As the global economy shifts towards an interconnected future, digitalisation continues to transform the world of transactional banking. Fintechs often outpace traditional banking institutions when it comes to serving the fast paced environment of online business.
Swiss fintech Klarpay AG aims to bridge that gap. Founded in 2019, Klarpays’ vision is to create a nimble and modern all-in-one solution to empower digital businesses through, scalable, and API enabled corporate accounts and cross-border payment capabilities. Klarpay combines a digital first IBAN account with multi-currency global payment acceptance, and disbursement.
For digital entrepreneurs to achieve results and create value in a rapidly modernising world, they need to understand the needs of new generations of users and test innovative business models. The conflict is that traditional banking institutions and innovative companies are not a match. Legacy banks are often characterised by bureaucratic and rigorous risk assessment processes that are often not adapted to modern-day online businesses. They often lack the latest technical infrastructure to provide online businesses with the embedded, interconnected, and frictionless payment and banking solutions they need to grow at a scale.
On the flip side, online businesses demand their banking partners to provide all services digitally and instantly through up-to-date technical integrations and protocols. Unfortunately, most legacy banks don’t have the malleable technical infrastructure in place to provide such solutions.
Unrestricted by rigid legacy systems, Klarpay’s key competitive advantage is a tech-forward approach to integrated transactional banking solutions designed for the digital era. One of the main ways in which Klarpay seeks to disrupt the incumbent banking industry is through accessible, forward-thinking, and fully integrated digital transactional banking solutions.
Another key differentiator for Klarpay has been its approach when it comes to regulation. In 2019, Klarpay became one of the first companies to secure a fintech deposit-taking licence under the Swiss Federal Banking Act Article 1B. Acquiring a deposit-taking licence by FINMA has enabled Klarpay to provide businesses with a comprehensive corporate accounts and payments service that includes everything from IBAN and virtual debit card issuance to global payment acceptance.
Klarpay’s authorization also grants the company a unique competitive advantage when it comes to cryptocurrency transactions, with Switzerland being one of the few countries in the world to define a clear regulatory framework on cryptocurrency acceptance. As open banking and Account-to-Account (A2A) payments become more mainstream, Klarpay’s merchant clients will be able to benefit from significantly lower costs and instant settlement on cryptocurrency transactions.
As the financial world continues to evolve and consumers increasingly embrace new ways to pay online, digital businesses will require even more innovative, interoperable and omnichannel payment solutions. Klarpay is well-positioned to play an integral role in unlocking this friction around banking, payment, and disbursement solutions for digital businesses now and in the future.
Martynas is an innovative leader with over 15 years of experience in the financial services and fintech industry. A serial entrepreneur, Martynas has a proven track record in building high-growth businesses through people leadership, innovation, and technology. In his last venture as one of the founders and key stakeholders of a multinational Fintech company, Martynas had successfully steered an organization from inception to servicing over 1.5 million users globally with more than a billion EUR in daily transaction volume. Martynas’ experience in scaling businesses has exposed him to the inefficiencies of traditional business banking, payment, and disbursement solutions. As one of the founders and current CEO of Klarpay, Martynas’ mission is to make B2B banking and payment solutions accessible to digital businesses of all kinds.
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