2020’s Most Trusted Payment and Card Solution Providers that are fuelling the digital economy and making sure that millions of transactions being carried out across the globe are safe and secure.
2020's Most Trusted Payment and Card Solutions Providers May2020 - InsightsSuccess
1. 2020'S MOST TRUSTED
AND SOLUTION PROVIDERSPAYMENT CARD
2020
Volume-05
Issue-03
www.insightssuccess.com
2.
3.
4. F
or nearly half a century, the World Economy
has been rapidly moving from cash-oriented
to cashless. Ease of use, secure transactions,
accountability, low chances of corruption, and
informal economy and reduced use of paper are
some factors that have been constantly promoting a
cashless economy. The now omnipresent internet
ensured that the use of cards and digital payments
reaches not just the urban population but the rural as
well.
Security, forms the backbone of this cashless
economy. If it weren’t safe enough it wouldn’t gain
popularity. Along with the payments industry,
security technology has also advanced to deal with
all kinds of threats that may hamper it. From cards
made of cardboard and celluloid to the modern chip
implanted ones and the digital wallets, the digital
payment industry sure has come a long way with
technology by its side.
After the first plastic cards were introduced, the first
line of security included a tamper-resistant signature
panel, embossed digits on the card, and other micro
features. With electronic development came more
robust cards which could be authorized in real-time.
The rising need for authentication and authorization
paved the way for the introduction of Card
Verification Value (CVV) numbers and PINs.
EDITOR’S DESK
Security – The
Backbone of a
Cashless Economy
2020'S MOST TRUSTED
AND SOLUTION PROVIDERSPAYMENT CARD
2020
Volume-05
Issue-03
www.insightssuccess.com
5. With e-commerce creating up a storm in how
people purchased goods, CVV2, Address
Verification Services, etc. came to the fore. With a
new century stepping in, securing the data by
implementing encryptions, digital signatures,
firewalls became the norm. Linking of mobile
phones, Transaction alerts, multiple PINs to
authenticate transactions also came up.
As people join-in the digital revolution, the cards
and digital payments of the future need to be
loaded with more features and needless to say
security. So the cards of the future will be utilizing
geolocation to ascertain the location of the
registered mobile device and the card being used
at a given time and microchips that can be
locked-in or waved to transact. Eyes will also be
on the biometric technology and how it can help
make card transactions safer.
This edition brings to you, 2020’s Most Trusted
Payment and Card Solution Providers that are
fuelling the digital economy and making sure that
millions of transactions being carried out across
the globe are safe and secure.
Crosskey is a financial services company which
provides flexible and modular solutions to help
clients select precisely the functionality they
need, and to expand and adapt in line with chang-
ing demands. Limonetik is a disruptive B2B
payment platform providing High Standard
Quality payment services to gateways, acquirers
and Tier 1 international merchants and market-
places (B2B & B2C). PayMotion is a leading
multi-channel payment platform for online
merchants. It is an enterprise-grade platform
designed to help small and medium-sized busi-
nesses sell across the web, mobile, and social
media storefronts. Paytweak develops innovative
payment management services to enable com-
panies to accept secure electronic payment on all
channels, globally. The company facilitates
collection, down payment, distance selling and
payment at the point of sale via its unique
functionalities on the market. Prodoge- Head-
quartered in Los Angeles, Prodoge began as a
Dogecoin processing company in 2019 and has
grown to become a crypto wallet supporting
Dogecoin, Bitcoin, and Digibyte, while offering all
the tools anyone needs to do business with those
crypto currencies along with fiat currencies. Some
of the other promnant shortlisted companies are-
Soldo, Bancontact, Praxell, Rapid Financial Solu-
tions, Bitmymoney.
While flipping the pages you might also come
across articles and CXO-articles penned by our
in-house writers and executives respectively. We
believe that these articles will further give insights
into how strong-headed leaders are changing the
world.
Happy Reading!
Sneha Sinha
6. Crosskey
Taking Digital Finance to the
Next Level
Limonetik
Your Go-To Digital Payment
Platform
PayMotion
B2B’s Preferred So ware
Team
10
16
20
24
Prodoge
An Emerging Leader in
the FinTech Market30
Paytweak
Where All Your Digital
Payment Needs are Met
7. CXO
14
Mentor’s Insights
Backend-as-a-service for
Payments-as-a-service
Leader’s Desk
Being con dent about your
future when your organization
is designed for control
26
22
32
MAY 2020 ARTICLEs
Entrepreneur
Speak
Sustaining Entrepreneurial
Spirit in the Modern Era
Need of Banking
The age of disruptive
banking through digital
payment solutions
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2020'S MOST TRUSTED
AND SOLUTION PROVIDERSPAYMENT CARD
2020
Volume-05
Issue-03
www.insightssuccess.com
10.
11.
12. The FinTech sector has
undergone a massive
transformation in the last
couple years. Taking specifically
digital payments into consideration,
the need for physically visiting banks
for our financial needs is now
becoming an increasingly redundant
requirement.
Flawless access and utmost conve-
nience are the primary factors that
make digital payment platforms our
go-to option for all financial tasks.
Undoubtedly, security is a pressing
concern and companies across the
world are competitively pacing
towards providing customers with the
most secure, easy and rewarding
services.
This edition, 2020’s Most Trusted
Payment and Card Solution
Providers, emphasizes explicitly on
such companies and exhibits them to
the world. Pertaining to the same
motive, we present to you, Crosskey,
a financial services company which
provides flexible and modular
solutions to help clients select
precisely the functionality they need,
and to expand and adapt in line with
changing demands.
Headquartered in Mariehamn,
Finland, Crosskey was originally an
in-house IT-department of
Ålandsbanken and became a
standalone IT-company in 2004. The
company has been successful in the
Swedish and Finnish market by
winning clients and supporting them
in their successful journeys.
Crosskey has been an important part
of the Finnish S-Bank’s successful
journey from a start-up bank in 2006
to one of the top 3-4 banks in Finland
today. Also, Crosskey is a pioneer
within the Fintech/Open Banking
market with the co-operation between
Ålandsbanken and Dreams, Trustly
and Doconomy as Crosskey has
enabled these co-operations.
Today Crosskey has approximately
280 employees, over 3 million end
users in the bank systems’ databases
and peaks above 1.5 million transac-
tions per hour, daily. The company
provides solutions in three different
market segments viz., Banking (core
banking), Card issuing and Capital
Markets (back office).
Thomas Lundberg
CEO
TAKING DIGITAL FINANCE TO THE NEXT LEVEL
10 www.insightssuccess.com| MAY 2020 |
13. The company’s solutions are built on
a ‘step-by-step’ integration model,
making it possible for customers to
implement one module at a time with
a short time to market. Economic and
environmental sustainability is part of
everything Crosskey does. Apart from
being sustainable all solutions from
Crosskey are built to support the
Fintech and Open banking strategy of
their customers.
In the following interview with
Thomas Lundberg, Crosskey’s CEO
gives us profuse insights on the
FinTech market and its intricacies.
Thomas also share his opinions and
perspectives on how his company is
sustaining its competency in a cut-
throat industry segment.
Below are the highlights of the
interview:
What is your opinion on the current
scenario of digital payments?
Today’s market for digital payments
is extremely exciting and the global
digital payments market is growing
rapidly. Today’s customers expect
seamless, secure payments, on top of
which the market has changed so that
increasingly more non-bank
companies are offering digital
payments. Imagine what opportunities
for us technology providers to offer
customized solutions for our
customers!
Of course, there is tremendous
development in this area and the
challenges are to find the gold grains
in the range of opportunities. Security
is also of paramount importance and it
is likely that in the future, the amount
of regulation will increase. I think the
key to success in this market is to
have an ear to the ground and listen to
what the customers think they want
and then combine it with a lot of
knowledge, compliance and visionary
thinking.
What are factors that contribute to
your company’s success and why?
First and foremost, due to our history
being spun out of a bank, our banking
expertise (about the market, the
market needs, compliance etc.) is
bespoken and in a class of its own
among IT-companies.
Secondly, we operate close to our
customers and our systems are built
on a common core, but our offering
includes a layer of extensive customer
adaptations, which puts us close to the
customers once we integrate our
solutions.
Thirdly, we operate locally, with
offices close to our customers’
markets, which allows us to be ‘inthe
market’ together with our customers.
One of our core pillars is strong
personal relationships and it is a red
thread throughout our business. Also,
we started our journey in agile
working methods already in 2012.
Why should customers choose you
as their preferred payment
partner? How do you distinguish
your offerings from your
competitors?
By choosing Crosskey as a supplier
you will gain access to a large
network of experienced experts,
innovative business developers and
responsive development teams. One
of Crosskey’s core competences is
that we control the whole value chain
from in-house system development,
certified processes along with agile
working methods for requirement
handling, project management, and
release handling all the way to
monitoring; both manual and
automated are done completely in-
house. This guarantees high quality in
our development process as well as
excellent stability.
The Crosskey Cards Platform is new
and modern, built with real-time
processing and APIs throughout. Such
standardized APIs have also made it
possible to integrate Crosskey’s bank
system towards many Fintech
applications proving that the platform
is one of the few systems on the
Nordic bank market that already has a
proven readiness to deliver on the
current and future market demands.
The Crosskey Card solution is
handled with continuous delivery,
deploying the application, and
running many thousands of automated
tests continuously every day of the
week. Our card system is operating
several installations – all with their
unique needs. Performance and cost
can be scaled dependent on size,
solutions running with number of end
customers ranging from tens of
thousands to millions.
How does Crosskey amend its
offerings and criterion according to
the rules and regulations of the
different countries it serves?
2020's Most Trusted Payment and Card Solution Providers
11www.insightssuccess.com | MAY 2020 |
14. Our market is undergoing a major
change right now, our systems are
being opened through various
technological platforms and many
new players in the industry are
emerging who want to support the
development towards end customers.
Standardization is in this case a very
good way to go in creating opportuni-
ties for everyone on equal terms.
The financial sector is not all about
innovation; the pressure from
legislators and the big players on the
market has been enormous these last
couple of years. One example of this
is the PCI requirements that are a
must have requirement. Crosskey are
proud to be one of the first Card
issuing players in the Nordics that are
fully PCI-DSS compliant along with
direct connections towards both
MasterCard and Visa networks. We
offer a service that is compliant with
the industry requirements.
What can be expected from
Crosskey in the coming years?
From a functionality perspective, our
system is now developing in a faster
than ever speed in order to support
our customers’ journeys in digitaliza-
tion and automation and generally
around scaling the business volumes
with minimal increase in headcount or
other costs.
We have enhanced, improved and
modernized our banking platform in
the recent years, and we will continue
doing that incrementally going
forward.
We avoid “big bang” modernization
projects, thus we do the enhancements
incrementally, protecting our custom-
ers from being negatively impacted
by risky, time consuming and
expensive transformation projects.
• Crosskey has been awarded as
IT project of the Year 2016 in
Finland.
• ‘Crosskey’s solutions are the
cornerstone of our business” -
Iikka Kuosa, SVP, Business
Development, IT and Service
Center at S-Pankki.
• During 2019, Crosskey was
ranked and recognized as a top
10 supplier of banking platforms
in Europe, with specific support
in the platform for banks in their
cooperation with Fintechs.
• Crosskey is PCI-DSS and
ISO9001 certified.
• Recently, the leading Nordic
challenger banks ICA Banken,
Ikano Bank, Söderberg &
Partners and Ålandsbanken
recognized Crosskey as the
best and most future proof
banking platform to build their
coming joint new mortgage
bank venture on.
Exhibiting Quality and
Business Excellence
12 www.insightssuccess.com| MAY 2020 |
15.
16. The 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.
Growth Triggers Fresh Challenges
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.
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
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.
Square Gets it Right
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.
At Coriunder, we have been focused on the PSP-As-A-
Startup (PAAS) approach, where the PSP is changing their
strategy and allocating their budgets to become more
14 www.insightssuccess.com| MAY 2020 |
17. 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.
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-As-
A-Service for the Payment Service
Provider.
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
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.
About Eliad SaportaAbout Eliad Saporta
Mentor’s Insights
15www.insightssuccess.com | MAY 2020 |
18. In the recent past, the consumer has
clearly comprehended the
capabilities and the necessity of
going digital. If a classroom can come to
a laptop, if a 2000 page novel can be read
on a phone, and if your car can park
itself, we most certainly can and should
move on from cheques and cash to
digital payment.
In our quest to bring to your desk, an
ardently curated list of profound
companies in the financial services
segment, we crossed paths with
Limonetik, a disruptive B2B payment
platform providing High Standard
Quality payment services to gateways,
acquirers and Tier 1 international
merchants and marketplaces (B2B &
B2C).
In the following interview with
Christophe Bourbier, Limonetik’s
CEO, we get a brief yet reassuring
glimpse of the industry and its future.
Christophe also provides us with insight
into his company and its vision for the
near future.
Below are the highlights of the interview:
Please introduce Limonetik to our
readers, also about its foundational
history, and services.
Originally created to offer a prepaid
payment card usable on the Internet and
to dematerialize gift cards and loyalty
cards, Limonetik changed course in 2014
following its second fundraising. The
goal: become a global payment
facilitator.
Besides, the Marketplace model has
spread around the world, accounting for
30% of B2C international payment; it has
highlighted all the complexity of a
transaction including multiple parties
(financial, regulation, logistic). But the
Marketplace model is now the trend. All
retailers would like to be the “new
Amazon” which has just announced an
increase of 81% in Italy of its sales
during the last weeks of the Covid.
The norm is to build packaged all-in-one
full-service payment solution. But all-in-
one Full-service solutions can't manage
the multiplicity and heterogeneity of
every payment scenario. That’s why at
Limonetik we decided to create value
with one of the most customizable full-
service platforms. We decomplexify the
process for merchants explaining them
where the money comes from and
dispatching everyone commission at the
end of the day. We understood the
complexity and the difficulty of
globalization and omni-channel
challenges. Our goal is to support
retailers and also PSPs, Gateways,
Acquirers, Banks, in those difficulties.
To do so, we propose to connect with 250
payment methods over 170 countries
managing different currencies. We
Christophe Bourbier
CEO
YOUR GO-TO DIGITAL PAYMENT PLATFORM
Our goal is to help the ecosystem
to easily embrace the New World
Of Payments and its issues
“
“
16 www.insightssuccess.com| MAY 2020 |
19. manage payment complexity, for online
as well as in-store shopping, like
payment method processing,
reconciliation, bookkeeping, fees
handling, payout. And above all, the
integration is through one single API.
The back-office enables companies to
monitor payment accounts and payment
transactions. Companies trust us as
payment experts. From 2018 to 2019, our
transaction volume has increased to 44%.
What is your opinion on the current
scenario of digital payments?
The world has been completely disrupted
by the digitalization, ewalletization,
mobilization, uberization &
internationalization. Now, the merchant
wants to integrate the best payment
methods so the customer doesn’t even
realize he is paying and wants to dispatch
instantly all its partners commission. And
the more diversified payment methods
are, the more complicated it is to receive
money for merchants.
Even though a unification of payments
methods would ease merchant’s business,
it is not possible with really diversified
international payment landscape and the
constant arrival of new payment
methods. Chinese, for example, don’t
pay with Visa. They prefer actors like
WeChatPay or AliPay. In Africa, people
has shift from cash to mobile payment
without the credit/debit Card step.
In this new world of global consumption,
the traditional payment service providers
need the agility of Startups to be time to
market and propose innovative solutions
to their clients. Our goal is to help the
ecosystem to easily embrace the New
World Of Payments and its issues.
What are factors that contribute to
your company’s success and why?
The evolution of the current market is the
key to our success. Cards are no longer
the primary payment methods for
consumers over the world: only 23% of
the online transactions are made by bank
cards globally.
Every country has developed several
local payment methods: more than 400
hundred identified. Plus, Marketplaces is
becoming the norm: it will absorb 70%
of the 2024 B2C international payments.
And the norm is to build packaged all-in-
one full-service payment solution. But
All-in-one full-service solutions can’t
manage the multiplicity and
heterogeneity of every payment scenario.
That’s why we created a customizable
full-service payment solution. Each
month we integrate new payment
methods to our payment methods
catalogue that includes today more than
250 international payment methods. Plus
we enable marketplaces payment flows
and make them possible and compliant
with regulation.
Why should customers choose
Limonetik as their preferred payment
partner? How do you distinguish your
offerings from your competitors?
The competition in the payments
segment occurs between all-in-one full-
service payment solutions to meet
merchants and marketplaces needs.
Agnostic, Limonetik is the only actor
that can connect and enhance a full-
service solution by using the existing
PSP of the client. Limonetik helps the
PSP to build and/or enrich a unique
payment value chain for the end
merchants/marketplaces. Limonetik is
agnostic of the gateway, the acquirer, the
front-end solution or the payment
method.
To meet client’s specific needs,
Limonetik is focused to provide a high-
level of support with the capacity to
adjust its legal, technical, financial, risk
& compliance solutions. We are fully
compliant with PSD 2. Limonetik is also
certified PCI DSS level 1, GDPR
compliant and two-factors authentication
(2FA) is active for every payment
account of the company.
What can be expected from your
company in the coming years?
One of our main development for the
future is to become more and more
international. To do so we are currently
developing our compliance abroad.
When Quality is Assured
Limonetik has been awarded the
following:
• Best payment solution provider
FRANCE 2020 by Global banking and
finance review
• Insights Success in the 10 Payment &
Card Solution Providers 2018
• Thanks to Limonetik Gourming won
the “Trophées de la Transformation
Numérique”
The Guiding Mind
Graduated with a master’s in business
and international relations from San
Diego University, Christophe Bourbier,
CEO is a born entrepreneur and an
executive with over 20 years of
experience in competitive and disruptive
strategy. Competitor at heart, captivated
by international affairs, Christophe,
before he founded Limonetik, had
created different companies in High Tech
and Communications. In 2008, he co-
founded Limonetik with the aim to
market the digital gift card.
Christophe quickly realized that the
company was too far ahead of its time
and decided to evolve the offer by
moving from dematerialized gift cards to
dematerialized payment. After several
fundraisers and product evolution,
Limonetik's strategy paid off. By placing
the company in indirect sales (i.e.
through PSPs and acquirers such as
Ingenico, Worldline, Computop, ACI),
Christophe has secured a place for
Limonetik in a highly technical
environment that is less competitive than
players in direct sales such as Stripe, for
example.
2020's Most Trusted Payment and Card Solution Providers
17www.insightssuccess.com | MAY 2020 |
20.
21.
22. In the hindsight of stating the
observable, Albert Einstein once
said, “It has become appallingly
obvious that our technology has
exceeded our humanity.”
Indeed, technology has exceeded
humanity. With technological ease at
the touch of mere fingertips, we have
made our world easy for us and those
surrounding us. And within the
financial world, now, we are heading
towards a cashless society—a world
where payments become more
digitized and embedded in our
everyday lives.
In the years to come, as people will
use devices and other digital
signatures to pay for their needs,
physical currencies will continue to
diminish. The evidence itself is in our
hands, our smartphones, and digital
wallets being used as digital payment
middlemen.
Payments will become something we
won’t even need to do anymore. It
will become an entirely invisible step
in the act of purchasing items. One
can perceive a future where people
will make their purchase and be
automatically charged.
Such developments wouldn’t have
been possible without the significant
industry players taking on the edge of
innovation to deliver their best to the
payment industry.
As such, our next innovator in
“2020’s Most Trusted Payment and
Bobbi Leach
CEO
B2B’S PREFERRED SOFTWARE TEAM
Our multi-channel
eCommerce platform
drives revenue, because
our merchants get more
than just payments, they
get our entire team,
at no extra cost
“
“
20 www.insightssuccess.com| MAY 2020 |
23. Card Solution Providers” is
PayMotion, a leading multi-channel
payment platform for online
merchants. It is an enterprise-grade
platform designed to help small and
medium-sized businesses sell across
the web, mobile, and social media
storefronts.
Major Takeaways
• Regulations in different countries
• Products tailor-made for each
market
• Unified Compliance Management
System
• Partnered with PayPal
• 14th annual Bronze Stevie Awards
for New Business Intelligence
Solution
• 2019 Silver Golden Bridge Awards
for Business-to-Business Product of
the Year
• Ranked 5th in The Software
Report’s Best Ecommerce Software
of 2020 Awards
Meet the Exemplary Mind
Helming leadership duties at
PayMotion is an exceptional
personality, Bobbi Leach, the CEO
of the firm. Bobbi has been leading
the company since 2009 and has
brought her wealth, knowledge, and
experience in the tech industry.
Her leadership skills are responsible
behind PayMotion’s growth,
evolution, and what it is today; an
end to end payment solution tailored
for online businesses. She has guided
the business and its offerings towards
the world of subscriptions,
consequently making it possible for
the firm to acquire the expertise in the
industry.
Bobbi is much active in her tech
community as she has been a guest
speaker at local tech events,
universities, as well as various women
in tech events.
Expertise at Hand
PayMotion’s expertise and
functionalities cover the entirety of
online business owners. The firm
concentrates on clients that offer
digital services, products, and
subscription-based businesses.
Leveraging years of experience,
PayMotion understands the needs in
place, particularly markets, and thus
has optimized its services and tailored
accordingly.
“We pride ourselves in the way we
offer our services, offering our clients
an actual team of experts in payments
that will help them and support them
in growing their online business, at no
extra cost, each step of the way,”
asserts Bobbi.
Other than that, what makes
PayMotion unique is its deep
expertise in online subscriptions.
Unlike others following a broad
strategy of payments for all,
PayMotion specializes in
subscriptions. It has built a platform
highly tailored for tracking sales from
channel partners and thus makes it
easy to manage businesses.
Furthermore, the firm has support
business in multiple countries in
North America and the European
Union. Consequently, offering them
localization capabilities that allow
them to transact internationally.
The best of all, all these features are
paired with experts in the field. They
offer their knowledge and expertise at
no cost to the merchants.
Security at Heart
PayMotion is a robust digital service
provider; however, above all,
PayMotion prioritizes to confront any
security breaches and any theft of
customer data.
In relevance, Bobbi shares, “Through
our platform, we are able to track and
monitor all access to our network and
cardholder data in real-time and
provide instant alerts for attempted
breaches.” As part of the PCI DSS
Level 1 certification, PayMotion
adheres to regular scans, test
protocols, and independent audits to
meet and maintain these industry
standards.
What lies ahead?
Revealing the plans, Bobbi cites that
the firm will continue to grow as a
business in the regions it serves.
Herein, she plans to work on
enhancing and optimizing the
platform to serve the customers best
and making room for upcoming
clients too.
For forthcoming years, PayMotion
will continue to innovate and create
new features and technologies to keep
up with the evolving payment
industry to remain competitive and
best serve the merchants.
2020's Most Trusted Payment and Card Solution Providers
21www.insightssuccess.com | MAY 2020 |
24. The way people make payments are changing faster due to the improved integration of digital technology. This has
benefited 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
OF
THROUGH
22 www.insightssuccess.com| MAY 2020 |
25. 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 digital-
enabled 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
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 code-
based 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 tech-
enabled 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.
Need of Banking
23www.insightssuccess.com | MAY 2020 |
26. In an era of everything-internet and
virtual reformation, digital safety,
security and privacy holds peak
significance. Malware, torjan,
phishing, so on and so forth can only
be the tip of the iceberg if we take into
consideration the breaches that have
taken place in renowned banks and
financial institutions across the world.
In light of such situations, as end users
or business owners, turning to a safe,
secured and trusted digital platform for
all our finance-related tasks is of
utmost necessity.
With the intent of bringing companies
that offer the aforementioned safety
and trust, into spotlight through this
edition titled, 2020’s Most Trusted
Payment and Card Solution Providers,
we at Insights Success have the
privilege to introduce you to
Paytweak.
Paytweak develops innovative
payment management services to
enable companies to accept secure
electronic payment on all channels,
globally. The company facilitates
collection, down payment, distance
selling and payment at the point of sale
via its unique functionalities on the
market.
Paytweak’s proprietary technologies
combines Blockchain, Artificial
Intelligence and Machine Learning
with its revolutionary infrastructure
and makes it both the expert and leader
of secure remote payment. Connected
to all buyers and all PSPs around the
world, the company triggers instant
payments that speed up collections and
reduce customer payment times.
Features that Exhibit Distinction
Paytweak is an efficient way to collect
all your distant payments. Simple, fast
and 100% secure, the following
features evidently make Paytweak a
class apart:
• Ease of Use:
Choose existing payment request
messages or simply create/upload
your own – Fill the amount and the
customer’s e-mail address or mobile
phone number and securely send the
payment requests through the
Paytweak’s anti phishing patented
technology or through your usual
software.
• Encrypted and Fast:
Digitally signed – Customers receive
Thierry M. MEIMOUN
CEO & FOUNDER
WHERE ALL YOUR DIGITAL PAYMENT NEEDS ARE MET
PAYTWEAK
24 www.insightssuccess.com| MAY 2020 |
27. secure messages via Paytweak,
meaning they can clearly identify
you and make payments in total
confidence.
• Enjoy Profitability:
All payments comes directly into
your bank account – You save on
intermediaries commissions/fees and
receive your funds without delay.
Offering Business Excellence
Paytweak offers business owners with
great features that make it easier to
collect payment. It helps to make
payment methods more profitable since
businesses pay fewer fees and be more
efficient. Below are a few of
Paytweak’s B2B offerings:
• Secure Online Invoicing:
Create e-invoices following your
models with an integrated payment
method, reduce late payments,
litigations and disputes – Send digital
invoices customized with your logo
and colours with innovative payment
methods, so your private and/or
professional customers can pay faster
and more easily.
Follows your Model: Paytweak
makes an identical copy of your
invoice, using your numbering
system and integrating secure
payment methods.
Scheduled Payment: Plan the
creation and sending of your invoices
in advance, in batches or via your
software.
Tracking and Traceability: The
digital invoice means information
can be tracked and shared in your
information system.
Accounts Export: Export your
accounts to your internal or external
accountants
• Travel Industry Payment Services:
Paytweak has popularly become the
instant payment service for tourism
and hospitality professionals,
allowing them to confirm bookings in
one click and authenticate remote
cardholders, and delivering complete
protection from fraud.
With Paytweak you can authenticate
remote cardholders with 3Dsecure,
and protect yourself against fraud.
You instantly get on-screen
notifications of secure payment and
pre-approvals, as you talk to the
customer. Payments are processed in
real time and guaranteed by your
bank. With Paytweak you secure the
remote sales process from start to
finish, and protect your image as well
as the privacy of your customers’
bank details.
• Call Centre Payment Services:
Paytweak secures telephone payment
during the conversation like no
others and allows you to make phone
sales happen. This allows you to put
your customers’ minds at ease and
receive payments over the phone,
while your customers’ bank details
stay private. Paytweak makes all
your process DSP2 and RGPD fully
compliant.
With Paytweak’s innovations
recommended by the Banks and PSP
around the world, you can remotely
authenticate card holders in real-
time, preserving yourself from fraud
and maintaining the customer
relationship at the highest level of
requirement. Paytweak triggers,
secures and manages remote payment
while you are on the phone, notifying
you when it has been processed and
preserving your customers’ brand
image.
• Debt Collection Services:
Paytweak reduces your need for
working capital by optimising
receivables management. Its
innovative process automates the
invoicing and collection process,
scheduling customised friendly
reminders according to the scenarios
you set.
To limit litigations, Paytweak
manages the creation, sending and
payment of your digital invoices. The
solution also allows you to set
scenarios for customised reminders
in the event of late payment.
Paytweak’s SmartScheduler gives
you complete vision on sums
outstanding and reminders sent,
allowing you to intervene at every
stage of the process. You become
more available for your customers.
To learn more about Paytweak and its
offerings, click here.
2020's Most Trusted Payment and Card Solution Providers
25www.insightssuccess.com | MAY 2020 |
29. 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
total solution in data mining, big data
processing up until case
management and sanctioning.
Due to several incidents within the financial sector
related to their integrity, people and society in
general have lost their trust in banks and insurance
firms. Most of the banks and insurance firms know this
better than anybody else. Regulators and supervisors are
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
even
license
consequences.
• Replacing current
solutions being ‘end-
of-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.
Leader’s Desk
27www.insightssuccess.com | MAY 2020 |
30. 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,
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.
28 www.insightssuccess.com| MAY 2020 |
31.
32. The onset of an everything-digital
era has been evidently
showcasing signs of an endless
influence over the commercial world. It
has been impactful to such a level, that as
end users or consumers, our day-to-day
tasks and needs are now effortlessly
achievable and attainable.
The change-driven adoption of this
digital transformation by the finance
industry has opened up a myriad of doors
for both financial institutions as well as
the common public. The need for an
extended explanation wouldn’t arise,
taking into consideration the nature of
the industry, the related marketFinTech
and its benefits to customers.
Pertaining to this evolution of the
financial industry into a much
sophisticated yet easily adoptable models
and functioning, we at Insights Success,
through this edition, bring to your desk,
2020’s Most Trusted Payment and Card
Solution providers; featuring companies
striving to provide best-in-class
solutions.
One prominent name among those
companies is Prodoge. Headquartered in
Los Angeles, Prodoge began as a
Dogecoin processing company in 2019
and has grown to become a crypto wallet
supporting Dogecoin, Bitcoin, and
Digibyte, while offering all the tools
anyone needs to do business with those
crypto currencies along with fiat
currencies.
These tools include peer to peer
payments, invoicing, point of sale,
shareable payment links, online checkout
Julian Kopald
Vice President
AN EMERGING LEADER IN THE FINTECH MARKET
Prodoge clients control
their own keys (seed phrases)
to their wallets, which puts
them in control over their
funds instead of relying
on a 3rd party
“
“
30 www.insightssuccess.com| MAY 2020 |
33. widgets, and a global marketplace where
people & businesses can promote
themselves, send messages, and list &
sell their goods & services without
merchant fees.
In the following interview, Julian
Kopald, Vice President of Product
Development, shares valuable insight
into the current digital currency market
and how Prodoge strives to sustain its
competency.
Below are the highlights of the interview:
What is your opinion on the current
scenario of digital payments?
The future/present of payments will see
the market split between “custodial”
solutions offered by banks, card
networks, and other “legacy” fintech
providers, and “non-custodial” solutions
offered by crypto currency focused
businesses. Non-custodial solutions will
grow as people & businesses seek greater
privacy, more control over their funds,
and embrace the near instant and nearly
free global value transfers offered by
crypto currencies.
What are the major contributing
factors behind Prodoge’s success and
why?
Prodoge really takes crypto beyond mere
speculation and gives anyone the tools to
become a global merchant in under a
minute. It’s not just a payment solution,
but a new way to do business and
promote goods and services, with it’s
own global marketplace to list products,
profiles for merchants, and instant
messaging all built into one platform,
alongside traditional tools such as
invoicing, point of sale, website
checkouts, and shareable payment links.
Why should customers choose
Prodoge? How do you distinguish your
offerings from your competitors?
Prodoge is perhaps the only solution
available that allows people and
businesses to send or accept both crypto
or card based fiat payments in over 200
countries. Add to this that Prodoge has
zero merchant fees for listing products,
or doing transactions, along with nearly
instant global settlement when using
crypto, and doing business with Prodoge
can quickly yield positive returns in both
time and money.
How do you amend your offerings and
criterion according to the rules and
regulations of the different countries it
serves?
Prodoge is a non-custodial solution, so
our clients become their own banks,
control their own funds, and are in total
control. Our role is to provide a great
platform for doing business and we
actively monitor our marketplace to
make sure it’s being used lawfully for
legal business use cases.
Security is a primary concern when it
comes to payments. How does your
company ensure security and safety?
Prodoge clients control their own keys
(seed phrases) to their wallets, which
puts them in control over their funds
instead of relying on a 3 party.
rd
What aspects of Prodoge display its
foothold in the market?
Prodoge clients love being able to send
or accept either crypto, or card payments
(through our integrations with Stripe &
Paypal). This allows them to continue to
do business in the “traditional” way,
while expanding into the new world of
digital payments offered by crypto,
where global transactions can settle
almost instantly and for free.
All of our solutions are also mobile-
centric, so people can invoice, take
payments anywhere with the point of
sale, or even online with our multi-
currency web checkouts. Our shareable
payment links are also popular, as people
seek to get paid faster and easier over
social media and through channels like
WhatsApp and others.
What can be expected from your
company in the coming years?
Prodoge will be continuing to improve
our marketplace, merchant profiles, and
making it easier for businesses to both
promote themselves and find each other.
In addition to this, we will be looking
into adding exchange services for crypto
& fiat, so that our clients can manage
their funds with greater ease. Already,
through Prodoge’s integration with
Zapier, merchants can export their data to
over 1,000 apps such as Quickbooks, or
Salesforce, and in the future, we expect
to continue opening our solution via
API’s to list products or perform actions
from anywhere.
2020's Most Trusted Payment and Card Solution Providers
31www.insightssuccess.com | MAY 2020 |
34. Businesses 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.Asuccessful entrepreneur works to visualize
these future changes rather than waiting for it and create a
moredesirableenvironmentintheorganization.
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, entrepreneuris required.
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’ssurrounding reallymatters.
Ÿ 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.
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
technologyintheworld willnotsolvethissituation.The
IN THEMODERN ERA
SUSTAINING
ENTREPRENEURIAL SPIRIT
32 www.insightssuccess.com| MAY 2020 |
35. 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
realsolution.
Ÿ 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.
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
maintainsloyalcustomers.
Ÿ 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,freeingus frommostofthetime-consuming
Entrepreneur Speak
33www.insightssuccess.com | MAY 2020 |
36. and repetitive tasks. One of the most important areas of
application of automation is computer-aided
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’scontactinthevariousstagesis required.
Ÿ 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 anyfileor 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
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
internalmanagementof thecompany.
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
wellas guidedmentocreatethebetterworld.
34 www.insightssuccess.com| MAY 2020 |
