How digital payments can lay the foundations for a new kind of business

The financial sector is transforming. Faced with an economic crisis borne out of pandemic, industry players are increasingly looking to become more agile and responsive to their customers’ rapidly evolving needs.

But as AXA UK&I CEO Claudio Gienal said recently, in order to empower people to live better lives, companies must first put the right foundations in place. This is where payments are crucial.

Finance is changing

The financial services sector is unlike many others in that it touches most aspects of people’s lives: from their cars to their homes, their health to their careers, and even their cherished pets. This gives firms an unrivalled opportunity to help build a better, safer, happier society.

Much of this innovation is being fuelled by smarter use of data, including AI algorithms, and a recognition of growing customer demands for simplicity, speed and personalisation.

Why payments matter

We’d argue that for financial services firms to fulfil their ambition to truly empower customers, they first need to get payments right.

Yet legacy payment processes like cheques are ill-equipped to support the new products customers and partners are demanding — and they also add extra cost, complexity and friction. This is why we advocate digital alternatives like virtual account numbers (VANs), which optimise the payment process to help financial firms deliver on their promise of digital transformation. Equally, these seamless, automated pull payment systems can make existing models even better by reducing time-sensitive costs and even generating rewards on each transaction.

A brighter future

Optal is already helping some of the biggest brands in the sector to deliver for their customers by taking risk and friction out of payments whilst creating new revenue streams. Given the current crisis, firms will benefit even more from the ability to cut costs and improve margins.

AXA’s Gienal talks about the “noble purpose of insurance” in helping to build a better society. With the right digital payment systems in place, all financial firms can finally realise this vision and drive value for themselves and their customers.

Contact details:

Bradley Eccleshare
Chief Marketing Officer

M +44 0 7525 929198
T +44 0 20 3892 4928

About Optal Ltd

Optal is re-inventing how payment processes work across complex industries. By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.

Optal issues Mastercard branded payment products, driving its focus on developing and bringing to market, game-changing payment solutions. Optal’s working capital solution, Invapay, turns underutilised credit lines into a dynamic resource to manage cashflow.

“Invapay” and “Invapay solution” means Invapay Payment Solutions Limited, a private limited company in England and Wales, authorised and regulated as an Authorised Payment Institution by the Financial Conduct Authority under the Payment Services Regulations 2017 which is a wholly-owned subsidiary of Optal Limited.

Talk to us to discover how Optal can add value to your organisation.

General Enquiries: +44 (0)2038 924 928
Invapay Technical Support: +44 (0)3308 387 490

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