rewrite this title Streamly Snapshot Doubleheader: Payment Optimization and the Great Wealth Transfer – Finovate

With spring in full swing, we’ve got another doubleheader in our Streamly Snapshot series in store for you this week.

To start, we talked with Philip Froom, Founder and CEO at PayIP, about navigating the complexity of payment networks. Froom discussed how PayIP leverages advanced technologies such as AI and machine learning to uncover hidden value for banks and fintechs around the world.

“Banks and fintechs around the world pay a lot of money, billions of dollars to the payment networks—the payment networks being Visa, Mastercard, American Express, UnionPay. Our clients pay fortunes and the money and the billing from the payment networks back to the banks is extremely complicated. There’s thousands of different billing line items from fixed fees to variable fees, tiered fees, daily, weekly, annual fees.”

Headquartered in Johannesburg, South Africa, PayIP specializes in payment network (Visa and Mastercard) billing recovery and optimization. The company leverages decades of card and data expertise to simplify complex card network invoices and reporting, and identifies recoveries for bank finance and card payment teams.

Next, we talked with Jurgen Vandenbroucke, Managing Director at everyoneINVESTED, KBC, about the value of decision science and how it can be effectively applied to financial services. We also discussed the Great Wealth transfer, and the challenges faced by financial services companies when it comes to serving a new generation of investors.

“Decision science is a broad field. I think a more popular term is perhaps choice architecture in the sense of putting into models (people’s) decision-making process as much as possible in order to anticipate their behavior … For example, trying to optimize the small screen of a smartphone in order to present data in such a way that it triggers desired behavior or discourages undesired behavior.”

Brussels-based everyoneINVESTED helps financial institutions increase their investor conversions, fortify their customer base, and put behavioral finance to work to help them have more of their clients invest in their solutions. A wealthtech spin-off of KBC, everyoneINVESTED was named to FinTech Global’s WealthTech100 for the fifth consecutive year.

Photo by Steshka Willems

Views: 6