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20 Things You Didn't Know about NovoPayment

Digital Banking

NovoPayment is easily one of the most Innovative financial companies currently in operation. As a matter of fact, they routinely work with digital banking information as well as card payment processing. Their goal is to keep all this information current for their clients and doing so in real-time as opposed to allowing the information to lag for three or four days until it clears someone's bank account. That concept is still relatively rare, even though we all live in a world where people expect things to happen instantaneously. As a result, the very nature of the type of business done by NovoPayment has a tendency to intrigue people. If you're one of them, here are twenty more things about the company you might enjoy knowing.

1. They’re looking to transform the world of banking

There's no doubt about it, the company is all about transforming the world of banking by changing the way that things are done for the better. Until they came along, there were times when it would take payments three to five business days to hit someone's bank, even when paying electronically. That means that it takes longer for vendors to get paid, but it also means that this information may not show up on an individual's bank account until the payment has cleared. If someone forgets that they made a payment and they don't see it on their bank account, that can cause a great deal of financial strife if they pay for something else in the process and they end up not having sufficient funds to cover either payment. The way that this particular company operates, all of that would be eliminated because every payment would show up almost instantaneously.

2. They help banks do business faster

The goal is to help banks and other businesses of a similar nature do business more accurately. In short, it would speed up the process for everyone involved so that there isn't that lag of several business days for things to show up. All in all, it helps to keep everyone on a level playing field, something that the banking industry has been woefully inadequate in accomplishing thus far.

3. They’re all about accuracy

Of course, the company is all about making sure that everything they do is completely precise. Without accuracy, they wouldn't be in business at all. Banks count everything down to the last penny, so it's imperative that their system be accurate, even when it is transferring information in real time. Speed and accuracy don't always go hand-in-hand. Therefore, they have had to work hard to make sure that they're capable of doing things faster than virtually anyone else without compromising accuracy in even the slightest manner.

4. The company has full-service card options available

One of the things that makes the company stand out is that they have full service card options available for both Visa and MasterCard. That includes debit cards as well as credit cards. They even have some prepaid debit cards that truly provide a full range of services for virtually every individual across-the-board, whether that person is accustomed to doing banking in the more traditional sense or they prefer to put their funds on a prepaid card in order to keep that particular financial information separate from everything else.

5. They’re helping people take charge of their finances

By providing all of these options and making information available in real time, they are genuinely helping people take charge of their finances. Again, it all comes back to knowing exactly how much you have coming in versus how much is going out. By eliminating that three to five business day lag, it's a lot easier for people to keep up with exactly how much they have in their account. That in turn gives them an opportunity to take charge of their finances instead of inadvertently becoming a victim to a mistake they made in accounting that wasn't discovered for the better part of a week.

6. They make security a top priority

Of course, any company that does this type of business is going to have to make security a top priority, and they have definitely done that. As a matter of fact, they have a security system that's just as good as any bank in the world and in many cases, it's far superior. You simply can't deal with the financial information of individuals without having such a system in place. It's worth noting that they also update this system constantly in order to prevent would-be hackers from getting a potential advantage.

7. The company can implement their system in a matter of hours

One of the reasons that banks love them is because they can implement their services in a matter of hours, not days. As a matter of fact, they can typically provide their services remotely through the use of the cloud. As opposed to having to bring people physically on site and spend the better part of a week working on their system, they can literally implement these changes in minutes to hours and have the bank up and running at full speed once again without interrupting their ability to operate it at all.

8. They also have products that can be scaled to fit their clients’ needs

Of course, they also have products that can be scaled up or down to fit the needs of their individual clients. It would be almost impossible to successfully implement such a system if they couldn't scale it up or down because they have to be able to adjust what they're doing in order to fit the type of operation that their client is currently conducting. It doesn't matter if you're talking about a small hometown bank that only has a few hundred customers or one of the largest banks in the world that literally deals with tens of thousands of accounts on a daily basis.

9. They routinely add products through software patches

They can also routinely add products for their clients through what amounts to a software patch. Let's say that the client already has their operating system but they want to add a particular service. That can usually be done with the click of a button through updating a software program. It really doesn't get any easier than that, and that's a huge benefit to banks that can't shut down for hours on end while their system is upgraded.

10. They can customize their services to fit your needs

Of course, there is always an option of updating one of their clients systems while they're not participating in normal operating hours. If a major upgrade needs to take place and it's going to take more than a few minutes, they can schedule those updates to happen at a time that's most convenient for their client. This allows their clients to customize the services that they need in order to fit the way they operate as opposed to changing how they do things in order to accommodate the updates.

11. Their based in the southern United States

Not surprisingly, they chose a major city in the United States as their home office location. In this particular case, it's Miami, Florida. That fact alone is important because they are one of several dozen financial institutions that operate in the same city. For their part, they felt like choosing this particular location would give them an opportunity to work on a global scale without compromising their ability to have a central hub where people could come to their home office whenever the need arises.

12. Currently, they are not publicly traded

It actually surprises a lot of people to learn that they're not publicly traded on the stock market, at least not yet. Of course, there is always the chance that could change at some point in the future. It's worth noting that according to many business experts, they're simply not at a point where that would be a good business practice to go public yet. That certainly doesn't mean that they're not capable of providing effective services to their clients, nor does it mean that they won't eventually make the decision to become traded publicly.

13. They have a relatively small group of people working for them

Despite the fact that they are a global company, they don't have all that many people working for them. Typically, the number is less than 250 employees. If you're wondering why that number is so low, it largely has to do with the fact that most of the work can be done remotely through the use of computers. As such, they have a relatively small group of people who are very good at what they do and can complete tasks in a minimum amount of time. As far as they're concerned, it's better than hiring hundreds of people that may not be as knowledgeable or as skilled in their chosen field.

14. They’re currently going through rounds of funding

Like most companies, they are no stranger to fundraising. As a matter of fact, they're currently going through rounds of fundraising in order to generate additional capital from investors. This is something that a lot of companies of their type go through, especially when they're trying to gain additional capital to hire more staff or upgrade their technology. Since they are a tech-based company, it only makes sense that they would look for capital from investors because all of this tech is incredibly expensive. Looking for investors means that they can utilize that money to stay abreast of the changes in technology without using their operating income for such things. In short, it's considered a very sound business practice.

15. They just completed the first round of fundraising

They just recently completed their first of four rounds of fundraising and in that process, they generated $19 million from investors. That's definitely a respectable sum and it sets the stage for the remaining three rounds of fundraising that will be coming in the future. The end result is that they will likely have the money they need to upgrade their technology, expand their business or even hire more people without touching their operating revenue in order to do it.

16. They got their start offering services to underprivileged clients

The company actually got started by offering their services to a number of clients in Latin American countries, an area that is typically considered to be underserved and underprivileged when it comes to these types of services. It's important to realize that this was their goal from day one, to provide effective financial services to clients that haven't always had access to such things. It's funny how people who have never been denied such services tend to take them for granted. That being said, there are still plenty of places in the world that don't have the ability to access the types of things that other people are surrounded by on a daily basis. This company has essentially set out to change that.

17. They believe in doing business to help people

One of the reasons that they started doing business in underprivileged countries is because they wanted to help people. By empowering people and providing them with accurate financial information, they're helping individuals find their own place in the world. That in turn makes the global economy stronger because more people are able to participate.

18. For them, it’s not all about money

It might seem odd for a company that deals with money, but it's really not all about the money or their concern. It's actually a lot more about helping people. Since money does make the world go round, one of the best ways they can help people is to empower them to take charge of their own financial futures and that is precisely what they've been doing.

19. Contactless payments are no big deal for them

These days, contactless payments are all the rage. For this company, it's no big deal, as it's something that they've implemented into their system from day one. In a world where these types of payments are becoming increasingly popular, it only makes sense to do so. They are effectively setting themselves up for future success.

20. Their main goal is to provide a link between people and banks

As previously mentioned, it's all about the people. Their goal has always been to provide an effective link between people and banks. Banks are supposed to exist to help people take charge of their finances, but it doesn't always feel that way. Their goal is to change that and put the focus where it actually belongs, on the individual in question.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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