In a recent interview at Money 20/20 Europe with Rik Coeckelbergs, Igor Skachkov, Chief Product Officer at payabl., provided insights into how the company is reshaping the payments landscape for merchants. payabl., a European acquirer and Electronic Money Institution (EMI) in the UK and Cyprus, is committed to offering comprehensive and innovative payment solutions that cater to the diverse needs of businesses, particularly for merchants.

Expanding Payment Solutions

payabl. was established with a primary focus on processing card payments for merchants. Recognising that cards are not the preferred payment method in many countries, the company expanded its services to include local payment methods, addressing a critical need for merchants to meet the payment needs of consumers more effectively. "We started offering local payment methods to help merchants provide the most convenient payment methods for their customers, who may have other preferences than card payments," Skachkov explained.

The company has also launched a core banking system, partnering with banking institutions to offer European IBAN accounts to its partners. This system, although not a full bank by license, facilitates the storage and transfer of funds through SEPA, SEPA Instant, and SWIFT connections, making international and local transactions more accessible and efficient. Today, payabl. supports payments accounts in EUR, USD and GBP.

Enhancing Merchant Services

A significant differentiator for payabl. is its ability to provide local payout solutions, especially in regions where SWIFT might be too slow or costly. "We developed a network of local payouts to ensure faster and cheaper transactions in regions like Asia and Africa," said Skachkov. This local approach not only reduces transaction times but also cuts costs for merchants.

Additionally, payabl. is venturing into POS services, further solidifying its value proposition. "We have already deployed POS systems in local retail shops in Cyprus," noted Skachkov. This expansion into the issuing side aims to enhance merchant loyalty by offering comprehensive financial services under one roof.

payabl. is also looking into additional services to support merchants beyond payments. The company plans to offer issuing, invoicing, tax reconciliation, and even loan facilitation through partnerships. "We want our platform to accommodate all the services contemporary merchants need," Skachkov mentioned.

This holistic approach aims to unburden merchants, allowing them to focus on growing their businesses while payabl. handles the financial intricacies.

Simplifying Financial Management

payabl.’s value proposition is built around the convenience of using financial services. The company is bringing together all financial services into one platform, and is currently developing a single integration system and a unified balance for merchants. "We provide a single balance where merchants don’t have to think about where their money is coming from. They have one balance and can send money wherever they need," Skachkov explained. This system automatically determines the most efficient and cost-effective way to process payments, whether through SWIFT or local partnerships.

Skachkov expressed excitement about the future of financial services, particularly the trend towards embedded finance. "I'm excited that financial services are becoming more available for companies that are not financial players. Embedded finance is creating a totally different experience," he said.

He envisions a future where traditional banks might become B2B providers or liquidity sources, with consumers and businesses relying more on integrated financial services provided through user-friendly apps.

Shaping the future of payments

payabl. is positioning itself as a leader in the European payments market by continually evolving its services to meet the needs of merchants. Through innovative solutions, local partnerships, and a focus on convenience, payabl. is making financial services more accessible and efficient.

As Skachkov aptly summarised, "We want to connect as many instant payment rails as possible around the globe, providing full visibility and control over financial services in one place."