Accenture’s Fintech Innovation Lab finals day will be held on April 12th when the start ups that made it through a tough competition will meet the banking community in London. In the run up to the event CBR profiles the finalists.
Accenture’s Fintech Innovation Lab initiative is an accelerator programme designed to put the best fintech start ups in front of potential banking customers and investors – we interview those that made it to the final.
CBR: Describe your solution in technical terms
Paykey: "PayKey enables payments within any social network, including Facebook Messenger, WhatsApp, Twitter, etc. Leveraging existing networks creates simplicity and an intuitive payment experience. Users enjoy instantaneous money transfer capabilities while chatting with their friends and family members.
"PayKey’s technology differentiators: (1) Social network agnostic. (2) White label ¬ branded for the bank. (3) API level integration ¬ very low risk. (4) Using the bank payment system (no changes to current security practices). (5) USPTO patent has been filed for the technology.
"Another part of PayKey solution is a mapping service which allow the end customer to choose a unique identifier (such as phone number or twitter account) to connect with his bank account. Using a unique identifier redundants the need to remember any details about the other side and make the payment process more frictionless and seamless."
CBR: What problem does it solve/opportunity does it create?
PayKey: "As consumers become increasingly comfortable conducting transactions on emerging channels, it is imperative for banks to offer services that cater to the changing tastes. PayKey’s technology is the first to bridge this gap between banking (bank users) and social interactions (social networks). With PayKey customers enjoy the security of the trusted banks within their favorite applications, making everyday banking easier and more efficient than ever before.
"Today the European and Northern America markets are fragmented, there is no easy way for consumers to make payments to their friends, family and businesses that is platform agnostic, mobile centric, super simple to use and that is connected to their trusted bank account. PayKey incorporated a smartphone keyboard payment button that is connected with banking payment rails. We create the fastest, simplest way for people to make payments while using their phones."
CBR: Why is it unique?
PayKey: "Today all the big social networks are competing with one each other, as they are all developing their own payment solution. using our technology the user just connects his bank account once and will be able to pay anywhere. In China with WeChat we can already see how the future will look like for all of us. PayKey would dramatically simplify and accelerate the evolution of this already happening trend.
"In addition PayKey’s solution will benefit banks in 3 ways: (1) Position the bank as innovation leader in the market. (2) Constitute the strategic driver for market growth and retention of millennials. (3) Increase revenue and EBIT."
CBR: What language is it built in?
PayKey: "We built our solution to worked on two of the most common mobile operating systems, Android (Java based) and iOS (Swift)."
CBR: What platform is it built on?
PayKey: "PayKey’s technology (white label SDK) is an agnostic hub that sits between the financial and social worlds providing transaction capabilities and connecting people. The mapping service is cloud base."
CBR: Which best described your technology: it is a cloud solution. It is a SAAS solution. It is a third platform solution.
PayKey: "It is a IAAS solution."
CBR: Describe the culture of your company.
PayKey: "Our company was born from the need to simplify process, we wanted to make our everyday life activities easier and more efficient. That is why, we as a company try to make all of our internal procedures as easy as possible.
"We have a culture of sharing and a flat hierarchy where every person can express his mind and his own thoughts in a fluid and flexible way."