We sat down with Martynas Bieliauskas, CEO of Swiss-licensed fintech Klarpay AG, to discuss the company’s approach to servicing global digital businesses with scalable cross-border payment solutions.

A digital-first approach is of utmost importance in today’s banking landscape. With the increasing demand for digital services and the need to stay competitive, financial institutions must prioritise digital transformation and interconnectivity. It enables financial institutions to offer online onboarding, real-time services, reduce costs, and attract tech-savvy customers, all while meeting the expectations of a digitally connected world.

In your opinion, why is it important for banks to develop a digital-first approach in today’s industry?

Having a background in digital entrepreneurship, I must emphasise that one of the major hurdles confronted by digital businesses such as marketplaces, fintechs, PSPs and online merchants revolves around obtaining streamlined transactional banking services. The issue lies in the fact that many financial institutions don’t apply a digital-first approach and lack the modern technical infrastructure and interfaces demanded by modern tech-savvy clients.

At Klarpay, we understand the importance of a digital-first approach, and it begins with facilitating cross-border payments for digital businesses efficiently. We help digital businesses scale globally with Swiss corporate accounts, multi-currency IBANs in 16+ currencies, settlements in 80+ currencies, API automation, mass payouts and corporate Visa cards. Our user-friendly online platform allows for effortless management and control, enabling our clients to streamline their financial operations from the comfort of their own workspace.

What are some of the benefits that a digital-first approach brings to banking?

A digital-first approach offers online onboarding that reduces the need for a physical presence and manual processes, making it more convenient for clients to open accounts and access transactional banking services. It is also cost-effective for both clients and financial institutions as well as streamlines operations, automates tasks, and improves overall efficiency.

While focusing on enhancing user experience, how can banks strike the right balance between security and customer experience?

Security and privacy are essential for building trust; therefore, while technology is at the forefront, there are always real people behind ready to serve. Financial institutions must also educate customers about security risks and how to protect themselves. At the same time, leveraging technologies such as biometric authentication and fraud detection tools can help provide a secure environment while maintaining a good user experience.

Looking towards the future, how can AI transform transaction monitoring and prevent financial fraud?

Without a doubt, AI and automation will play significant roles in the future of banking and finance.

The use of artificial intelligence (AI) and machine learning (ML) is increasingly being adopted by financial institutions to enhance their ability to monitor and prevent fraud, as they have the potential to streamline processes, improve operational efficiency, and ultimately enhance customer experiences.

Traditionally, banks relied on rule-based systems to flag potentially suspicious transactions. However, these static rules had limitations and often resulted in false positives, causing inconvenience for customers. Advanced AI systems now analyse multiple variables simultaneously and detect patterns of suspicious behaviour based on a series of indicators. This approach allows for a more novel and efficient way to identify fraud.

Despite the advantages of AI in AML, there are challenges to its adoption, including concerns about regulators’ responses and the need to explain the decision-making process of AI systems. However, companies can start with basic AI implementations and gradually introduce more rules. Regulators are also becoming more familiar with AI systems, which is expected to drive further adoption.

In an ever-evolving payments landscape, how significant is it to embrace agility and flexibility in your technology infrastructure?

Technology is driving what we do in business. Technology is digital, data, its user experience, how we onboard clients, and how we serve our clients. Our mission is to make B2B transactional banking and payment solutions accessible to global digital businesses of all kinds by embracing a digital-first approach to banking and providing scalable solutions. By offering online onboarding, cost-effective solutions, streamlined operations, and an expanded customer reach, we are attending to our client’s payment needs. As fintech, neobanks, and financial institutions continue to shape the banking landscape, a collaboration between traditional banks and emerging players will be crucial to meet evolving customer expectations.

Klarpay has a prime opportunity to make a significant impact in improving banking, payment, and disbursement solutions for digital businesses.

Featured image credit: Martynas Bieliauskas, CEO of Swiss-licensed fintech Klarpay AG