Payment Components - More Than Just Our Name
At Payment Components, our ethos has always been simplicity. As our Founder and CEO Sotiris Nossis likes to say, "If it's not simple, it's wrong." Despite new financial regulations demanding seemingly complex solutions, Payment Components has the tools and expertise to help financial institutions eliminate these challenges.
The financial services sector used to be stable with high barriers to entry. Today, it has morphed into a fast-moving, technology-driven environment where new entrants spring every day. As technological change gathers pace, we are often asked: What is Payment Components all about and what is our philosophy?
We’re more than payment solutions providers- Payment Components is your trusted digital transformation partner through thick and thin. After all, Payment Components is more than just our name: It is what we do.
The Rise of Innovation in Financial Technology
To trace the rise of our philosophy, we need to step back a few decades. A few decades ago, banks were comfortable knowing that they didn't face stiff competition from newcomers and technical innovation in the sector was low. In turn, this led to the rise of heavy, inflexible software that powered financial functions.
One of the central aspects these software possessed was resistance to change (something that flies directly against our philosophy.) Bulky technological solutions came to define a sector that was highly resistant to change. This picture began changing in the early 2000s, when the idea that software components could solve legacy software's inflexibility rose. Change a single component, and you could simplify changing payments systems.This simple idea powered our rise in the payments world.
The potential that componentized solutions offered our clients was irresistible. One of our first payment components was a library of financial messages, in line with this new philosophy.
The introduction of the Single Euro Payments Area (SEPA) spurred the development of our second payment component. By this time, our view of the future of financial innovation was confirmed. Heavy software was on the way out. They would be replaced by agile components coming together to form a robust and flexible software solution. And we were set to become a force for change in the industry.
Payment Components and Open Systems
Having our finger on the industry’s pulse helped us recognize the immense potential for change in the financial markets. The costs of heavy financial software became increasingly apparent as institutions recognized the need for efficiency. We were amongst the first to recognize the industry’s move towards open banking norms.
Componentization, a concept that isn't exactly unprecedented, gathered pace. The automobile industry was one of the earliest adopters of componentization in the early 1900s, with different parts coming together on an assembly line to constitute a vehicle. If any of these components encountered an issue, it was replaced with another, and the vehicle would continue functioning smoothly.
We thought: What if this principle could be ported over to payments and banking? This realization powered our rise further, as we recognized the opportunity on offer. Crucially, we recognized that componentization gives banks a way of maintaining flexibility without compromising on enterprise size. In line with our predictions, financial regulation pushed the world towards more open systems.
At Payment Components, we were ideally placed to predict the rise of software payment components and play a critical role in the transformation of the financial industry. In 2014, we incorporated ourselves as “Payment Components,” began trading in the heart of the fintech ecosystem in London, and became a SWIFT member in 2015. We had the courage to dream of change and the will to execute our vision. As the industry caught up to our predictions, we began making a lasting impact with our clients.
Componentization as a Tool for Transformation
These days Payment Components offers innovative solutions in payments and open banking that transform a financial institution's business. Our products are in action at more than 60 banks across 25 countries.
The componentization philosophy is central to our culture and powers everything we do. Our payments solutions include an account-to-account payments hub, aplonHUB, a library that parses, validates, and translates financial messages, FINaplo Financial Messages, and an online service to test financial messages, FINaplo Online.
Our open banking solutions include an API management system, aplonAPI, and a multi banking connectivity solution, UNUapi.
In our opinion, the financial sector is experiencing Gold Rush-like symptoms thanks to regulatory action and technological innovation.
As non-traditional firms rush to develop financial capabilities, we know our componentization philosophy has become the mainstream view. Transformation is afoot in the financial industry, and there's plenty of gold to be found. Payment Components has the map and the shovels you need to become the next industry giant.
Work With a Payments Software Pioneer
We are powering the next-generation banks and financial institutions. After all, we had the audacity to predict the changes the financial markets are witnessing these days. Our goal is to work with forward-thinking institutions that recognize the power of technology as a transformational tool.
We’re more than a componentized financial solutions provider. Our mission is to make banking systems more agile and future-proof our clients’ banking businesses. Our solutions are simple, flexible, and agile. Financial innovation is increasing rapidly and we are committed to helping our clients transform themselves to fit seamlessly into this new era..