True entrepreneurship always starts with an idea that solves an actual problem. For a Fintech this could be creating smooth onboarding to banking services, or to reduce fees connected with a credit. All done with digital savviness and a strong vision. But it’s important to recognize that there is no way of shortcutting the banking process with its regulations and needs for controls and checks. And as Fintechs grow from entrepreneurial idea to customer facing offerings, a sustainable partner strategy is the silver bullet to success!
Technology is, of course, crucial to any digital company in the financial sector. It is the engine that powers real-time access to across multiple devices, ensures processes are secure, and enables new features to be introduced and scaled quickly.
It can enable innovative products and services to be delivered quickly, provide tools that mitigate a wide range of risks, such as those connected with regulation and data security, and facilitate expansion into new markets. For those entrepreneurs more driven by delivering a product or service the market needs than the technology behind it, partnering with specialist providers can be particularly beneficial. And this is where Giesecke+Devrient (G+D) comes into play.
Rüdiger Vogt, Head of Payment 4.0 at G+D says “Through our work with a growing number of Fintechs, we have learned about some of the most significant technology-focused pain points companies face. For instance, payment card issuance can be a long and complex process that negatively impacts the customer experience if implemented badly, for example.”
Want to know more about cards? Watch this Fintech talk with Rüdiger Vogt on G+D’s eco initiative for payment cards.
With consumers increasingly expecting to be able to use a new card instantly. Thanks to powerful APIs, it is now possible to offer customers a digital version of a card for use immediately in e-commerce transactions or mobile payments. For Fintechs, this ensures a fast, seamless customer experience and means revenue can be generated from the get-go.
But new offerings have limited value if they are not fully secure. As customers and regulators increasingly demand better privacy and security, Fintechs must ensure they maintain trust and are compliant. Tokenization and two-factor authentication are two technologies that can help to provide peace of mind to consumers and meet new legislation requirements.
G+D’s Convego CloudPay Suite is a complete set of payment tokenization solutions that work seamlessly with any payment scheme and with any X-Pays, e.g., Apple Pay, Samsung Pay or Google Pay. Thanks to a close cooperation with Visa and Mastercard, these trusted tokenized payment solutions feature a unique readiness to fully support their tokenization services.
Award winning solutions: G+D’s tokenization solutions are best-in-class according to Juniper research - and this is why!
For the authentication part, G+D understands the new use cases and business models that are shaped by regulations and user behavior – and also knows the challenges that come with such security requirements.
“There is a strong need to combine convenience and security for remote authentication,” says Rüdiger Vogt, Head of Payment 4.0, G+D.
Once a Fintech offering has been proven to work in one geography, scaling is often high on the agenda of founders and investors alike. But entering new markets comes with its own challenges. While the beauty of software is in its ability to scale up effortlessly, regardless of borders, financial services regulation is a different matter.
A shifting industry landscape offers potential for identifying new differentiators in order to create value. But at the end of the day, the silver bullet to success is to identify future challenges early. And for those connected with the value chain which will have a greater impact on revenue streams, growth and scaling, looking for well-versed partners might be the right pain relief.
Or as Rüdiger puts it in this easy guide on must-haves in a successful collaboration:
Author: Jennie Johansson Carnhamre
G+D has been at the forefront of advances in payment for over 160 years. From printing the first banknotes for the central bank of Germany to inventing the Euro-cheque card, the company has developed industry-leading technology that is trusted by over 700 financial institutions around the world. By partnering with experts that are embedded in the fast-moving technology space, Fintechs can concentrate on their core mission, safe in the knowledge that they won’t have to play catch up with technology behind it.
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The Q2-2021 issue of the Payments and FinTech magazine is here! This edition provides you with insights on the hottest trends and developments in 2021 for FinTech. You can read about: Open Banking by Tink, Adverse News Monitoring by Owlin, the FinTech Outlook by G+D, SaaS by Mambu, Card Issuing by Enfuce, our hottest FinTech jobs, and don’t miss a special announcement about Season 2 of the Voices In Payments Podcast Series!
True entrepreneurship always starts with an idea that solves an actual problem. For a Fintech this could be creating smooth onboarding to banking services, or to reduce fees connected with credit. All done with digital savviness and a strong vision. But it’s important to recognize that there is no way of shortcutting the banking process with its regulations and needs for controls and checks. And as Fintechs grow from entrepreneurial ideas to customer-facing offerings, a sustainable partner strategy is the silver bullet to success!
To say that 2020 was a transformative year would be putting it mildly. The ongoing pandemic has prompted profound changes in the way we live, work, spend and socialise — with prolonged social distancing restrictions meaning that many aspects of our lives have moved online in the past 12 months.