Member Spotlight: Innopay

23 Sep Member Spotlight: Innopay

In many cases market actors demonstrate progressive ideas but are not capable of realizing them by themselves. The network and knowledge of Innopay serves as a necessary guidance in the digital business and regulatory landscape for financial institutions, logistics firms, industry cooperatives and governments.

The firm was founded in 2002 with the vision of always wanting to think ahead. When the market is not ready for certain changes yet, Innopay keeps on looking for the best approaches, many times by bringing the right parties together and guide further collaboration. The result is often celebrated with success and knows great examples, like the world famous online interbank payment system ‘iDeal’, a pioneering project supported by the consultants of Innopay and currently widely used by all Dutch banks and leading e-commerce providers. Another large project Innopay has sunk its teeth into is the development of the next generation public transport chip card. The project’s aim is to help the ten major public transport organisations make transport even more accessible, involving other ways besides the current chip card – such as your smartphone and maybe even bank card- for checking in and out.

Shikko Nijland, Managing Partner of Innopay, emphasises that a unit of payment is not limited to money: “We deal with all forms of digital transactions, by individuals and organisations. This encompasses more than just paying online for products: Intellectual Property, all sorts of assets and human identities are stored digitally more and more; online data can become a source of value by itself. Therefore, data protection and transparency are issues of primary importance, but we are also aware these data can be used to authenticate the right clients and provide verification on existing customers. We are currently working intensively on leveraging the potential of omni-channel on-boarding and authentication solutions for our multiple clients. It is also not widely known that Innopay also is working on developing front edge blockchain applications in the logistics and factoring business. We do not limit ourselves to think merely nationally, but consider pan-European possibilities. To facilitate this, we opened a new office in Germany’s financial centre Frankfurt last week and we are also working on operations in UK, Nordics and Belgium. From there we aim to keep on serving international clients with our vision.

European regulators are endorsing and mandating open regulation on payments and open APIs, which will be implemented in the next couple of years. Enterprises in all industry segments will be able to operate on an international playing field very soon; digitalised operations will only strengthen this. Innopay is one of the few that can offer a complete and proven PSD2 impact assessment and realization solution, exposing the effects that the new payment regulation can have on businesses and open banking. Currently, Innopay employs over 30 consultants who all are skilled with the rare combination of knowledge of Technology and Business and Regulation. The latter can be both a big hurdle or enabler of innovations. This is where Innopay aims really high and explores all possible scenarios to create feasible value propositions and push it towards new standards. We believe that if we are able to deal with the most strict regulations, we can apply this to all cases also in other industries. Over the last decade, banks and financial services providers have shown numerous advances in their service offerings. At the same time a proliferation of initiatives and startups that make attempts to push the change has emerged. Holland FinTech has become the one-stop-shop for the innovative actors that guide the modernisation of the financial industry and its efforts incorporate perfectly our vision and work methods. At this point we also feel the benefits of Holland FinTech should be reaped. Together we will strive to match the increasing supply of the member network to the demands of the changing corporate world.”