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Transforming Cross Border Payments: Interview with Abdul Naushad, CEO and Founder, Buckzy Payments

By Edlyn Cardoza

April 22, 2022

  • Abdul Naushad
  • API
  • B2B
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Real Time Payments, Buckzy Payments, Citcon, Cross Border Payments, BaaS, API, Digital Payments, Abdul Naushad, B2B, B2C, P2P, Fraud Management, Global Payins Network, Unimoni, Treasury-as-a-Service, API, CanadaWith rapidly changing customer demands and new players constantly emerging in the world of payments, the pressure is on to collaborate and develop efficient, transparent, faster, and innovative cross-border payment solutions.

According to Citcon, global cross-border payment flows are estimated to reach the US $156 trillion by 2022.

Through cross-border payments, you can pay vendors from your phone. Instead of worrying about hundreds or thousands of invoices, you can settle an invoice even if you aren’t at your desk.

Founded in 2018, Buckzy Payments Inc. was founded with a vision to transform cross border payments into a real-time payment scheme. Buckzy enables a real-time cross border payment network and Banking-as-a-Service on an embedded finance platform that is secure, scalable, modular, and compliant. Their platform offers over 200 APIs that can be utilised for any transaction banking use cases and customer journeys to deliver modernised and innovative financial products and solutions.

In conversation with Abdul Naushad, CEO and Founder at Buckzy Payments, IBS Intelligence discusses global transformation in cross-border payments.

How has Buckzy transformed the cross-border payments landscape?

Buckzy’s innovative approach and technology infrastructure to deliver real-time cross border payments has paved a transformative model for how real-time settlements can be processed frictionlessly into bank accounts instantly, 24 hours a day, 365 days a year. This has also created opportunities for drastically improving the customer experience for P2P and B2B/B2C payments. As a result, it also significantly reduces costs in delivering a payment across borders.

How does Buckzy keep its clients safe from fraud risk during transactions?

Buckzy uses industry-standard mechanisms built into its platform for detecting and preventing fraud. These mechanisms include multi-factor authentication, encryption, geo-IP location detection, device verification, a device to account cross verification, and OTP, among other methods to identify and verify its online clients. Buckzy continues to invest and improve in keeping its clients safe and secure for transacting online.

How does your product ‘Global Payins Network’ help your clients?

Global Payins are designed to collect payments from clients globally in local currencies, using alternative payment schemes available in each country the payment collection occurs. Using alternative low-cost payment schemes lowers costs significantly for our customers. Buckzy then uses its real-time/faster settlement rails to deliver payments to Buckzy’s client’s bank accounts faster than traditional methods. In short, it is designed to collect faster and lower costs significantly for our customers.

In December, Buckzy Payments partnered with Unimoni. What has this partnership brought for Buckzy?

Unimoni uses Buckzy’s payment network to settle payments in various countries for its customers. This partnership has helped Unimoni deliver a better customer experience and lower transactional costs for its customers. For Buckzy, Unimoni serves as a testament to the exceptional network capabilities and cross border solutions we provide our customers.

According to you, how can Treasury-as-a-Service help in payments?

Treasury-as-a-Service is an embedded finance function to Buckzy’s cross border payment platform, delivered using open APIs and user-friendly interfaces. Treasury-as-a-Service provides FX order and liquidity management, forecasting and reporting, among other features. This is extremely helpful for our FI clients, including FinTechs and money service businesses, for managing their treasury function as an integrated part of their payment operations on our platform. These functions are designed to help our clients streamline the payment process and reduce operational costs.

How will AI impact payments in the future?

We see a highly positive impact in the future for payments processing by embedding AI/ML technologies. It helps enhance your customer experience, reduce friction, and streamline payments to achieve efficiency and reduction of costs. Scenarios where AI is being used in payment processing, include fraud detection, reducing false positives in sanction screening and KYC process and predicting customer behaviour in using online accounts.

As more and more payment service providers adopt AI/ML technologies into their solutions, the customer experience when transacting digital payments will significantly improve. As an outcome of these results, the costs will become competitive for the customer.

Also read: Global Payments Vendors and Landscape Report Q1 2024

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