Global FinTech Series Interviews Paymerang CEO on Innovation in FinTech

In a recent interview with Global FinTech Series, Paymerang CEO Nasser Chanda discussed why FinTech companies need to keep innovating to address changing business needs and how automation is integral to the better functioning of finance teams.

What are some of the biggest trends that you’ve followed as a FinTech executive over these years?

One of the biggest trends in payments and FinTech is the move to the “Perfect Payment”. That’s a payment which is accurate, timely, accessible, and efficient. This will happen through technology tools implemented for the buyer and the vendor. Looking at it from the consumer space, before PayPal came along, consumers had limited ways of transferring money or paying for goods. PayPal created a secure solution for financial transactions to happen on mobile devices and in emails, and then linked those transactions into the traditional rails. That made payments easy and accessible for the world. Now we have Venmo and Zelle to increase our options. In the AP world where Paymerang lives, we’re solving the same problems of accuracy, accessibility, efficiency, and timeliness, except that the equation gets complicated by aggregated invoices, credit memos, short payments, and voluminous reconciliations. Then you add the challenges of fraud prevention to that. The more the rails are synchronized for buyers and vendors, the more we can reduce friction and enable the Perfect Payment. We need more software and more tools tackling these problems. One of the tools we’re using at Paymerang is artificial intelligence (AI) to read invoices, intelligent rules to route these invoices, and APIs to post these invoices to the general ledger. All that being said, there is a crucial human aspect required to building a payment solution, which I believe many of Paymerang’s competitors miss out on. Payees don’t all act the same—some want to receive payment by email, but others may require a phone call. In the payment space, it is critical to know how to balance technology and human interaction. Though we’re a FinTech at our core, we try to make Paymerang a very human company.

In what ways have you seen emerging technologies like AI impact FinTech and payment solutions?

We use AI to read invoice data and have also seen robotic process automation (RPA) automate cash application. Rules-based engines and low-code technologies are being used widely now to automate basic tasks. These are tools though, and the companies that can architect them into practical solutions will win. The human element is critical here. Paymerang believes in automation combined with humans for the optimal environment.  Great technology should combine AI with humans through great experiences to deliver successful outcomes.  The combination is the silver bullet.  Too much reliance on one without the other is far less optimal and potentially full of risk.

What are some of Paymerang’s upcoming product innovations?

Our newest product is full Invoice Automation, specifically geared toward the needs of small and mid-size businesses. In the future, we plan on bringing more products to Finance officers that enable them to automate more functions within their realm of influence, including both the AP and AR functions. We’re continuing to grow our team, promote our people, and research new business opportunities. The fun part is in creating a culture of innovation that helps our people be successful and solves problems for our customers.

Click here to read the full interview with Global FinTech Series.

Learn how your finance team can leverage the latest in finance automation technology by scheduling a no-obligation call with our team.