By The world of fintech is rapidly moving forward, driven by technology innovations. There are hundreds of companies in the field. Besides creating a diverse environment, a large number of companies make it a competitive landscape.
One of the reference points is the Fintech Power 50, which this year included the most prestigious fintech establishments. OpenPayd was named in the Fintech Power 50 2020 as one of the UK’s truly inspirational fintech companies.
What is Fintech Power 50?
In the fintech landscape, it’s not only important to implement and put to use cutting-edge technologies to streamline financial services. Making it easier for businesses to use these technologies and improve their client and customer experience also counts. That’s where the Fintech Power 50 comes in.
The Fintech Power 50 is an annual guide to the companies in the fintech industry that greatly contributed to the field. The guide considers innovation, influence, and power of fintech figures to assess which ones deserve to end up on such a prestigious list.
The competition is tough because Fintech Power 50 considers fintech companies worldwide and from all types of fintech sub-niches. Getting in the Fintech Power 50 means a lot for a company. It is not a reward by a highly valued recommendation. Every company in the Fintech Power 50 has done something remarkable to grow and innovate the fintech sector.
The Fintech Power 50, 2020
The Fintech industry flourished in 2020. While this is excellent news for businesses and their customers around the world, for Fintech figures, it meant that it would be hard to be named in the Fintech Power 50 2020.
Since Fintech Power 50 considers all types of companies in the fintech space, almost every company is eligible. The annual guide lists different companies ranging from platforms specializing in comparing financial services to those that provide them. It makes being noted even more valuable.
Despite the overwhelming competition, OpenPayd managed to get named in The Fintech Power 50 2020. Thanks to a substantial contribution to the fintech industry, the company is now recognized as one able to transform financial services for the better.
Using a Baking-as-a-Service business model enabled the company to offer a comprehensive fintech solution to several businesses. It delivers a centralized platform that companies can use to stay on top of their financial services, track transactions in real-time, and get valuable insights from on-demand reports.
OpenPayd and Its Contribution to Fintech
OpenPayd is one of the leaders in the fintech industry. It’s a digital Banking-as-a-Service platform. All services provided through the platform are licensed in Europe, Canada, the UK, and other countries. One of the company’s primary goals is to improve payment service and banking to a broad audience.
OpenPayd uses an API built with scalability and performance in mind. It enables the company to deliver exceptional services to many businesses. The company currently works hand-in-hand with FX businesses, financial institutions (merchant acquirers), marketplaces, and digital currency businesses.
The OpenPayd platform was built to simplify processes in the niche. It’s meant to automate pay-outs, assign virtual IBANs, track payments, and segregate customers.
The best thing about it is that the company does it through a single API. Its greatest contribution to the fintech industry is simplifying collection, conversion, and fund settling processes for enterprise businesses.
Thanks to world-class API, the payments can now be streamlined between buyers, sellers, and marketplace operators. The platform enables marketplace operators to standardize payouts and calculate commissions in real-time. Additionally, the API removes the need for batch files as it allows operators to automatically trigger payments to merchants.
Finally, API streamlines the exchange process, making it possible for customers to exchange from and crypto and fiat currencies.
Customers can also efficiently purchase cryptocurrencies whether they chose to use a credit card, debit card, or bank wire transfer.
The Key To Success
What is the key to the company’s success? What do you have to do to end up included in the Fintech Power 50 2020 annual guide? According to Iana Dimitrova, the CEO of OpenPayd, it is crucial to look for opportunities in the fintech landscape. OpenPayd did an excellent job identifying the gap within banking service provisioning.
The fintech industry has moved the baking sector from traditional banking. However, it appears that the entire banking sector focus is reserved only for consumers. It has left business customers dependent on obsolete services, which are not only unnecessary complex but also time-consuming and limiting.
It was the opportunity OpenPayd was looking for. After thorough research and assessment, the company’s team came up with a solution – a centralized platform with an API built to help banking businesses streamline their services and achieve operational excellence.
The platform was built to help businesses in the financial sector embrace digital transformation with minimal impact on their internal and external processes. Don’t forget that behind every business, no matter how big or small, stand people who depend on convenient and easy-to-use financial services outside of work hours.
They want the same for their businesses, and this platform was built to provide exactly this to them. You can find out more about it in Reincarnation Not Transformation: Business Banking In 2020 and Beyond, where Iana shares her insights regarding the imbalanced banking service provisioning.
Prepare for 2021
Given that OpenPayd was founded in 2019 by Ozan Ozerk, it’s remarkable what it managed to achieve and get included in The Fintech Power 50 2020. On the other hand, they did set the bar high for the next year. If you are interested in the fintech industry yourself, make sure to keep your tabs on the upcoming The Fintech Power 50 2021 annual guide.
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