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PayVector Attended SWIFT Business Show

Apr 28 2015

Last week, PayVector attended SWIFT Business Forum London 2015 (#BFLondon). This year’s conference focused on mobilising change in financial services. As a payment gateway provider serving merchants and White Label Resellers, PayVector was particularly interested in discussions around improving the customer experience at the checkout stage of their purchase, speeding up payment and settlement times, and learning how we can play a part in the technological revolution that financial services are finding themselves at the receiving end of.

Opening keynote speaker, Sir David Clementi, Chairman of Virgin Money and Former Deputy Governor of the Bank of England, shared that “the customer experience is key”. This reaffirmed PayVector’s promise to our merchants that we will always support them with free, unlimited advise until they are satisfied that they have all of the information that they need to start trading online or switch their merchant account provider. PayVector Merchant Management System is constantly evolving with new features that are regularly added to support our merchants’ and resellers’ business practices. If they think something is missing or something can be improved in our systems, we listen! Sir David also touched on the importance of the checkout stage of a consumer’s online purchase. PayVector’s payment gateway solution has overcome the checkout hurdle with a user-friendly, secure system that online customers feel comfortable with, thus improving our merchants’ online turnover!

Sir David also shared that the world’s fastest international payment record is 6 minutes 49 seconds end-to-end. PayVector asks why is it so difficult to speed up real-time payments. In order to trade online, you need a payment gateway, which is what PayVector provides. The payment gateway connects your website or business application to the banking infrastructure. Banks manage the payment and settlement times. PayVector has built a commercial viable front-end system that is user-friendly for our merchants and their customers. So is it now just up to the banks to approve the back-end technology for real-time payments? As Alain Raes, Chief Executive EMEA and Asia Pacific at SWIFT, reminds us, real-time trading can’t jeopardise security. This is a notion that PayVector firmly agrees with. Secure payments is our highest priority.

So with these advances and restriction in mind, how does PayVector play a role in improving the customer experience in the way that we work with our acquiring partners? PayVector has found it more beneficial to integrate into merchant account providers whose sole function is to provide merchant accounts to businesses wishing to trade online and over the phone. By the end of BF London 2015, Arun Aggarwak, Managing Director of UK & Ireland SWIFT, noted that there seemed to be the common understanding that that legacy banking culture can be damaging to technological innovation and improving financial services for merchants. PayVector strives to continue partnering with merchant account providers that maintain a modern approach to payment processing, while still prioritising security and top-notice service for our shared merchants.