Rohan Ramanath’s Post

In a pivotal move for the financial industry, Nubank has announced its acquisition of Hyperplane, a cutting-edge data intelligence startup based in Silicon Valley. This merger not only expands Nubank’s technological frontier but also cements its commitment to an AI-first strategy in delivering financial solutions. Hyperplane, established in 2022 by visionaries Daniel Silva, Felipe Lamounier, Rohan Ramanath, and Felipe Meneses, excels in deploying proprietary foundation models to enhance financial services. The startup’s innovative platform provides financial institutions with tools to train, evaluate, and deploy deep-learning models focused on optimizing decision-making processes across various business domains, including risk management, collections, and marketing. The integration of Hyperplane’s capabilities promises to dramatically enhance Nubank’s product offerings, making them smarter, more personalized, and inherently fairer. This strategic acquisition is set to transform the landscape of digital banking by enabling Nubank to harness deep learning technologies that bridge broad contexts and generate actionable insights, thereby significantly improving customer experiences. #Nubank #Hyperplane #DigitalBanking #FinancialTechnology #AIInnovation #StrategicAcquisition #DataIntelligence #TechInFinance #FutureOfBanking

What Does API Gateway Do? 🤔💭 The fintech market is quickly adapting to consumer demand for efficient, personalised services. Online banking is expected to rise from 1.9 billion users in 2020 to 2.5 billion by 2024. Fintech startups {Plaid, Yodlee Finsoft, FinBox, Tink} are using APIs to speed up development and expand services. ⚡ The API Strategy  For a successful API strategy in fintech, understand its game-changing role and align it with your business goals. Start small, testing business models and assessing developer and consumer needs. For example, insurance provider Branch uses Tyk for its robust API management to easily integrate its offerings into third-party platforms. Branch utilises Tyk because it provides full GraphQL API administration along with a developer interface, all of which are hosted on its cloud. ⚠️ API Management in Fintech In fintech, effective API management is essential for security and compliance. It includes features like an API gateway and analytics, allowing for diversified and targeted products while ensuring governance and security. 🎯 What Does API Gateway Do? Step 1: Client sends HTTP request to API gateway. Step 2: API gateway parses and validates request attributes. Step 3: Allow-list/deny-list checks are performed. Step 4: API gateway authenticates and authorises via identity provider. Step 5: Request is rate-limited; if exceeded, it's rejected. Steps 6-7: API gateway identifies relevant service based on path. Step 8: API gateway transforms and forwards requests to microservices. Steps 9-12: API gateway handles errors, recovers from faults (circuit break), employs ELK stack for logging and monitoring, and caches data. So I’ll leave you with this: 1️⃣ What distinguishes an API gateway from a load balancer? 2️⃣ Is it necessary to use separate API gateways for PC, mobile, and browser? #fintech #api #apigateway #softwaredev #productdevelopment #ux #uxdesign 

How Payments Became a Revenue Driver Here are some findings: -  Large and fast-growing companies require flexible, scalable payment platforms, with 6 out of 10 interviewed companies using over 5 payment providers and 3 using over 10 providers. This multi-vendor stack model allows accessing best-in-class regional solutions -  Payments are becoming a strategic priority for businesses, with industry leaders viewing payments as a revenue driver and a way to enhance customer experience. According to the research, activating new payment channels like BNPL can yield a 32% monthly revenue increase. -  New payment types like BNPL and digital wallets are seeing rapid adoption growth, with BNPL projected to grow at 37% annually until 2028. Offering preferred local payment methods can increase revenue, with one company seeing a potential 6-8% revenue increase. -  Gaining visibility into payment costs and orchestrating complex payment flows are crucial for success, with companies utilizing AI and IoT to optimize costs and planning to centralize operations to reduce complexity. -  Payments are being evaluated as an integral part of the customer journey, with metrics like authorization rates no longer viewed in isolation but tied to overall CX success. Key CX elements highlighted are optionality, seamlessness, security and pricing transparency.  -  Payment partners need to be flexible, scalable and forward-looking in their capabilities to meet changing business needs and support growth initiatives. Critical capabilities sought include regulatory updates, security improvements and roadmaps for future developments. -  Security and fraud prevention are regarded as key focus areas going forward, with merchants shifting from rules-based legacy systems to AI/ML for enhanced security with minimal customer disruption. ==> As this research shows, payments should no longer be regarded as a back-office function but as a strategic capability that directly impacts revenue, costs and customer experience. Companies who fail to elevate payments in their priorities risk falling behind the competition. By optimizing payments, businesses can unlock new opportunities for growth. #payments #paymentsolutions #paymentprocessing #fintech #fintechinnovation #fraudprevention #transformation #bnpl

India-based Simpl has introduced an Artificial Intelligence-enabled Checkout Suite that may eliminate cash on delivery by 2028. As estimates suggest that the total Cash on Delivery (CoD) losses for businesses are approximately USD 6-7 billion annually, Simpl’s goal to eliminate it in ecommerce in the next five years may help in minimising financial losses and fast-tracking profitability. The company aims to achieve this objective by associating with ecosystem partners, as well as by including solutions like Pay After Delivery and Return-to-Origin (RTO) intelligence. Simpl has developed Pay After Delivery to allow businesses to block the transaction’s amount from the customer’s account limit and finalise the payment process after the delivery has been completed. The Checkout Suite will be integrated within UPI Block and Debit, which blocks the funds via UPI when the order is placed and initiates a transaction after the delivery. As per Simpl’s officials, 6 out of 10 customers opt for Cash on Delivery as a payment method when ordering a product. ‣ Source: https://lnkd.in/ejqYVjGb ‣ Join 50k other FinTech Fanatics and sign up for my daily FinTech Newsletter here: https://lnkd.in/eVNvGnDW #fintech #ai #artificialintelligence #upi #fintechindustry #apac #fintechinnovation #financialtechnology #financialservices #fintechnews

Making the most of “payments as a service” or PaaS offering   Merchants and #payment specialists are evaluating factors associated with outsourcing components of facilitating #payments as part of the plan to modernize their payment infrastructure and processing, especially looking at advancement in the arena of #cloud and #digital technology.   It would be interesting to assess how if an entity is looking at payment as an “enabler” and not as a cost, then how can “as a Service” approach to payment signal progress. How all of it can result in delivering a better traveller experience, for instance an airline or a payment specialist looking to simplify its cross-border transactions? How payments-as-a-service (#PaaS) can help travel companies overcome issues related to acceptance, processing, reconciliation etc. by reefing the overall payment stack?   The discussion around PaaS is gaining momentum as the trend of “as a service” becomes increasingly common, letting merchants decide on what they intend to offer with greater flexibility fully being aware of the fact that there would be relaxation of certain control that comes with direct investment in a payment or any other tech stack. PaaS paves the way for working with third-party, cloud-based platforms, focusing on the subscription model, processing transactions, easing of regulatory compliance, preventing fraud, delivering an experience that a traveller ideally seeks and at the same time bringing down related costs.   Some key considerations while focusing on PaaS:   ·        Security and compliance ·        How to unlock the potential of PaaS? ·        Costs and fees ·        Real-time aspects (processing, insights etc.) ·        PaaS model to be chosen ·        Better #conversion rate What do you make of such cloud-based, API-driven “as a Service” approach to payments? By Ritesh Gupta, Ai Events Christopher Staab Worldline GoCardless Ingenico FIS EBANX inai (YC S21) CellPoint Digital Mastercard Checkout.com

Tech you should know as a PM - Part 2 In FinTech, a recurring challenge people face is duplicate payments. Today, I want to share how I think leveraging idempotency can resolve this efficiently, whether transaction IDs are client-provided or generated by our system. Problem Statement: The Double Payment Dilemma Duplicate payments often arise due to: - Network issues causing retry attempts - User errors like multiple clicks on the payment button These issues lead to: - Customer dissatisfaction from overcharges - Increased support tickets and refund processes Solution: Implementing Idempotency in Payout APIs Idempotency ensures that repeated requests are processed only once, preventing duplicate payments. Here's how it works in two scenarios: Scenario 1: User Provides Transaction ID 1. Client Request: The client sends a payment request with a unique transaction ID. 2. Server-Side Processing: - Generate Idempotency Key: Upon receiving the request, the server generates a unique idempotency key. - Check for Idempotency Key: The server checks if the idempotency key has been used before. - Duplicate Request Handling: If the key exists, the server returns the original response. If not, it processes the payment, stores the transaction ID, idempotency key, and a timestamp. Scenario 2: Platform Generates Transaction ID 1. Client Request: The client sends a payment request without a transaction Id but with idempotency key. 2. Server-Side Processing: - Generate Transaction ID: The server generates a unique transaction ID upon processing. - Check for Idempotency Key: If the key exists, the server returns the original response. If not, it processes the payment, generates a transaction ID, and stores both the transaction ID, idempotency key, and a timestamp. Edge Case: Intentional Duplicate Payments If a user knowingly creates two transfer requests within a short timeframe: 1. Client Request: The client sends two distinct payment requests intentionally. 2. Server-Side Handling: - Different Idempotency Keys: Each request is processed with a different idempotency key. - Timestamp Check: The server uses the timestamp to differentiate between requests. If the second request is received within one minute of the first, it is flagged as a potential duplicate. - User Confirmation: If within the one-minute window, the server prompts the user to confirm the second transaction to ensure it is intentional. After the one-minute cooling period, the transaction is treated as a new one. This approach ensures genuine duplicate requests are flagged and confirmed, preventing accidental double payments while allowing intentional transfers. The Result Implementing idempotency in our payout APIs ensures: - Customer Trust: Accurate and reliable transactions. - Operational Efficiency: Reduced duplicate payments and fewer support issues. Let me know if you know any better way. #Fintech #Payouts #Idempotency #ProductManagement

The payments world is the ultimate contradiction - simplicity through complexity. As a consumer (or business), we often take for granted how simple it feels to send & receive money. Click a button, and within the blink of an eye, “it just happens.” Behind the curtain though, there is a connected world of payments infrastructure that underpins this magic. Dots (YC S21), an API-first platform founded in 2021, is built to simplify marketplace payouts with just a few lines of code. As for why they built an API-first company, Sahil Hasan, co-founder & CEO of Dots, took me inside his team’s initial thought process of why an API platform was a no-brainer: “We decided early on that if we just built a simple UI dashboard, we would be tempted to chase every small business that pays out to their one or two 1099 workers. If we instead built a platform on top of APIs, we could really support the customers with massive scale and give them the ability to embed a payouts product directly within their application using our API." I really enjoyed my chat with Sahil. We discuss everything from how he and his co-founder Kartikye Mittal made a last minute pivot during Y Combinator, to their API-first strategy & seamless developer experience (including using another YC firm for hosting their docs - Mintlify). As for our recurring API newsletter question, “If you could build any API, what would it be and why?,” here’s a preview of Sahil's idea: Budget your entire day…based on real-time data. Enjoy! https://lnkd.in/gMVZu_Vm #api #theapipost #dots

In the financial sector, the incessant search for digital innovation and the demand for agile and secure solutions are ongoing. It was in this context that act digital stood out when it developed a high-quality prototype for a renowned Brazilian financial institution, with the aim of modernizing the brand's SmartPOS (Intelligent Point of Sale) terminal. To find out more about this success story told by Mateus C., check out the link below #case #actdigital #tech #design #product

🚀 ZAION in the spotlight in « Le Semestre de la Fintech 2024 » ZAION is highlighted in « Le Semestre de la Fintech de janvier à juin 2024 », the major biannual study published by the L'Observatoire de la Fintech 🌟 This recognition demonstrates our ongoing commitment to supporting the transformation of the #FSI sector through our Conversational, Voice and Generative AI solutions dedicated to Customer Relations. 🔹 Thanks to our #Callbots for automating the processing of simple requests, we allow your Advisors to focus on higher value-added tasks. 🔹 Thanks to our automatically and instantly generated post-call summaries, we save your Advisors precious #ACW time, ensuring productivity gains for you. 🔹Our tools for automatically evaluating Agent performance and the quality of exchanges free up supervisors for more complex and strategic tasks. Thank you to L'Observatoire de la Fintech for this recognition and to all our teams for their exceptional work. Link to the full study : https://lnkd.in/eFahyNcB 👉 To find out more, book an appointment : https://lnkd.in/eu72VesD 🤝 Together, let's continue to revolutionise the Customer Experience ✨ 🔹 ZAION, Conversational AI designed for CX 🔹