What is the true meaning of innovation in FinTech? Is it about incorporating new technology in finance or is it about bringing new services and offerings to the end-user? Innovation in FinTech is all about better meeting customer needs, that too at a lower cost, and conveniently, at a reduced turn around time. It is about improving the lives of colleagues and customers; it is also about improved return on equity from a corporate perspective through efficiency and heightened competitiveness.
Not to mention, within our ever-growing digital world, the Covid-19 pandemic has only accelerated our dependency on digital technology. We have witnessed fundamental shifts in customer behavior leading to increased usage and demand for cashless or contactless solutions. Therefore, FinTech is there to support such change or evolution in behavior patterns through the supply of such solutions.
At the same time, Fintech is being called upon to bring new solutions to existing problems or simply to redefine needs that never existed before. In the future, open modification, advanced use of blockchain powering technologies, biometrics, complex algorithms, and hybrid Robo- advisors will dominate FinTech innovation.
Incepted on such approaches at the forefront of financial technology, PEX is an payment service provider, founded in May 2008, catering to banks locally and globally. Leveraging over a decade of legacy, PEX has been constantly looking for advancements in the growing industry and to decrease the complexity of payment related issues.
PEX was founded by Sailesh who also helms the CEO duties at the firm. He holds a DBA Technology Entrepreneurship from Walden University, U.S.A, and is also a member of the Mauritius Institute of Directors (MIoD). He carries the personality of being an adaptable and highly experienced IT professional cum e-banking strategist from both technical and business perspectives.
Prior to establishing PEX, he worked at State Bank of Mauritius for 22 years at various levels in IT, International Business, and has also been heading Retail Banking and Electronic Channels at the bank. He has also served as an Adviser to VISA Board for Central Europe, Middle East, and Africa region for 7 years.
Customer-Oriented Services
PEX understands that the customers seek a secure, flexible, and scalable payments solutions that can adapt to a rapidly changing payments environment. In recent years, PEX has shifted its primary focus on the development of alternative channels such as e-commerce, e-wallet, and contactless services perceiving the much-needed security around the world.
Furthermore, all the solutions offered by PEX are EMV compliant i.e. the services offer customers and partners state-of-the-art transaction security and data traceability. In addition to that, the investment is equally being routed to systems architecture that links existing client management software and international payment systems alongside enhanced capabilities such as fully personalized card issuing to e and m-commerce payment gateways, acquiring services, and fraud protection.
“PEX delivers a fully diversified issuing and acquiring services coupled with latest technology of mobile and digital infrastructure for contactless and e-commerce payments processing. We also offer advisory and training to our partners so as to ensure best service deliverables.”
Services at a Glance
PEX delivers various services such as card management system, ecommerce platform and other digital services with the help of various market-leading service providers to handle all the aspects of ATM management, billing, mobile and contactless payments, settlement, point of sale, card issuing and acquiring, microfinance and electronic payment processing on a single platform. Some of its highlights are:
Switching – Refers to the software capable of receiving transaction requests from different interfaces and obtaining authorization for transaction completion. High performance, real-time authorization switching, issuers, acquirers, and processors can manage the fast-moving payments landscape and deliver the best levels of service to their customers.
ATM Management –Provides fraud prevention and other management tools for the machines.
Cards & Wallet Management – Supports credit, debit, and prepaid cards straight out of the box. It also offers support for specialist card types like corporate, travel, and campus cards, as well as virtual cards, e-wallets, and emerging payment instruments.
Merchant Management – Assists merchants and retailers to manage payment processing and compliance, while also enabling acquirers to easily manage merchant relationships. From setup to asset management, it delivers a superior level of service to merchant networks.
E-commerce suite – Provides a secure, state-of-the-art gateway for internet payment processing. It removes customer dependence on third parties or chooses individual components to enhance an existing internet payment platform. Fraud Prevention – The solution uses a sophisticated rules-based engine to rapidly isolate suspicious transactions in real-time, enabling users to prevent fraud from affecting relevant customers.
Mobile POS – Combines a Smartphone with a card reader that helps create a low-cost Point of Sale (POS) device for seamless customer experience and increased business efficiency.
Mobile Banking – Delivers improved self-card management with features such as viewing and transfer of purse balances, transaction history, PIN change, and ATM location – as customers demand instant access to their banking services through their mobile devices.
PEX for Future
For the forthcoming years, PEX is positioning itself as the ‘go-to’ fintech company when it comes to the supply of the latest technology to the financial industry. Whilst staying at the forefront of emerging technologies, PEX is equally conscious of the growing competition as well as the restrained local market.
Talking about the strength and future perspectives of the company, Sailesh quoted, “Our Future lies in the sustained and efficient development of improved client solutions with the help of emerging/ latest technology and AI. Effectiveness of the supplied solution, security, and cost stay our strengths and leveraging thereon we will continue to expand locally and in the Africa region and potentially MENA in the medium to long term.”
