ePay Europe team interviewed Valentyn Kropov, CTO, N-IX to get his thoughts on payment companies, payments processing technology, and their response to rapid changing landscape. Read more for his insights into the B2B payments landscape.
Can you tell us what N-iX does?
VK: We’re thinkers and doers. We help companies figure out how the future solution should look using the team of our Domain Experts, Product Managers and Software Architects. And then we help implement these solutions using the latest software development techniques and some of the most advanced approaches in Machine Learning, AI, Cloud, Digital Platforms and UI/UX. We also help our customers to make sure their computer systems perform well and are highly protected from modern cyber-security threats.
What are the biggest challenges payment companies are facing, and how do innovative technology play a role?
VK: Everything is increasing! The complexity of legislation and regulations, the number of customers and transactions, number of integrations with third parties and regulators, and, what is the saddest, the number of fraud attempts and cyber security threats is constantly growing. All of these dramatically decrease the room for mistakes and demands even faster decision making and better accuracy. Innovative technologies help to expedite decision making while making it more accurate and hopefully cheaper (per transaction) too.
In your keynote, you will be talking about the game-changing Machine Learning-powered Decision Engine. How this will effect on payment processing? What does the future have in store for us in regards of payment innovations?
VK: The future of payments is in even faster processing speeds and better/wider integrations, the technology that supports future transactions should be self-learning and self-correcting to minimize the amount of time to react to the new threats and opportunities.
What does the future hold for N-IX in terms of expansion plans, tech advancements or possible partnerships? What are the key elements for continued success?
VK: AI is definitely disrupting the majority of industries these days, FinTech in general and payment processing is not an exception. With the increased number and complexity of fraud mechanisms, the AI can be the key in keeping the money transactions market secure by utilizing it’s self-learning and self-correcting capabilities. While the biggest threat of AI is that some of its algorithms and outcomes are hard to explain and we will face some upcoming regulatory changes in the future. Will it slow-down the industry or boost it up – will depend whether first use-cases of using AI in money transactions processing will be successful or not, it creates an extra pressure for us to make sure we do it right from the start.
About Valentyn Kropov
Valentyn is a business and technology leader with 22 years of experience in fintech, retail, manufacturing, healthcare, and telecom. As a Chief Technology Officer of N-iX, Valentyn drives technological excellence and advanced expertise to provide the most efficient tech and business solutions to multiple Fortune 100 customers.
N-iX is a global software solutions and engineering services company that helps world’s leading organizations turn challenges into lasting business value, operational efficiency, and revenue growth using modern technology.
For more information about N-iX: https://www.n-ix.com/