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Platforms, tokenization and open banking in payments

The expectations of the customers are in the direction of facilitating the process of payments as well as their immediate implementation, said Daniela Ivanova, executive director of the electronic money company Ryvyl.

Platformization enables customers to quickly and easily access their accounts through applications on their mobile devices.

Tokenization allows payment cards to be added to electronic wallets in order to carry out transactions directly from the phone, while ensuring the security of stored data.

Through оopen banking, customers can access their accounts and initiate payments from one place, again preferably a mobile app.

Instant payments,regardless of whether we are talking about payments in BGN or foreign currency, the expectation is that the recipient will receive the ordered funds immediately. In this regard, we see more and more banking and non-banking financial institutions getting involved in instant payment schemes such as SEPA Instant, BLINK, etc.

Through еmbedded finance the various platforms offer financial services without the need for a financial license

Unfortunately, we observe a certain lagging behind the regulations in relation to the development of technologies, which I hope will change in the near future, so that Bulgarian fintech companies can compete with those from Western Europe.

It is also important to note that unlike commercial banks offering standardized financial services, e-money companies have the ability to offer customized services aimed at solving specific customer problems.

The Bulgarian market is increasingly gaining speed in the field of online payments. There are many qualified personnel in Bulgaria, especially in the IT industry, who until recently mainly worked for foreign companies, but now they are also focusing on local projects, which would give a serious impetus to the development of the fintech industry at the local level.