As an industry known for its fast progression, gambling operators are keen to ensure that they can offer their customers the same level of choice in payment options as other areas of the entertainment industry.
However, the industry is simultaneously adjusting to new behaviours as a younger generation of gamers navigate a digital money landscape where quick and easy access to services is the norm. While many companies are failing to recognise the opportunity with this new demographic, some, like Paytently, have already strategised for the emerging market.
Now, operators are looking for more dynamic payment methods to offer these customers. Ones that beat the trends in technology, demonstrate uptake in user experience and retain players long into the future. Paytently are ready to provide this, with a goal to “boost conversions, reduce chargebacks, and help operators experience the benefit of genuine connections.”.
A way in which the industry-leading payments provider is achieving this is with its use of Artificial Intelligence (AI).
The next big thing: AI and Paytently
The generative AI market is poised to explode, growing to $1.3 trillion over the next 10 years from a market size of just $40 billion in 2022, according to a new report by Bloomberg Intelligence.
Paytently saw the opportunity for incorporating AI into its solution early on and believes this is one of the key differentiators that sets them apart in a crowded market.
Reysbosch explains, “Our AI algorithms undertake a comprehensive real-time analysis, considering factors such as transaction success rates and the most efficient processing pathways.
“This results in each transaction being smartly routed through the most suitable channel, enhancing the overall user experience, and significantly reducing the chance of transaction failures.”
By harnessing these advanced tools, Reysbosch believes the team has brought a new level of intelligence and efficiency to payment routing. “This technological edge allows us to optimise each transaction for speed, reliability, and effectiveness.”
It is no surprise that the speed and streamlined effect of these technologies helps operational efficiency. And by ensuring smoother, more reliable transactions, operators’ immediate needs are catered for all whilst ensuring long-term success with their customers.
Putting collaboration first: Paytently’s drive to deliver
“We’re committed to thinking deeply about the solutions we offer, trusting and amplifying our team’s efforts, focusing on solving real problems, and delivering uncompromising quality.”
Reysbosch and his team believe that it’s not just about having new technologies, but about applying them in the right way at the right time to meet evolving client needs.
“Our approach is strategic and thoughtful,” Reysbosch says. “We continuously monitor developments in AI and machine learning, ensuring that our platform incorporates relevant and impactful innovations. This process is integral to our commitment to providing a state-of-the-art payments solution.”
By building payment solutions that are created through maintaining strong client relationships and ever-evolving industry knowledge, Paytently is known for its efficient, secure, and user-friendly payment experiences that help operators to retain players far beyond the onboarding stage.
“With technology and innovation at the very heart of our core business, we ensure that our direct relationships with our tech teams and our partners remain a key focus.”
Reysbosch says this hands-on involvement ensures that they are not just providing a service, but also imparting the value of collective expertise. “It enables us to tailor our solutions to meet the specific needs and challenges our clients face in the dynamic payment landscape.”
“Our values centre around responsibility, rigorous thinking, trust, focus, quality, and fun. We recognise the immense trust our users place in us – their businesses rely on our efficiency and accuracy.”
Building on business know-how
For Paytently, it’s not just about building cutting-edge payment solutions. Another significant differentiator is their world-class team.
With years of experience in scaling financial technology operations both inside and outside of the igaming industry, the team has an added level of expertise that other providers on the market can’t boast of.
Reysbosch notably built HiPay into one of the most successful acquiring brands in gaming and held management positions at leading fintech operations like Checkout.com and Viva Bank/Viva Wallet.
“The inspiration to create Paytently stemmed from a desire to offer merchants across all sectors the same level of quality and service traditionally reserved for mainstream industries. We wanted to provide them access to banks and financial services that might typically overlook them. Our platform is designed to not only streamline payment processing but to forge meaningful connections and reduce complexity for our clients.”
Paytently has one simple mission – to demystify payment processing while helping clients achieve the best conversion rates at fair and sustainable pricing.
“Our vision is to be the most customer-centric company in payments. We aim to build deep, lasting relationships with our merchants, supporting the growth of their businesses.”
End-to-end payment solution: Giving operators what they need
“We offer a payments orchestration platform that is primarily focused on aggregating global acquirers and offering a comprehensive range of local and international payment methods.”
Paytently offers an end-to-end solution that is fully accessible and comprehensive for its clients. One of the key features is the provision of a single API connection, which acts as a turnkey solution for all payment needs. This streamlined integration allows Paytently’s clients to access a wide array of payment options and acquirers through one simple, efficient gateway reducing complexity and improving the user experience.
“Effortlessly embrace global payments through a single API, backed by cutting-edge AI and machine learning. Boost conversions, reduce chargebacks, and experience the benefit of genuine connections”, Reysbosch explains.
With smart transaction routing, a fully optimised risk management engine and an international payment connectivity, Paytently’s solution ticks off operators’ key payment requirements.
Ensuring security and privacy: IBAN Accounts and FX
Operators and suppliers alike must be aware of ever-changing regulations and ensure security and privacy requirements are stringently adhered to. Those that do not put importance on remaining compliant face financial and reputational repercussions, something that Paytently customers no longer need to worry about.
At Paytently, ensuring the security and privacy of users’ payment information is paramount, and this is why the team has prioritised their IBAN accounts going into 2024. This product offers clients the ability to issue a ban against accounts via Paytently selected institutional partners.
The IBANs operate in EUR/GBP/USD, as well as 24 additional currencies through an Electronic Money Institution (EMI) regulated by a tier one European credit institution. The account functions through a web of mobile banking apps where customers can receive and send funds to a broad spectrum of countries and entities.
Reysbosch explains, “By integrating IBAN accounts with our acquiring services, we gain enhanced control over the flow of funds. This integrated approach not only streamlines transactions but significantly bolsters the security and confidentiality of user payment information.”
“It’s about creating a secure environment where every transaction is carefully managed and monitored.”
Paytently’s commitment to security is further solidified by the team’s adherence to the highest industry standards. Being PCI Level 1 DSS certified and aiming for ISO 27001 certification going into 2024, it offers operators a robust and up-to-date compliance framework.
“These certifications aren’t just accolades; they represent our dedication to maintaining the highest levels of security in every aspect of our operation. They guide our processes and protocols, ensuring that we not only meet but exceed the industry’s stringent security requirements.”
The future for Paytently
Paytently has ambitious plans, as the team continues to build and enhance the payment providers core platform with advanced new features.
“This expansion is aimed at providing our users across the globe with the simplest and most effective transaction experiences.
We have advisory roles with our banking partners, so we work alongside them to find and develop more innovative payment solutions, allowing us to differentiate ourselves from other existing payment solutions.”
Looking further ahead, it’s clear the team has their sights set on evolving into a fully-fledged financial institution. “This significant step will mark a new era for us, expanding our reach and impact in the financial sector. As we progress towards this goal, we are excited about the possibilities and opportunities this transformation will bring, not just for Paytently but for our customers and the wider financial community.”
Laurent has 20 years’ experience building and scaling financial technology businesses. He built HiPay to be one of the most successful acquiring brands in gaming, as well as holding management positions at leading acquiring fintechs Checkout.com and Viva Bank / Viva Wallet. He is now Co-Founder and COO at Paytently.