We are celebrating 20 years of age this year, so we’re quite a mature business that have grown organically and we’ve been serving banks and other types of financial institutions from the very beginning, helping them automate their payments laws and achieve integration between their core banking systems and External market infrastructures, without our main focus, we very recently enrolled a new strategy that fresh out of the oven last year, and it defines us as a very customer intimate business, and that means we work very closely with our customers to understand what issues they actually have And what problems they also want us to solve, and that provides us with a lot of insight that allows us to develop our applications to provide not only compliance to their requirements, but also solve other issues.
Last year, for example, I noticed a lot of talk on the stage about cryptocurrencies and blockchain technology and applicability of that in financial services, a lot of talk behind the scenes about ideas that was not exactly on stage this. I have seen a bit of shift towards more focus on AI on artificial intelligence, and how can we best use the benefits of these types of technologies in financial services and how, on the other hand, do we protect ourselves from the bad things they bring with them? Cyberattacks and data privacy and all the type of so a levels solution for PSD to compliance enables the band to do a number of things.
First is obviously offering compliance to fill the PDP regulation, and that is, it manages the managing requests coming from payment initiation and account aggregation service providers on behalf of the final customer and processing all this type of communication between the data the bank has and is allowed To share with this third-party providers and them even allows a bank as the next step, to authorize itself as a PhD or a ISP and offer more value to the customer, and it allows the bank.
More importantly, I think to pursue the bank as a marketplace model where the bank itself and third-party developers can bring up into the API store and thus have diversification of product that they offer to people to become more relevant. And I think, a solution that enables that such as ours is what they should be looking at and, lastly, they also bring the merchant echo system closer and back to appoint the trust which is the bank.
One thing that is very different is that we work very closely with our customers to and started early last year, early 2017 to see how they perceive this regulation and what they want to do with it. But what we found is that they all have understood what the regulation said. They all have been part of the conversation and no, they knew all the implications that it had, but they had no idea how to go ahead and implement and collecting this feedback from our banks, our customers.
We were able to come back with them by midlist next year, with demo of this is how we think you should start to go ahead with it, and while doing that, we took into account not only their feedback but inside on the technologies they were already using In-House outers for strong customer authentication, for example, we wanted to be as this less disruptive as possible when bringing in a new architecture.
So we wanted to reuse the bits and pieces that were already available with the banks, and now we are very happy that we moved even further and we are running two books of concepts with two very important local bugs that I hope to be able to announce. Very soon there has been a lot of talk about, in fact that will replace pants and obviously no not everyone believes that truly the the truth is. I think that the need for payments to be solved has been cracked by a lot of feedbacks, so people have the needs for payments to be cheap, very fast, cross-border, with very small exchange rates with very small fees.
Banks have not done that yet, but then again, fintechs have not managed to do all that just on their own, so they are using the bank, rail, the bank infrastructures and the network of banks to be able to achieve this level of seamlessness. So I think we will see a lot of regulation that will target this in declare to bring a level playing field in the industry and more collaboration and more partnerships between banks, and things like to work together to actually give me something that actually needs.
As a user of their services,
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