A recent interview with Ciprian Pirv, General Manager of Payten in Romania, provided an in-depth look into Payten’s mission, technological advancements, and future directions. Payten, a global service provider for payment-related services, is part of the ASECO South Eastern Europe Group and operates extensively across Europe, Latin America, North Africa, and Asia.
A Mission-Driven Approach
Ciprian introduced Payten as a key player in the global payments industry, supporting banks and merchants by providing comprehensive payment solutions. Payten’s mission is to facilitate and optimize payment processes for merchants and banks, ensuring an improved customer experience and seamless transition from traditional to alternative payment methods. With a significant market share in Romania, Payten is dedicated to helping clients integrate various channels, optimize costs, and improve efficiencies.
Compliance and Global Operations
Ciprian emphasized the importance of technological advancements in ensuring the security and efficiency of Payten’s services. Payten collaborates with global hardware vendors to provide cutting-edge payment applications and value-added solutions. The company operates in compliance with several EU regulations (e.g. GDPR, PSD) as well as local regulations, ensuring that sensitive customer data is handled securely. Regular audits and certifications are part of Payten’s rigorous processes to maintain the highest standards of security.
Operating in multiple jurisdictions, Payten navigates the complex regulatory landscape by approaching each country’s specific needs and regulations. This localized approach ensures that Payten remains compliant and can adapt to regulatory changes effectively.
Focus on Merchants: The New Growth Engine
While historically focused on the banking sector, Payten is witnessing significant growth in the merchant space. Ciprian explained that merchants are increasingly keen on owning their payment infrastructure, seeking flexibility, cost efficiencies, and reliability. This shift is driven by the need for seamless payment flows across multiple channels, as many merchants now operate both online and offline stores. Payten’s role as a service provider is to facilitate this transition, offering solutions that connect merchants to multiple banks and provide redundancy and cost optimization.
AI and Future Prospects
Addressing the role of AI in payment processing and security, Ciprian noted that while AI is indeed a hot topic, its application in the financial industry is still in the exploratory phase. The financial sector’s conservative approach to new technologies means that AI is being tested for potential efficiencies, but widespread adoption remains limited. He also highlighted that Payten is closely monitoring AI developments and assessing their applicability in the payment ecosystem.
Future Developments: Expanding Payment Options
Looking ahead, Ciprian shared that Payten is focused on increasing payment accessibility by offering a variety of payment methods. The implementation of instant payment and account-to-account payment systems is a key area of development. Ciprian highlighted that Payten aims to be a pioneer in introducing these new payment schemes to merchant POS systems. Additionally, Payten is prepared to accept payments in cryptocurrencies and other local schemes, ensuring that customers have multiple payment options available.
The Future of Payment Services
Ciprian provided insights into the future of the payment services industry, noting that while the adoption of new technologies can be slow, the industry is gradually evolving towards more sophisticated payment methods. He predicted that the focus will be on local schemes, instant payments, and tokenization, with e-commerce merchants leading the charge in adopting new technologies.
In conclusion, Ciprian emphasized that Payten’s approach is to use technology to address the specific needs of merchants and banks rather than pushing new technologies for the sake of innovation. By staying close to their clients and understanding their pain points, Payten aims to provide solutions that enhance the overall payment experience. The company’s collaborative efforts with banks, merchants, and the broader ecosystem ensure that they remain at the forefront of the payment services industry.
You can watch the full interview here: