03 Feb Member Spotlight: WTSS
Rotterdam based WTSS is a fintech company of the old guard. Founded in 2003 by Martin Schorel, the company helps commercial banks to improve their payments services. They specialize in helping banks optimize their end-to-end transaction solutions. Their team, now eight man strong, has grown to serve major Dutch banks, but has also seen them expand abroad to the Nordics and Belgium, striving to help banks create the best online experience for their customers.
Nearly everyone has had the discomfort of an attempted financial transaction being delayed or even failing, with the stability of bank transaction networks one of the main culprits. The challenge for banks to optimize their payments operations is challenging however, as their ability to test the stability from the customer point of view is rather limited. WTSS helps them by setting up numerous accounts at a large number of European banks, actively performing transactions around the clock, scanning for errors in their systems.
The main product offering from WTSS is defined as synthetic monitoring and can be done either in a pilot face or as an ongoing service. This method of testing allows banks to verify and improve new products in semi “live-case” scenario’s without being hamstrung by the many of the compliancy issues which so often hinder innovative projects. The monitoring systems of WTSS cover all common payment systems, but the company also goes further. Instead of only monitoring transactions, WTSS can help you improve the entire payment experience from the position of the client, making sure online and app-based transactions go as smooth as possible.
As the future of payments is rapidly changing, banks will have to adapt to increasing competition from fintech companies entering the payments markets. Although the majority still relies on the older systems which revolve around banking transaction systems, new technologies are also under way. Overlooking the market situation, Martin is confident that a number of banks is increasingly rising to the challenge of incorporating new technologies into their operations, with the past, providing customers with payments options and features. He however warns against the possible safety issues of employing techniques like finger-scanning unscrupulously, voicing concerns about the strength of these forms of identification.
One of the other topics close to home is the introduction of new legislature surrounding the Revised Payment Service Directive (PSD2), which stipulates the necessity for banks to open up their infrastructure to third parties much alike an API. Many see this new step as a game-changer for retail banks, as IT-costs will rise and retail payments revenue is expected to show a drop due to increased competition. To help banks with these new infrastructural challenges, WTSS offers banks the opportunity to test their operating features within an open interface, mimicking the situation that will be standard practice once PSD2 is fully introduced. This move shows WTSS’ constant dedication to innovation and the eagerness to help clients with existing, but also arising challenges.
Martin is also enthused about the current wave of fintech innovations coming from the Netherlands, aided by the spillover effects that are realised during the many events of Holland FinTech, of which they became a member in 2016. Confident about the future, Martin sees many opportunities in the upcoming challenges faced by his clients, as innovations will contribute to better payments options and more features for the public, while a party like WTSS can incrementally contribute to a better customer experience.