The Evolution of Payments

The Genesis of Akurateco: A Visionary in Payment Solutions

Andrew Riabchuk, a seasoned entrepreneur with over 20 years of experience in the payments industry, shared the origins of Akurateco, a company that has rapidly become a critical player in the fintech landscape. Riabchuk, who hails from Ukraine and now resides in Spain, described how Akurateco was born out of a recognised need in the payment industry for a more streamlined and efficient way to manage complex payment processes. The company's mission is to simplify payment orchestration, allowing businesses to focus on their core operations while Akurateco handles the intricacies of payment technology.

This focus on simplifying payments is particularly relevant in the fintech sector, where companies are constantly seeking innovative solutions to enhance their services. Fintech recruitment agencies are increasingly on the lookout for talent that can contribute to such technological advancements, making fintech careers both challenging and rewarding.

Adapting to the Remote Work Revolution

The conversation also touched on how Akurateco has adapted to the remote work environment, a shift that was accelerated by the COVID-19 pandemic. Prior to the pandemic, Akurateco, like many companies, operated primarily from physical offices. However, the pandemic forced a rapid transition to a fully remote model, with the company now boasting a team spread across 16 countries, primarily in Europe. This transition has not only allowed Akurateco to tap into a broader talent pool but has also emphasised the importance of flexibility in fintech jobs.

For fintech recruiters, this shift underscores the growing need to find candidates who are not only skilled but also adaptable to a remote work environment. The ability to work remotely and manage complex projects across different time zones is becoming a critical skill in the fintech industry.

The Evolution of Payments: Opportunities and Challenges

Andrew highlighted the rapid evolution of the payments industry over the past two decades, driven by technological advancements and changing consumer behaviours. He pointed out that payments have become increasingly integrated into our daily lives, with businesses from various sectors recognising the need to offer seamless payment solutions. This evolution has created significant opportunities for fintech companies but also presents challenges, particularly in managing the complexity of payment processes across different markets and currencies.

The rise of mobile wallets, cryptocurrencies, and alternative payment methods has added layers of complexity to the payment ecosystem. Akurateco addresses these challenges by offering a comprehensive payment orchestration platform that supports over 350 payment methods, including traditional bank cards, mobile wallets like Google Pay and Apple Pay, and even cryptocurrencies. The platform also includes advanced features like fraud prevention, tokenisation, and reconciliation, making it a valuable tool for businesses looking to optimise their payment processes.

For those pursuing fintech careers, understanding these evolving payment technologies is crucial. Fintech recruiters are increasingly seeking candidates with expertise in areas like mobile payments, cryptocurrency, and payment security, as these are the areas driving the industry's growth.

AI in Payments: The Future is Here

One of the most exciting developments in the payments industry, according to Andrew, is the integration of artificial intelligence (AI). Over the past year and a half, AI has become a significant focus for Akurateco, with the company using AI to enhance various aspects of its platform, from fraud detection to the development of new features. AI's ability to analyse vast amounts of data and identify patterns is revolutionising the way payments are processed and secured.

This emphasis on AI in fintech is also shaping the landscape of fintech recruitment. As companies increasingly rely on AI to drive innovation, the demand for professionals with AI expertise is soaring. Fintech recruiters are now prioritising candidates who can bring AI skills to the table, making it an essential area of knowledge for those looking to advance their careers in fintech.

How Akurateco is Making a Difference

Andrew shared some of Akurateco's success stories, illustrating how the company's solutions are making a tangible impact on its clients. One notable example is a major telecom provider in Central Asia, which leveraged Akurateco's platform to expand into the fintech space. By integrating Akurateco's payment orchestration technology, the telecom provider was able to launch a mobile wallet service that now handles millions of transactions monthly, significantly boosting their revenue.

Another success story comes from Qatar, where a leading payment provider partnered with Akurateco to enhance their technical capabilities and obtain certification from the central bank. This partnership not only enabled the payment provider to meet regulatory requirements but also allowed them to focus on growing their business while Akurateco managed the technical aspects of payment processing.

These stories highlight the critical role that payment orchestration plays in the success of fintech businesses. For fintech recruiters and agencies, these examples underscore the importance of finding talent that can contribute to the development and implementation of such solutions. As fintech companies continue to innovate, the demand for skilled professionals in this area will only increase.

The UK Market: A Hub for FinTech Innovation

The UK, particularly London, remains a significant hub for fintech innovation, despite the challenges posed by Brexit and evolving regulations. Andrew noted that the UK is home to many of the world's leading fintech companies, including numerous payment service providers, neobanks, and financial institutions. This makes the UK a key market for Akurateco, with 50% of their client base currently located there.

The UK's position as a fintech leader presents numerous opportunities for those pursuing fintech careers. Fintech recruitment agencies are actively seeking candidates who can thrive in this dynamic environment, where regulatory knowledge and the ability to navigate complex financial landscapes are crucial. For fintech recruiters, the UK remains a rich source of talent and innovation.

The Future of FinTech and Payment Orchestration

As the episode drew to a close, Andrew reflected on the future of fintech and payment orchestration. He emphasised the importance of staying ahead of technological trends and continuing to innovate to meet the evolving needs of businesses and consumers. For Akurateco, this means constantly expanding their platform's capabilities and ensuring that they can provide cutting-edge solutions to their clients.

For those considering a career in fintech, this is an exciting time to be entering the industry. The rapid pace of innovation means that there are countless opportunities to make a meaningful impact, whether it's by developing new payment technologies, enhancing security measures, or improving customer experiences. Fintech recruiters will be looking for individuals who are not only technically proficient but also forward-thinking and adaptable to change.

Conclusion: Fintech Recruitment and Careers in a Dynamic Industry

The insights shared by Andrew Riabchuk in this episode of FinTech Focus TV offer a compelling look at the opportunities and challenges in the fintech industry, particularly in the areas of payment orchestration and technology. As fintech companies like Akurateco continue to push the boundaries of what's possible, the demand for skilled professionals in this field will only grow.

For those interested in fintech careers, now is the time to hone your skills and stay abreast of the latest technological trends. Whether you're a seasoned professional or just starting out, there are ample opportunities to make your mark in this dynamic industry. And for fintech recruitment agencies, the challenge will be to find and nurture the talent that will drive the next wave of innovation in fintech.