and to manage the billing and “standard” services all within one, PCI Level 1 certified, management suite.

This approach made Payments an “Add-on” to the PSP’s service and not the main service; we see some clients expanding our Merchant Management Portal to allow scheduling and invoicing. Other users are building risk and fraud tools to extend the KYC checks and transactions monitoring they have in place.

We serve as a hub that provides the PSP with the options they need to integrate to every service provider they wish to. Together, they can create intuitive workflows that better serve their business logic.

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BAAS and Fraud Prevention An evolution of a customer comes hand in hand with the evolution of the “Fraudsters”. In many cases, the PSP is left exposed on both fronts; they need to both cater to the customer and combat fraud. Clients adopting BAAS are using the Backend solution to manage both transactions and customers, so they now have the ability to integrate Risk and Fraud tools. In many cases, they can even build their own custom tools to define workflows that help them better mitigate risk and more effectively fight chargebacks and fraud.

We see the struggles of our customers as a shared challenge, so we offer a C2C (Client-to-Client) integration as

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

part of the core functionality, brands can help one other find solutions more quickly. With C2C integration, additional revenue streams can be established, as clients developing new services or expanding to new territories can assist one another with growth and opportunity.

When we launched our service we aimed it at startups looking to build their idea on top of our Backend; we soon we learned that the PSP market was in dire need of a service like ours.

We are now serving Payment Service Providers globally, with partners based in Hong Kong, the United States, Cyprus, Malta, Costa Rica and more.

By addressing the needs of this rapidly growing industry and helping clients create innovative custom solutions, BAAS can resolve the dilemma faced by the average PSP. About Coriunder: Coriunder is a Backend-As-A-Service platform for fintech and ecommerce companies. Whatever your services might be, Coriunder provides you with reach management tools to monetize your solution and enables you to expand globally with our Payment optimization tools and a single point of integration for all of your services.

With over 300 available integrations to acquiring banks and service providers, Coriunder is the logical Backend-AsA-Service for the Payment Service Provider.

November 2019 | 17

2 Touch POS™:

Transforming Business Transactions

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he retail market has shown a tremendous growth in the following decades. This surging rate of growth has demanded an efficient management system to cater to various essential requirements.

One of these requirements is a Point of Sale (POS) system which is predominantly used by the retail industry. The POS system software can handle innumerable customer based functions such as sales, returns, exchanges, customer loyalty programs, discounts, etc. This list of easily operable functions within a POS system assist in the efficient management of retail sales and has spiked the demand.

To meet this surging demand, Xenios LLC developed 2 Touch POS™ for bar, restaurant and nightclub businesses in the US. 2 Touch POS™ is more than just a point of sale system.

The software provides a business management framework and is the leading edge of data capture used for improvement strategies. 2 Touch POS™ has both the expertise and resources required to satisfy their customer’s requirements.

A Leader’s Ultimatum Any idea that was ever converted into a business, evidently involved the mainspring of an efficient leader. It was with Eric Elwell the Founder and CEO of Xenios LLC that the idea for a software business that works began.

Eric brought together a dynamic team to influence the way the restaurant industry handles day to day operations.

A former real estate investor and mortgage broker, Eric left the housing industry and became a business consultant in 2002. After calling on businesses for several months and gaining extensive training in business

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process improvement, he pieced together a commonality between requirement and provision.

He focused on revolutionizing the business landscape for restaurant, bar, and nightclub owners. Eric plans to achieve this feat with a Point of Sale Technology that captures transaction details and stores them in the cloud providing an improved method for monetary management and business performance visualization. Armed with proven data from actual results, Eric graphically demonstrates the impact that this progressive technology can have on the bottom line.

A Journey through Time 2 Touch POS™ has been in the market since early 2000, and in 2008 Eric decided to concentrate solely on bar restaurants and nightclubs providing this system without the distraction of other business objectives vying for attention. To accomplish the goal of becoming the Point of Sale expert, Elwell asserts “We made a couple of key hires internally to focus on systemization, and basically what we realized is that if we don’t get help from the people writing the software, and listen to the people using the software, then it will be hard to grow.”

With the acquisition of the company Xenios LLC was created and the software was branded 2 Touch POS™ 2Touch Point of Sale. The company continues to operate within this structure. Elwell has taken conceptual writings and combined them with his own practical experiences to develop a winning atmosphere for himself, his team of experts, and the customers he serves. Xenios LLC has seeded a major transformation in the retail, hospitality and payments industries through the course of time.

The Versatile Software Xenios offers 2 Touch POS™ as a service. The package provides the software custom menu programing and installation services. The service division offers learning platforms including remote access training with a technician, live support, next day Q&A, telephone support, menu engineering, YouTube videos and a user learning management system. The 2 Touch POS™ Software Package can provide tested and durable hardware that includes stationary terminal, tablets, and payment processing options table side. 2 Touch POS™ is a hybrid cloud installation, i.e., the data originates on premise and is published on the cloud. This is a proven secure process for the customers and their businesses. Through OData feeds and web services it provides a secure, automated way to transport transaction data and reports to accounting, inventory, and payroll processing systems.

Delivering Control within Simplicity POS Systems provide transaction data that helps one to measure progress toward set goals and the effectiveness of a business, thereby satisfying customers all the while maintaining profitability. Choosing 2 Touch POS™ allows for quick data entry, comprehensive data reporting and embedded payment processing. The 2 Touch POS™ software configures transactions and report data with the goal of providing useable data that can be implemented to enhance profits. 2 Touch POS™ provides a precise tool to capture data through the software and customers can control how much software they wish to implement. They can also decide how much support they want to accomplish their goals. Each configuration is unique and

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Transforming payments with 2TouchPOS.

Eric Elwell Founder & CEO

individualized; wherein the customers are open to buy only just what they want.

2 Touch POS™ offers streamlined data capture and payment processes that are configured especially for the hospitality industry all at affordable pricing. With 2 Touch POS™, customers get a business tool that extends itself from the beginning with data capture, order processing, record creation, through to payment processing and balancing, to finally using the data to build the business further. 2 Touch POS™ is the software for the present and the future.

customizable in the most complex scenarios. In addition to these, the flexible API makes working with custom applications easier. Given the rapid state of change and everincreasing security restrictions in the payment industry 2 Touch POS™ ’s development focus has continued to center on payment needs. The software assists in building your customer network with communication, marketing, activity information, and then collects and works with customer data. This, in turn, brings about a radical change in the methods of making payments and utilization of customer data.

The Process of Progress The team at Xenios comprehends that the most valuable asset one’s point of sale system creates is performance data. Gathering sales data explains business success and shortcomings.

“At 2 Touch POS™ we believe that collecting your customers’ names and spending habits, will help you influence customer visits and spending while on site,” says Eric Elwell.

The Future Holds Evolution 2 Touch POS™ ’s mission is to design, build, perfect, and deploy operating systems that get tangible results for the customers. The company envisions a franchised network of Point of Sale specialists that helps get the revenue generating product into the hands of customers, with the highest standards of reliability and quality as affordably as possible.

2 Touch POS™ is under constant innovation. 2 Touch POS™ updates up to 6 times a year and is highly

2 Touch POS™ will continue to focus on the peculiarities of the hospitality market. The small distinctions of how a restaurant operates and the nuances

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that require specialized development would also be in focus. To assist customers to meet their needs, we will rapidly adapt to changing customer desires, and develop methods to manage business processes that meet present and future goals. Staying focused on becoming more flexible, increasing customer controls and creating additional tools while revising the existing ones will enable 2 Touch POS™ Developers to keep up with the demands of advancing technologies. With the automated tools continuing to evolve, the 2 Touch POS™ tech team will continue to update and enhance the software alongside our merchant processing partners.

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Sustaining Entrepreneurial Spirit in the

Modern E a

B

usinesses operate, survive and progress in a highly dynamic economy, where change is the rule, not the exception. The change may be slow, sudden or almost extensive. One of the important forces of change is the change in technology. Most of these changes are used to enhance human capabilities to accomplish meaningful work. These changes are sometimes thriving on the entrepreneur. A successful entrepreneur works to visualize these future changes rather than waiting for it and create a more desirable environment in the organization.

Technological breakthroughs do occur and it takes courage for an entrepreneur to accept the change and its implication. Technology breakthroughs like computers, color television sets, electronic sets, fuel-efficient vehicles, etc. have encouraged entrepreneurs to manufacture these products. Thus changes in technology from time to time pose several alternatives before the entrepreneur. This is an ongoing process in which the entrepreneur sets goals and strategies to meet changes in technology. But for strategies like marketing, human resource, supply chain, financial and legal strategies, etc. connection with people is important. Entrepreneurs define the formal relationships among people and specify both their roles and responsibilities. Because the end product is an integrated system of people & technology and to administer these systems, entrepreneur is required.

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Technology is helping us solve problems where human power alone is not enough. Different types of businesses require different technologies, but again, it is impossible to solve all integration needs with a single technology. This article will help you understand, that technology is only the part of the original solution and how in different sectors the entrepreneur’s surrounding really matters.

Accounting Technology allows us to complete tasks faster. It replaces the tiresome tasks of manually storing, compiling, sorting, etc. and the ability to use data with a simple digital solution. For example, Sales ledger in the early days was time-consuming, expensive and all paper-based process.

Technology helped increase productivity with the development of spreadsheet software like Microsoft Excel. Employees today are far better at finding what they need when they need it. Though only this will not achieve the outcome. Here, let’s take a clear look at how the entrepreneur’s spirit is really helping to achieve the desired goal. Ÿ

Technology is good for bringing the change not forcing it.

It cannot make employees more efficient. Yes, the right technology can help to make the work easier, but if an employee is truly falling behind or is just inefficient, all the technology in the world will not solve this situation. The

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Entrepreneur Speak truth is such employees can be sometimes inefficient due to either inexperience or laziness. An entrepreneur can identify this problem by improving communication in such departments. This explains why human interference is important to address this situation, where technology is just a bandage, fix the problem for a short time. Adding new and faster technology will not fix the problem. While a better solution is sitting the departments down together and talking about the problem with the entrepreneur will be a real solution.

Retail Technology allows retailers to be available day and night interacting with customers how, when and where they are ready to shop. Retailers depend on technology to manage inventory, track customer-purchasing habits, predict trends and deliver goods and services. Wireless communication, QR codes and Augmented Reality are some of the changes in technology to the retail industry.

Ultimately, the entrepreneurship element remains central even if it is embedded within AI, advanced analytics, etc. Ÿ

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

Communication In virtual workplaces, employees can interact and develop ideas by connecting through the use of video conferencing.

This may include training and important meetings from far places to the employees. Technology can also be used as real-time feedback from the employees which allows the entrepreneur to improve the needs of the employees.

Entrepreneur’s good communication is necessary to allow efficient flow both internally (among employees) and externally (using technology). Ÿ

Automation The robots are coming and can actually help us, to be more productive, freeing us from most of the time-consuming Ÿ

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and repetitive tasks. One of the most important areas of a p p l i c a t i o n o f a u t o m a t i o n i s c o m p u t e r- a i d e d manufacturing. Today CAD/CAM technology has been applied in many industries including machine components, electronics products, and equipment design.

Even banking and financial institutions have embraced automation technology in financial transactions. But just because technology is advancing it does not mean it will replace human. Technology can do an adequate job, but we still need humans. It is certain that people to people communication remains fundamental where the entrepreneur’s contact in the various stages is required.

Security Technology becomes even more critical when operating the business online. It is important to protect the businesses from cybercriminals who could steal data or lead to website downtime. Encryption and decryption protect information from being accessed by a third party or cybercriminals. It takes only about a minute without slowing down any file or document. Ÿ

Storage Technology has led to the development of cloud computing to store business information and has been accepted by many in the world of business. Cloud Computing is cost Ÿ

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effective and convenient to the company management and employees can access data from anywhere by just using a device that can access the internet. It helps entrepreneurs to trust these technologies and build a strong trust among internal management of the company.

Overall Artificial Intelligence, Blockchain technology, Cloud Computing, Internet of Things, 3D printing, etc. today are helping entrepreneurs to use this technology in every field to grow their businesses. But technology alone cannot create a company culture, where human interactions are valued. Because it is people who are assigned to work on this technology and to encourage them the entrepreneurs keeps their spirit alive. By creating an interested working environment, interactive dialogues among employees, support and motivation to the employees, reward system, etc. reflects the culture of the company. It is an entrepreneur who understands what the needs of the company are, by creating a connection with all the stages of management that brings the desired output.

Hence, entrepreneurial spirit and technology should go hand in hand. Therefore we need evolving technology as well as intelligent humans. We need guided missiles as well as guided men to create the better world.

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iPayTotal Protec on against Financial Fraud

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ith constant technological innovations, various industries have begun to flourish in their respective field. Technological proliferation and innovation in both hardware and software are expected to be key factors driving the market. Considering this, traders need to account various risks for when actively trading in the market, among which are: Margin Risk, Political Risk, Interest Rate Risk, Exchange Rate Risk, Volatility Risk, Credit Risk, Operational Risk, Broker Risk, Devaluation Risk, and Fraud Risk. In the world of payment processing, generally, there are low-risk merchants, medium risk merchants, and high-risk merchants. The risk level is driven by several variables: industry type, processing history, country of incorporation and more.

Most of the online payment solutions providers charge high rates for their solutions. But there is no need to worry IPAYTOTAL provides best-in-class High Risk Merchant Account services at the most competitive fees. The company has lots of experience in the field of high-risk merchant accounts, and it knows how to do best for customer’s business to provide the best credit card processing rates & terms. iPayTotal is focused on providing comprehensive and affordable travel merchant accounts for its clients. The company offers an opportunity for real-time

At iPayTotal, we combine our technical skills with our simple, straigh orward approach to support your high-risk payment processing.

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processing of payment, secure and simple processing of payment with SSL and PCI compliant Gateway, and Woocommerce, Plugins, and API coordination with client’s E-commerce website so they can begin accepting payments effectively through their website directly.

Safe and Secure Independent Platform iPayTotal is a rapidly growing provider of high-risk payment solutions for various businesses. It offers customizable payment solutions at competitive prices while providing multiple layers of security. The company’s tailormade package includes an arrangement of a merchant account (MID) with one of its international acquiring banking partners, with an award-winning payment gateway service, reporting tools, integrated fraud-prevention, and free dedicated lifetime support. The organization brings transparency and standards to the high-risk payment processing industry, providing businesses with the most competitive deals in high-risk merchant accounts suited to their needs. The company offers these solutions in integrated packages that will perfectly adjust to the client’s company card payment requirements.

Gives the edge to every Industry iPayTotal’s National & International partnerships with Acquiring Partners give it the edge to offer Reliable Credit, Debit, and Echeck Processing to almost every industry, which is considered high risk irrespective if one is located in the USA, Australia, Latin America, EU or Africa. The company has the capability of getting the right payment processor for the customer’s high-risk merchant account.

The company’s payment experts have a unique knowledge of the high-risk payment market, thus enabling it to give the best possible guidance and advice to set up payment acceptance solutions for clients.

The organization’s banks are selected to assist its customers to get the most secure high-risk merchant account solutions for their business sectors. The company has chosen the banks with the highest integrity and methods, adding confidence to the payment processing solution, to get customers the best transaction fees for highrisk sectors.

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Understands the Importance of Business iPayTotal fully understands the importance of the client’s business growth and not being able to accept payments. The company’s support team works with the client to identify the best merchant services and payment products to fit their needs. The organization’s online payment gateway is an independent platform for providing safe and secure payment processing for PSP /ISO and merchants. The company’s PCI DSS Level 1 Certified cloud payment platform allows consumers to pay merchants for goods and services online, via mobile and over the telephone within the most secure environment. Its global payment gateway and its modern reporting tools will help the customers to keep a track of the entire account without spending countless hours tracking their sales.

The company is a full-featured, easy-to-integrate payment gateway for online merchants looking for a flexible and customizable payment solution. Unlike other payment gateways, iPayTotal includes recurring billing for subscription, recurrent payments, and donations as standard features, providing merchants with a range of tools, such as coupons, flexible billing periods, free/paid trials, multiple subscription plans, and pro-data plans, at no extra cost. The company’s payment gateway provides simple integration with APIs and SDKs including modules, sample coding, test accounts, and test cards. The payment gateway solutions allow customers to process debit & credit cards, plus 30 alternative payment methods through their website within a single platform. Its APIs can be used to authorize, capture, or refund payment as well as to get information about previous transactions.

Enthusiastic and Experienced Forerunner Keith Angel, President holds a crucial position within iPayTotal; Global Strategic Partnership Executive. Keith, although fairly new to the Payment Services Provider industry, brings a plethora of knowledge of what it takes to both forming and maintaining great relationships from his previous career history. His success spans over 37 years of roles with progressively increasing responsibilities within the United States Navy and private corporate sector positions. Keith’s travel to over 60 countries has been a key to his success by understanding different cultures and intertwining that into the relationship building with both his internal and external clients.

Ensuring Businesses in Processing Payments Although many industry initiatives focus on fraud and identity theft, the reality is that a significant percentage of financial losses associated with credit, and debit payments is the result of organized crime, business failures, inadequate monitoring of merchant accounts & financial

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Keith Angel President iPayTotal loss from unfunded chargebacks. As the saying goes, “Experience is the best teacher”. With time and experience, the company as a payment processing provider, has evolved its technology to such an extent to detect the crime of financial fraud. iPayTotal’s risk management team along with its partnered acquirers, PayFacs and processors have launched this program that benefits the payment processing industry and assures them of complete satisfaction and confidence when reviewing any particular merchant’s case. This program would not only help its payment processing industry but also gives the first time merchants a scope or a window to judge an acquirer, a PayFac or a processor before blindly going with the reviews available online. iPayTotal’s Payment Gateway has a built-in ‘Risk’ logic, which can sniff out a possible fraud faster than a K9 squad.

Its ‘Risk’ logic also has 72 odd rules for monitoring the thousands of transactions on the company’s payment gateway daily. Every time a card is used for payment, the company’s gateway connects with the card provider to check if the card has been hot listed. (Hot listing means that the card has been blocked temporarily or permanently for use). At iPayTotal, the agenda is to ensure that a customer’s business can process credit card payments with a high-risk merchant account.

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Ritesh Srivastava Founder & CEO Epictenet

Ritesh Srivastava founder & CEO

About the Author

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Tech Talk

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

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ello Joey, can you turn on the lights please!

Many things we got to see only in Hollywood movies are now becoming reality in our day to day life like talking to a machine and getting things done, who thought we’d be doing what voice-based AI assistants like Amazon Alexa, Google Home and Apple’s Siri allow us to these days!

Artificial Intelligence, Machine Learning, Big Data, Cloud technologies with great Computing Power are all helping humanize machines.

for everyone to have access to information at their fingertips at any time. Of course, search engines would not have been possible if we did not have the invention of the internet, the computer and so on. This phenomenon (search engines) has impacted and made life easier for people across all industries and professions by presenting information, all accessible in one place. Subsequently, this led to the rise in importance of page rankings and organizations spend a lot of time and money in SEO(Optimization) and SEM(Marketing) and it’s a very big part of the revenue stream for search engine and social media platform providers.

In the past two decades, search engines like Google have played a very important part in our lives and made it easier

Over time, as more and more organizations brought their presence online, the search started becoming more crowded

Ritesh Srivastava is an Innovator and Industry Strategist, always looking to challenge what many consider is the norm.

He has a knack of foreseeing tech trends with a passion for driving change. He is also the Founder and CEO of Epictenet, an Australian Fintech, and the driving force behind Joey – their Chatbot offering, spearheading change in the Industry.

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November 2019 | 29

and saturated in a way affecting our ability to find the right information quickly because let’s face it – there are only so many results the first page of a search engine can fit!

Combine that with the ever-reducing attention span of people these days (especially the younger generation) and we have a concoction that combines to limit the effectiveness on the industry changing ‘search and find’ way of sourcing information.

Technology is also being used to understand consumer behaviour and predict their needs to present more optimised, personalised search results, advertisement and options pro-actively. These trends raise questions about how private our online activities are but let’s face it, is anything on the internet private these days? Privacy is soon becoming a myth in this world with a ferocious appetite for information on behaviour which makes me wonder – is there a better way to go about this? Is our compromise for privacy and overcrowding of search engines pointing us in the direction of something that is more efficient? Are we at the end of our ‘Search and Find’ habit?

For a majority of the population, mobile phones (smartphones) are an all-pervasive, must-have that have transcended traditional hurdles to technology like age, cost, relevance to name a few. The past two decades have seen a mobility tech revolution of sorts, where we have been successful in harnessing the power of the personal computer and packaging it in devices that would offer a lot more convenience than a laptop would. The mobile phone device has evolved from a humble calling and texting device to essentially being a computer and camera in your pocket and they keep getting smarter every year. Other devices like laptops, tablets and wearables have also matured over that period but the crucial advantage smartphones have is of them being small to carry but still are extremely potent when it comes to presenting power, usefulness and mobility, the perfect package, Yet. Our world is now centred around smartphones to the point that most of us feel incomplete without having them around. Smartphones have reached the technological maturity and IoT (Internet of things) have become a reality - these have led to an era where most of our interactions and transactions start (and in many cases they get completed) over the mobile phone. They are everywhere, and they are here to stay.

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As Google also ranks higher the webpages optimized for mobile and Customer experience over mobile devices is key to the success of any product and services offered and hence we see organizations revamping their websites and digital platforms making it mobile friendly, spending millions of dollars on UI(Design) and UX(Experience).

But despite making the web pages responsive and providing a better experience, smartphones have issues of having a small real estate (screen size) and low attention span of the user as most of the time usage on the mobile is on the go.

Flicking from one webpage to another and you have already lost the customer. To overcome some of these challenges on smartphones, we got Siri on iPhones and subsequently Google Assistant.

Although still in an infancy stage virtual assistants/chatbots are gradually becoming part of our life as more and more use cases are being created across different industries. The advancement in Artificial Intelligence and Machine Learning technologies are making it possible to provide more personalized services to customers and it is playing a significant role in the adoption of these technologies by organizations as well as customers.

The whole idea of having one channel for all information and interactions opens a whole new world of possibilities with implications to every sphere of customer and user engagement.

Virtual assistants are fast becoming a ‘gateway to all digital interactions’ and they are not only going to change the existing digital channels and platforms but also physical devices like remote controls and other physical buttons on various appliances, instruments, devices and vehicles.

The Virtual assistants are going to change our ‘Search and Find’ habit to ‘Ask and Select’ and will truly provide personalized services while getting better with every interaction. We will see more and more services getting converged in the virtual assistants and in some way they may be our answer to privacy protections.

Disclaimer: Any names of organisations and products mentioned in the article are for reference purposes only. No ill repute intended in any way.

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Payworks: Empowering Commerce Globally

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ith the ever-increasing use of cards and online payment systems over past decades, Point of Sale (PoS) payment gateways have been garnering a lot of attention. It was with these developments in mind that Payworks was founded.

The vision of Payworks is to make card payments compatible with all Point of Sale solutions through technology that is simple and easy to use. To make this vision a reality, the company provides clients with next generation PoS payment gateway expertise and solutions.

Using its technology, developers of PoS solutions for merchants can quickly and cost-efficiently integrate card payment functionality into their applications, and securely process EMV, contactless, and mobile wallet transactions at the point of sale.

With headquarters in Germany and offices in the US, the UK and Spain, Payworks provides its technology to leading acquirers and payment providers in North America, Europe and Africa.

The Accomplished Leader Christian Deger is the CEO and Co-founder of Payworks. He is responsible for setting and

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implementing the overall strategic plan and direction of Payworks, while also leading its senior management team.

He makes critical corporate decisions, and manages the overall operations and resources of the company. Christian has focused his career on enabling solution providers to move away from legacy technology and this has continued to be a major driver of his business strategy at Payworks.

Prior to founding Payworks, Christian built PAYRETO in Southeast Asia. It is one of the leading BPO companies for payment providers. Christian attended TU Munich, Georgia Tech and CDTM Munich. He holds degrees in Business Administration and Technology Management.

Supporting Growth and Internationalization Payworks supports its clients’ goals of growth and internationalization by supplying technology which is built to simplify rapid business expansion.

Developers simply integrate the powerful Payworks Pulse SDK into their internal systems. Once this integration with Payworks is complete, the solution can be used

for global deployment without changing its original integration.

The technology Payworks has developed supports both acquirers and payment service providers working on a global scale, as well as merchants who need a reliable system on which to conduct international transactions.

Payworks clients have come to expect faster technology integration.

Through a platform based fully on API, the company allows for fast and flexible integration of card readers into any PoS application and environment, regardless of whether it is stationary or mobile.

Since it offers a pre-certified solution that includes both software and hardware, the company’s clients are able to go to market faster. This can be a matter of days instead of months, as the case can be with lessadvanced solutions.

The company’s next generation payment gateway technology is operated in the cloud and provided as a Software as a Service model to payment providers. With Pulse, developers of Point of Sale solutions are able to integrate payment acceptance in less than 5 minutes.

Additionally, with Pulse, Payworks

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1 E

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Christian Deger CEO & Co-founder

has simplified card acceptance by offering a cloud-based, pre-certified, and easily accessible gateway technology significantly, facilitating innovation in the integrated Point of Sale space.

Entering the Segment and the Differentiating Factor Payworks saw the need for a modern payment technology platform to challenge decades-old systems that should be made obsolete. The company was inspired by the ability to bring new ideas for modernizing payment acceptance at the Point of Sale.

It has brought a new level of innovation into the market at a time when POS solutions were lacking the technology needed to keep up with consumer payment habits.

Payworks has a competitive advantage over other payment service providers because it is able to provide technology that does the heavy lifting for its clients. Payments

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MOST PROMISING

PAYMENT CARD SOLUTION AND

PROVIDERS 2019

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

and the Point of Sale are both intricate and the clients understand that they can trust on the company to be the experts they need.

Traditional gateways are locally hosted and expensive to run. They require specialized knowledge and merchants typically have to contend with complex setup structures.

Another inherent problem is their limited ability to integrate card terminals with PoS systems and support card present only.

With Payworks, clients can expect a cloud-based and cost-efficient solution. It doesn’t require specialized knowledge, supports selfservice features, is easy to use and supports digital onboarding of merchants. The company’s technology is built for developers, and this enables quick integration.

Painting the Bright Future The company is witnessing great progress in the industry, but believes that there is still lots of room for growth and further progress. When it comes to the future, Payworks will continue to promote and develop modern payment technology at the Point of Sale.

Best of all, Payworks enables all payment channels while promoting global solutions.

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of

through

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he way people make payments are changing faster due to the improved integration of digital technology. This has beneďŹ ted the industry with increased competition and consumer demands.

The changes can be witnessed in Travel, E-commerce, Household Bill payments etc. The recent integration of technology in payment solutions makes transactions fast and seamless and can be done at the comfort of your homes.

Although we are witnessing a considerable change in the payment solution industry, there is still a consistent use of the cash and cards, which solely depends on the geographical setting. In some places, people prefer cash and cards, while in other places, they encourage the more use of digital solutions; for example: The United States and Canada. Analysis has shown that

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Need of Banking in these areas, they are likely to switch completely to technology enabled payment solutions.

The payment solution processes will become more innovative because of the following disruptive trends; · Digital Banking and Remote Payment Approval As the younger aged masses are turning up to technology more than the traditional mediums, there is a notion that most payment solutions will be done through digitalenabled mediums rather than cash or cheque. This will result in more engagement of mobile phones and digital software applications.

Various business outlets are accepting more of mobile payment which is helping them to improve customer experience. The addition of instant alerts, appreciation notifications and instant payment delivery is making this innovation more interesting. · Customer-Focused Strategy as a Priority One retained customer is one attained success. ~ Chidiebere Moses Ogbodo Customer experience post business encounter is what makes a difference in the industry. Digital banking solutions are improving the way customers feel after making their payments. In the past years, one need to stand in a queue in the bank before they can make even the smallest transaction, but the integration of technology innovation has reduced the stress to the lowest level. We can witness improved services and instant expense management which is helping everyone that is using this medium to stay above the crowd · Improved Customer Satisfaction through Rewards A customer tends to check back on the sales-person who gave them a tip or discount after purchase. This is also applicable in payment solution. After people makes a purchase online or even via cards and the seller offers them a certain percentage of discount, they will always want to come back. The good news is that most business enterprises are supporting this idea in collaboration with the finance institutions. · FinTech Collaboration and Expansion of Networks The innovation in payment solution is incorporating feasibility of resource management between the financial

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and non-financial organizations. Through this development, the result will lead to easy merging of both the traditional medium of resource management concepts with the recent and digitalized concepts. Various financial organizations that may not be able to handle the process of migrating from the traditional format to the digitalized platform finds ease in doing so by partnering with technology companies.

Organizational growth is measured both in market value, infrastructure and the extent of their networks. The integration of digital technology advances in payment provisions helps especially the finance-oriented establishments to easily expand their reach, even to the most hidden places in the world. This helps to touch the lives of people no matter the class and status and it repays with tremendous customer growth. · Improved Security and Payment by Codes Security is huge concern when money is involved. People are so conscious and very inquisitive about how their money will travel from the sender to the receiver. In so many cases, they will even think that such platforms as digitalized mediums are not trustworthy as a single wrong number can direct their money to unknown destination.

The transaction as of the old was true cheques. But today, there will be a limited need for those methods, rather, payment will simply be done by inputting a certain username and password and your dashboard will be opened.

Through this page, you can easily make every payment. The age of digitalization is turning the whole process into codebased and this raises the question of how to stay safe. It is also believed that for security purposes, the instant notification of transaction, linking of secured email and encryption to individual data and disaster-recovery provisions will lead the innovation to better direction. This concern has a big deal with blockchain, augmented reality, IoT and biometrics.

You may be asking how the future will look like with techenabled payment solutions. As the world is growing and globalization is gaining a good ground, people blends in to what they see that is working well. So, as digital payment solution is making even the life of the lay man on street easy, more people in the near future will completely adopt this innovation. It will not harm the financial institutions, but it will be great if they can migrate or better integrate some form of technology strategies in their financial solutions. This change may be slow, but it will be consistent as the technology changes are not giving room for procrastination.

November 2019 | 35

Tames Rietdijk CEO Business Forensics

Being confident about

your future when your organization is designed for control

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Leader’s Desk

About the Author

Tames Rietdijk (1966) started his career in 1987 at KPMG as accountant (division financial institutions) and has been working mostly for software companies since 1994 in different positions from Product Manager to CTO. Since 2005 Tames has been certified as Anti Money Laundering Specialist by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and he is a tutor at the Radboud Management Academy.

Tames is Chief Executive Officer at BusinessForensics and his area of expertise lies with Product management, Forensic investigations and Data analytics. He is responsible for the design and development of the various BusinessForensics propositions applicable for the banking, investment and insurance industries.

In his vision on Risk management Tames calls for Risk based supervision instead of traditional Rule based supervision. Risk based supervision requires trend analyses with a total view instead of a snapshot of a specific event. For Risk management to be effective, more is needed than just detection of risks and that is the reason why the BusinessForensics platform offers a ue to several incidents within the financial sector related to their integrity, people and society in total solution in data mining, big data general have lost their trust in banks and insurance processing up until case even firms. Most of the banks and insurance firms know this license better than anybody else. Regulators and supervisors are management and sanctioning.

D

almost furiously trying to restore this trust by imposing strict rules upon them that focus on preventing the previous incidents from happening again. Even though this might win them some battles, I will definitely not win them the war, as the issues they are struggling with are far more complex:

• Trying to manage their data: volume, privacy, complexity, security, availability etc. Especially in a context of finance and risk, additional requirements apply to the confidentiality, origination and audit trail of data; • Reducing their IT expenses: keeping old aged systems up-and-running is difficult and expensive, resources understanding these systems are growing scarce, and such a situation is definitely stalling IT innovations, where they seem to be required to adopt new technology; • Responding to findings from regulators and supervisors, which need to be resolved imminently at the risk of large fines, negative career implications or www.insightssuccess.com

consequences.

• Replacing current solutions being ‘endof-life cycle’ for which safeguarding the history as built up in their current system may be a specific issue, in addition to a potential operational risk when solutions cease to function;

• Processing too many operational risk issues, imposing a reputational risk for both the bank and its leaders, is troubled by a large number of false positive alerts, taking up valuable time and resources. These is only an example of reasons for a growing back log.

BusinessForensics also aims for banks and insurance companies to rebuild trust. Yet we realize that to win the war, it takes a different approach. We believe that banks and insurance companies need to reorganize themselves in order to improve their operating models and to safeguard the integrity of their employees and clients. Yes, this involves new rules & regulations. But that is not enough.

November 2019 | 37

Sustainability requires banks and insurances firms to embrace their future with confidence. This also involves new technologies and new data, which in turn will bring them new risks. It even involves new competition.

We believe that truly good-natured banks and insurance firms can be compliant with new rules and regulations.

Embrace new technologies and new data. Timely identify new risks. Face their new competition with confidence. To create an organization that is in control. By design. Only then will they be able to avoid crime, coincidence and prejudice. And that is where BusinessForensics comes in.

We achieve that level of control for our customers by continuously monitoring their compliance- and integrity risks, from multiple angles. The result: a transparent and truthful view on ‘what is happening, here and now’ in their organization. Our focus on risk allows them to respond effectively to emerging challenges, in order to keep the bad guys out (in terms of clients and employees). By learning from our customer’s experience, our system continuously improves their responsiveness and resilience. Improves their level of control. Control brings confidence, and only with confidence can you build a bright future.

BusinessForensics aims to be the trusted partner of choice for banks and insurance companies aiming to rebuild trust.

To us, partnership means cooperating to reduce all relevant compliance- and integrity risks to levels that are acceptable for banks and insurance firms, for their clients and for society as a whole. Our approach follows 7 standard steps: Ÿ An experienced team that understands and is passionate about (big) data analysis, machine learning and (cyber) security, bringing sustainable fintech innovation to your company, Ÿ We structure your data in such a way that you are prepared for every possible outcome, as it is impossible to predict what you will come across during your analyses. Ÿ We deliver a fine grained, adaptable configuration because every organization is unique and the system must resemble your specific situation as much as possible. Ÿ The results or our joint analysis must result in an increased awareness and understanding of what is happening here and now within your organization, with a focus on (integrity) risk. Ÿ This improved insight in the identified risks will allow you to decide how to best respond to them, in order to reduce potential damages as much and as soon as possible. Ÿ Our collaborative learning approach allows your organization to continuously improve its resilience and pro-actively reduce its risk profile through automated feedback loops,

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Ÿ

As a result, your organization feels as if it is ‘Designed for Control’, having protected both the privacy of individuals and value of your assets.

In this complex financial world, BusinessForensics provides a coherent package of future-proof solutions to the major challenges facing all financial institutions in the coming decades: Ÿ Implementing new laws and regulations, Ÿ Becoming more responsive to new emerging risks, Ÿ The increasing volume, complexity and velocity of (new) data, Ÿ Embracing new technologies, being able to drive business innovation, Ÿ Preparing for the new competition: technology platforms, crypto currencies, fintech etc.

BusinessForensics provides a structured approach to reducing a bank or insurer’s risk profiles while reducing their cost of compliance, and at the same time improving their damage recovery rates.

Trust accelerates performance. Between banks and their clients, man and machine, old and young.

About the Company

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

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

Compliance is also demonstrated by measuring good behavior.

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

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