Neopay is excited to introduce its innovative game-changing Integrated Managed Service. In an exclusive interview with Craig James, CEO of Neopay, we delve into the details of this innovative service. Join us as we explore the insights shared by Craig, offering a glimpse into how the Integrated Managed Service is poised to redefine the landscape of FinTech and the transformative impact he envisions for the industry. Learn how Neopay’s Integrated Managed Service offers a comprehensive solution that combines innovation, collaboration, and strategic foresight.
What are the biggest challenges facing payments and e-money firms at the moment?
The increased costs and complexity of compliance is affecting all financial services firms at the moment. In the UK this is more pronounced due to the change in approach from the FCA, alongside more obligations, more scrutiny, and the need for a more proactive approach. Specialist personnel is a big issue, with firms struggling to find the experience and expertise needed. Salaries have increased a lot recently creating a barrier for smaller firms.
It’s not just personnel though, software and IT needs and costs have also increased sharply, alongside other costs such as training and the need for more testing and audits.
On top of this, the impact of FCA compliance in other back-office functions is becoming more onerous through things like Consumer Duty and resilience planning.
Directors and owners are finding it harder to ensure they have enough visibility and oversight, and in particular the specialist expertise they need, to be confident that they haven’t let anything slip. This is a particular issue for SME’s and is becoming a real issue for firms – they’re becoming bogged down and this is preventing them from focusing on new developments and growth.
What help is available to firms?
Finding the right support is the best way of freeing yourself whilst boosting your controls.
We’ve just launched our new Integrated Managed Services. It’s designed specifically for payments and e-money firms – to help run and manage all back-office functions, not just compliance. The service is modular, so firms can choose exactly which functions and what level of support suits them best.
It aims to free up Board and Senior Management time to focus on business growth and innovations – as well as saving them a lot of money of course.
When you say all back-office functions, what does it cover?
Compliance, risk, AML, FCA, VISA and MasterCard Compliance, Tax, Finance, Customer Service, Customer Onboarding and open banking. There are options for resource intensive activities, like reconciliations, and there’s even options for things like a Virtual CFO.
We’ve partnered with other market-leaders, specialists in FinTech, to offer a comprehensive service. It’s at a level often only affordable to enterprise scale firms, but we’ve designed it specifically for SME fintech firms.
What sets Neopay’s Integrated Managed Service apart from other solutions in the market?
Neopay’s Integrated Managed Service sets itself apart through a unique integration of leading FinTech expertise, offering a comprehensive solution that combines modules for risk management, compliance, customer service, financial reporting, and open banking. Unlike traditional offerings, our service is a one-stop solution tailored for SMEs, prioritising cost reduction with potential savings of up to 60%. We address the industry’s talent shortage by providing not only tools but also access to a team of specialists well-versed in the nuances of the FinTech landscape, creating a strategic partnership that empowers companies to thrive in a dynamic and competitive environment.
Our compliance-first approach is a key differentiator, ensuring clients stay ahead of regulatory changes and industry standards. This commitment, combined with our focus on innovation, positions Neopay’s Integrated Managed Service as a strategic partner that goes beyond conventional solutions, empowering FinTech companies with efficiency, cost-effectiveness, and a pathway to sustained growth.
How does the collaboration with other fintech experts contribute to the uniqueness of this service?
The collaboration with other fintech experts is a cornerstone of what makes Neopay’s Integrated Managed Service truly unique. By bringing together market-leading specialists such as 123Signed, Tell Money, Dialect, BKL, and Kani, we have forged a powerful synergy that goes beyond the capabilities of standalone solutions.
Each partner brings a distinct set of expertise and technologies to the table, allowing us to integrate a diverse range of modules seamlessly. This collaborative approach ensures that our service is not a one-size-fits-all solution but a tailored and holistic offering that addresses the multifaceted needs of our clients in the fintech industry.
The depth of collaboration extends beyond technology to encompass industry insights, best practices, and a shared commitment to innovation. This collective expertise allows us to stay ahead of industry trends, regulatory changes, and emerging challenges, ultimately providing our clients with a service that is both dynamic and future-proof.
Our collaboration with fintech experts amplifies the uniqueness of Neopay’s Integrated Managed Service, offering clients not just a tool but a strategic partnership that leverages the collective strength of industry leaders to drive innovation, efficiency, and success in the rapidly evolving fintech landscape.
How do these modules contribute to the efficiency and growth of the fintech companies that utilise your services?
The modules within Neopay’s Integrated Managed Service are designed to be catalysts for efficiency and growth for fintech companies. Each module plays a crucial role in streamlining operations, ensuring compliance, and empowering our clients to focus on their core business innovations.
Our risk management module, for instance, provides a robust framework for fintechs to navigate potential pitfalls, mitigate risks, and safeguard their operations. By automating complex tasks such as client onboarding, transaction monitoring, and compliance checks, we significantly reduce the time and effort required, allowing our clients to operate with agility and scale rapidly.
The financial reporting and reconciliation tools offered by Kani provide unparalleled efficiency. fintechs can perform weeks’ worth of transaction reporting and reconciliation work in under 30 seconds, freeing up valuable resources. This not only reduces costs but also allows companies to allocate capital strategically for innovation and growth initiatives.
The client onboarding and monitoring module ensures a smooth and efficient process, automating KYC, KYB, AML, and compliance requirements. This not only enhances customer experience but also contributes to the overall efficiency of operations. Moreover, our open banking module simplifies regulatory compliance with PSD2, providing fintechs with a cost-effective and streamlined solution for compliance management.
Each module is a building block for efficiency, enabling fintech companies to operate at their full potential. By addressing critical functions such as risk management, compliance, customer service, and financial reporting, we empower our clients to unlock resources, reduce costs, and channel their efforts towards innovation and sustained growth.
Overall, the service is strategically designed to not only meet the unique needs of fintech companies but also to be a proactive driver of financial efficiency. By reducing costs across critical functions, from risk management to compliance, our service empowers our clients to redirect capital towards innovation, expansion, and long-term sustainability in the ever-evolving fintech landscape.
Neopay’s Integrated Managed Service is reshaping fintech with innovation and collaboration. To learn more about how this service can redefine your fintech experience, click here.