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PAYSAFE APPOINTS CHIRAG PATEL TO LEAD ITS DIGITAL WALLETS DIVISION

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Former Santander and Amazon executive brings additional digital payments experience to the Paysafe leadership team

 

Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced it has appointed international payments executive, Chirag Patel, as CEO of its global Digital Wallets business.  Patel will report directly into Group CEO, Philip McHugh, when he joins the company in early September.

Paysafe’s digital wallet solutions, which include Skrill and NETELLER, enable consumers to store, withdraw and make purchases in over 40 currencies from a virtual account as well as buy and sell interests in cryptocurrency and make international money transfers.   They are used by 3.5 million consumers around the world and generated $20.4 billion total payment volume in 2020.

Patel brings over 20 years’ experience of working in payments for high profile, global organisations.  He joins Paysafe from Santander Group where he was Global Head of Payments.  While there, he launched a global payments platform and significantly increased usage of the bank’s payments products and services.  Before Santander, Patel was Amazon’s Head of Payments, Europe and International Expansion, where he was responsible for the company’s product roadmap for emerging payments technologies and international payment expansion.  Before Amazon, he held senior executive roles in payments and financial services for other well-known financial institutions including Softcard (acquired by Google), American Express Services Europe Limited and Merchant Services Group Int.

Philip McHugh, Paysafe’s CEO, commented: “Chirag has an awesome track record as a high-performing payments’ executive and has successfully launched and grown multiple consumer-facing and B2B payments products and services around the world.  I’m thrilled to have someone of his caliber and energy-level to take our Digital Wallets business to the next level of growth.”

Chirag Patel commented: “I am really looking forward to joining the Paysafe team next month and to be given the opportunity to lead its exciting Digital Wallets business.  I believe there is enormous potential to extend the offering to more and more customers given Skrill and NETELLER’s worldwide presence, combined with Paysafe’s great technology and talented team.”

Patel replaces former Digital Wallets CEO, Lorenzo Pellegrino, who is stepping into a strategic advisory role for Skrill Limited.

McHugh added: “I’d like to add my sincere thanks to Lorenzo for the immense passion and drive he has shown over the past 15 years as he launched our digital wallet solutions around the world.  We now offer two of the most popular and sophisticated digital wallet brands on the planet and have strong foundations to continue building on as we grow the business.”

 

Finance

AIRBANK SELECTS YAPILY TO BUILD A FINANCIAL MANAGEMENT SOLUTION FOR SMBS

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Airbank, a financial management solution for European startups and SMBs, has selected open banking infrastructure provider Yapily to help its users manage their finances with ease.

Airbank provides a simple financial management solution that aggregates all bank accounts in one place and delivers more control, visibility, and automation to modern finance teams. Startups & SMBs use Airbank to access bank accounts, monitor cash flow in real-time, create reliable forecasts, and make business payments.

Airbank matches bank transactions with merchant and category data to give finance teams complete visibility into revenues and expenses, thus helping make their lives easier with cash flow budgeting, forecasting, and reporting.

Yapily’s API infrastructure provides Airbank users with a smooth, simple way to connect to more than 1,500 banks across the UK and Europe including Deutsche Bank, Commerzbank, Sparkassen, Volksbanken and neobanks. Airbank selected Yapily for its strong coverage in Europe, with a specific focus on Germany, France, Spain, and the UK. Yapily’s European bank connectivity enables Airbank’s customers to scale and grow across Europe, delivering forecast visibility anywhere they go.

The partnership with Yapily alleviates Airbank’s customers from spending time and resources managing their finances – giving them direct access to all the financial and contextual data they need in one tool. Historically, most businesses created budgets and cash flow forecasts in manual spreadsheets which is time-consuming and error-prone. With Airbank, customers save time and costs to focus on value-adding business tasks.

The partnership also enables Airbank’s customers to use its data enrichment platform and transaction categorisation engine to turn the raw data from bank accounts into meaningful and actionable insights. Airbank reconciles account balances, forecasts financials and helps business owners make smarter business decisions every day. Harnessing Yapily’s leading open banking infrastructure, Airbank can accelerate its adoption of digital banking services.

Airbank’s vision is to simplify financial management for SMBs and to create a unified platform that helps its users with the full cycle of financial management from cash flow analysis and forecasting, to accounts receivables and payables management, and more. Airbank has raised $3m seed funding from leading VCs, and counts hundreds of users in Germany, Austria, France, Spain and the UK.

Open Banking has enabled smooth integrations with banks, which we utilize to offer richer banking and payments experiences for our users. We’re building a business banking solution that connects all your financial accounts in one place. Our partnership with Yapily gives users a smooth and simple way to connect to thousands of banks in Europe, unlocking real-time insights into their cash flow. We eliminate the pains of finance admin so business owners can focus on what’s really important — growing their business.

Christopher Zemina, Co-founder and CEO of Airbank

Airbank helps simplify the daily routine of banking and finance management for small and medium sized businesses. By leveraging Yapily’s open banking infrastructure, Airbank can provide actionable insights to businesses – at a time where it’s needed. As a small yet fast growing company, Yapily is committed to supporting the SMB community and we are excited to see how Airbank delivers the benefits of open banking to many businesses across Europe.

Comment by Chris Scheuermann, Commercial Lead DACH at Yapily

 

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COULD YOU PROVIDE US WITH SOME BACKGROUND ON YOUR CURRENT ROLE WITHIN THE FINANCIAL SERVICES SECTOR?

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– Shanker Ramamurthy, Global Managing Partner – Banking at IBM, BIAN Executive Board Member

 

I lead the banking consulting practice across IBM Consulting, focusing on banks’ digital transformation, core banking, and payments. Additionally, I am the President of the IBM Industry Academy, a dynamic and diverse community of IBM’s industry experts aiming to form new solutions to help our customers win in a constantly evolving industry landscape. The Academy offers IBMers the chance to work together and collaborate with industry experts from all areas of IBM.

Since my career began almost three decades ago, I have been lucky enough to work across six continents in various consulting and leadership roles in the financial services sector. This experience, coupled with my current role, has provided me with a unique insight into the digital trends affecting all industries and enables me to serve IBM’s financial services clients better.

 

Can you explain more about your recent appointment to BIAN’s Executive Board and BIAN’s role in the industry? 

BIAN stands for the Banking Industry Architecture Network. It is a collaborative, not-for-profit organization of institutions and professionals from the financial and technology industries, including leading banks, technology providers, consultants, and academics from all over the globe. Member organizations are committed to lowering the cost of banking and increasing the speed of innovation adoption in the industry. Members draw upon their combined industry expertise to define a revolutionary banking technology framework that standardizes and simplifies banking architecture to overcome limitations preventing growth and efficiency and encourage ease of management in their existing environments.1

The opportunity to become a member of the BIAN board was an invitation I could not turn down. I am honored to be part of BIAN’s executive board to provide counsel and support their work in helping financial institutions negotiate this time of immense opportunity and disruption. For the financial services industry, BIAN’s open framework, services-oriented architecture, and standards model are more critical than ever before.

 

Shanker Ramamurthy

After working in the financial services industry for a number of years, what is it that makes you so passionate about the industry? 

I am delighted to see the impact of exponential technology on financial services because these innovations provide an opportunity to bring positive change to people’s everyday lives. I am also a strong advocate for financial inclusion and emphasize its importance as part of my practice. Financial services should be accessible for all, regardless of financial means and where you are in the world. In this respect, I am committed to helping banks widen the availability of banking services and reduce the cost point of doing so.

 

The importance of financial inclusion is evident. But what measures can global banks take to increase the availability of banking services and keep cost points low?

The financial services industry still has much to do to achieve inclusive banking globally. Having said this, incumbents, fintechs and techfins have made significant investments in technology and innovation, with this end in mind. Unfortunately, we live in a world where globally, billions of people still do not have access to basic financial services. Critical areas such as payments – particularly cross-border payments – remain costly, and access to credit continues to be a challenge for so many.

Global financial institutions will find success for their own business processes and their customers through a technology and business strategy to support the bank of the future and by prioritizing innovation powered by hybrid cloud and AI. Although there is much work to be done, it is encouraging that the combination of innovation will help democratize and transform finance like never before.

 

What can banks do to prepare for the future? 

Banks are facing an evolving landscape due to COVID-19 and changing regulatory environments. This is something banks and fintechs are navigating. At the same time, the financial services industry is being shaped by new consumer trends – from the rise of a cashless society to the pandemic-driven shift towards online banking and mobile payments.

The focus on technological development to accommodate these changes will continue. The banks that succeed will be the ones who have a technology and business strategy to support the ‘bank of the future,’ in which much of the middle and back office gets almost entirely automated and focus shifts to customers and customer value-adding functions. This transition requires rapid digitization and the adoption of exponential technologies powered by the hybrid cloud and AI. BIAN has an essential role in helping banks do just this.

 

What does the shift towards digital banking, including the increasing use of mobile contactless payments by customers, mean for the bank of the future?

Digitization drives innovation, new business models, and efficiency while simultaneously enabling extreme competition from traditional and non-traditional competitors. In tomorrow’s banking eco-system model, the value is increasingly accruing from customer-facing functions supported by platform-based business models. By extension, this has meant competition from both fintech and importantly, techfins (large technology companies that are moving into the less regulated aspects of financial services such as payments, electronic wallets, BNPL – buy now pay later models and more).

Banks in the future will automate extensively, and likely extend their business models to create ‘beyond banking platforms’ to support their customers in areas outside of the traditional banking value chain. The future of such models is being written in Asia by banks such as DBS in Singapore, State Bank of India, among others as they evolve their business models to combat the growth of ‘super-apps’ like Alibaba, Tencent, Grab, Gojek, and more in that part of the world.

 

How can the industry find its footing after such a change?

Banks have several natural advantages that come from incumbency, customer loyalty, and material regulatory barriers preventing non-traditional competitors from quickly breaching their businesses. Regardless, mastering the future will require banks to ask themselves three questions:

  1. Is our strategy ambitious enough?
  2. Are we executing fast enough?
  3. Do we have the talent and capabilities to win?

Answering these questions honestly and then putting in place programs to execute relentlessly is the only way for the industry to continue to thrive and take advantage of the extensive opportunities in the near future.

 

 

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