Denise Koskinen - A Review on 2018
I believe in reflecting on achievements, to be able to set new and greater goals for Enfuce. Therefore, I will end this year by reflecting on our achievements during 2018. Our mission for the year was to prepare the company for future growth. To enable that growth, we decided on a few objectives to guide us and to push us further.
These objectives were the following:
- Explore the idea of an Open Banking platform further, for a more comprehensive offering for the payment industry.
- Further development of our Digital Payment Platform
- Brand awareness – who are we and what do we do?
The Enfuce Open Banking Platform – as a service
It is always easy to feel greatly pleased when you realize you set goal has become reality, but what was our views and desires in the beginning of 2018?
Looking at our industry background for the past 20 years it was quite obvious we would end up bringing innovative solutions for the possibility enabled by the PSD2. Payments & digital payments is what all of us have done during our entire careers, both on the banking side and on the IT side of operations. But how could we generate more value to our customers than other IT providers? How could we make our offering a one of a kind? That was our biggest question in the beginning of the year!
Slowly during the first quarter of 2018 we cleared our business idea around Open Banking. Yes, we can, and will, help banks with their regulatory compliance in regard to PSD2, but that is not where we see the real potential, the real potential is to serve the TPP’s (third party providers). What TPP’s have that we don’t is a relationship with the consumers, to you and me in our everyday life. And consumers are not restricted to have loyalty to one bank, we can have banking relationship in several banks. I myself have accounts in four different banks. So, what will the future TPP’s need? A hub and an integrator to ALL banks. You heard me! Our ambition is to enable connection to all relevant banks within Europe, and that is how we will enable change within the payment industry!
Further development of our Digital Payment Platform
In the beginning of 2018 as we were focusing our ambitions to go beyond the Nordic countries, we also saw the need to prepare our own digital payment platform. This work has taken most of our time and efforts this year, but it has all been worth it! Today we are proud to say that we have partnered up with OpenWay, who will enable a global growth for us with their Way4 solution.
The two most important things in running a Digital Payment Platform are hygiene factors such as high availability and PCI DSS compliance. When we go beyond hygiene, then it’s all about supporting customers in the rapid pace of change in the financial services industry – a change that is mostly due to the digital disruption we are facing.
Today, we have both hygiene and business advantage in place to support both existing and future customers of ours. Something I feel very proud and confident in!
Brand awareness – who are we and what do we do?
We are striving to make Enfuce a leading provider in the payment industry. The journey towards this goal has begun through Enfuce’s innovative combination of available technology and services. The aim is to create a new model for the payment services supply chain, and an outstanding service for banks, financial institutions and FinTechs
We have a bold goal when it comes to brand awareness, to be in the top three choice for our prospect customers when they want to explore new ways to solve their future payment needs. When we first encounter this thought, we kind of thought that it was a bit crazy to be frank, but then again, to reach your dreams you need to set bold goals. Today I’m able to say that we are in fact on the top three list for all players within the payment sector in Finland, and Finland may be a small country, but it is our home market and until this year our only focus market. So hold on to your hat Europe, because Enfuce is coming for you!
2018 might been the most hectic year so far. Beside all preparation for future growth we have also achieved amazing things like Level 1 PCI DSS compliance, received awards like “Most revolutionary Fintech in Finland” and “Winner of the MasterCard Lighthouse development program” and to top that all up, engaged in five new customer relations!
I say THANK YOU to all my employees and to all of you that have supported Enfuce during the past year! I look forward to 2019, a year filled with endless possibilities, and I hope all of you are as eager as me to get back to work on 2nd of January, until then, take care and a Happy New Year!
CEO - Enfuce Financial Services