Johannesburg, 09 Jun 2023
Fintech companies are on a path of enhancing their growth and building a reputation in the industry. Financial technology is improving and automating the process and services within organisations. However, these challenges push our imagination in new ways and encourage unparalleled growth, but there’s room for improvement.
The fintech industry has experienced significant growth over the past few years, with new start-ups and established companies alike entering the market with innovative solutions. However, with growth comes challenges, and fintech companies face a range of business challenges that need to be addressed to succeed. Altron FinTech takes simplifying these challenges as a means of creating inclusion in the industry; some of these challenges are:
- Regulation: One of the biggest challenges for fintech companies is navigating the complex regulatory environment. Financial services are highly regulated, and fintech companies must comply with a wide range of regulations, from anti-money laundering laws to data privacy regulations. Failure to comply with regulations can result in fines, reputational damage and even legal action. Altron FinTech helps solve these challenges by offering and being compliant with regulations and industry standards which are significant challenges for businesses, especially in the financial services industry. NuPay provides businesses with payment processing solutions that are fully compliant with regulations and industry standards, such as PCI DSS and EMV, while Delter offers compliance assistance with reporting to the NCR and accounting, and correct calculations based on NCR rules and regulations.
Cyber security: As financial services become increasingly digital, cyber security is a critical concern for fintech companies. The risk of cyber attacks is high, and fintech companies must take steps to secure their systems and protect customer data.
Fraud prevention: Fraud is a significant concern for businesses and preventing fraudulent transactions is a top priority. Altron FinTech offers fraud prevention solutions, including 3D Secure authentication and real-time transaction monitoring, to help businesses mitigate the risk of fraud.
Payment processing and reconciliation: One of the main challenges that businesses face is the ability to process payments efficiently and securely. NuPay provides businesses with payment processing solutions that are reliable, fast and secure. This includes card payment processing, EFT payments and mobile payments. Reconciling payments can be a time-consuming and error-prone process for businesses. NuPay offers payment reconciliation solutions that automate the process, reducing the risk of errors and saving businesses time and money.
Integrated solutions: Businesses in the fintech industry need solutions that integrate seamlessly with their various services and products offered. Delter offers seamless integrated solutions like Integrations Paysystem, insurance and credit bureaus, which makes for a quicker and better workflow using only our system instead of multiple systems.
Customer support: Providing high-quality customer support is essential for businesses to build trust with their customers. Altron FinTech offers dedicated customer support to businesses, providing assistance with payment processing and resolving any issues that arise. We participate in engagements with industry bodies like SACRRA, MFSA and the NCR themselves to stay on top of any changes. We then investigate how we can incorporate the solutions required to adhere to changes and then provide innovative and secure solutions to our customers.
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