Please see an example checkout with HSBC from one of our customers
Making finance fairer for everyone
In 1997, as a recently graduated student, I visited India with a friend. We were trying to catch a train to our next destination. Travelling by train in India at the time we met some amazing people, mostly families going to meet other extended family for various celebrations. The ticket office at the station was open, there were no queues, we had the money, there were seats available on the train – the train was actually in the station ….
….but we weren’t allowed to buy a ticket. Tickets (for this specific interstate journey) were only allowed to be sold for the following days travel. You could not Buy a ticket to travel today! Those were the rules put in place, based on some policies (presumably to make sure noone overbooked)
Other than the obvious frustration of not being able to travel that day, what was worse was no-one in India at the time seemed to think this was a problem, or that things could or should be improved
Thankfully, India has been transformed and innovation is rife with individuals who know things can and should be better
23 Years Later…
With ‘Open’ Banking and Payment Services Directive 2 initiatives and implementations across Europe the same frustrations .
According to the European Payments Council “The Objective of PSD2 are to make payments safer, to increase the consumer protection, foster innovation and competition while ensuring a level playing field for all players, including new ones”
Subsequent lobbying by industry incumbants has meant:
- Existing Banks get automatic accrediation – hardly a level playing field!
- Credit and Debt Cards remain as insecure as ever – most of us have given our our CVV to many providers online or over the phone or at restraurants etc.
- Cards and telecoms are excluded from many of the provisions of PSD2 – protecting the incumbant Network providers
- Implementation delays and Banks dragging their feet in meeting regulatory deadlines
- Even UK Open Banking – one of the most open and innovative in europe still advises new entrants can take 3-12 months to get regulated
Having worked in finance and technology for many years we believe it is possible to properly meet the PSD2 Aims and Objectives for consumers
Offer individuals and small companies access to the same opportunities as large finance organisations
We aim to be the Amazon Web Services of the finance world
- Federated not controlled
- Extremely low cost of entry
- Optimise for Volume not Scale – Pay for what you use
- Low Friction, Automated Self service and intuitive to use
- Technology for communication not control
- Build a community
- Make it compelling
- Minimum Viable Product
- Listen to customers
- Agile : Fast and Good not slow and perfect – responding to change over following a plan
Paydog has started by registering as a TPP – Third Party Provider – AISP and PISP to allow access to accounts.
Paydog Limited has been created to become a Third Party Provider (TPP) of Payment Initiation Services (PIS) and Account Information Services (AIS).
These services are provided through a web-based application, paydog.co.uk, which will be offered to small business owners as a low cost solution to facilitating the making and receiving of payments without a card