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Veeren Naidoo, CEO of Triloq Payment Services, welcomes the support from BankservAfrica saying it will do a lot for expanding their business whilst offering a platform to further market their offerings. He further adds: “As our focus is in the online payment space, we will use the funds to invest in digital marketing initiatives for our innovative virtual prepaid card offering 1-2-Pay-Online and our bill presentment and payment service AcceptEmail. These types of partnerships with big business are necessary in order to ensure cross-pollination of industry knowledge and skills so that sustainable BEE companies may be developed.”

BankservAfrica’s Naidoo says this financial assistance will contribute significantly towards the overall transformation of the payment industry and allow smaller B-BBEE players such as Transact Connect and Triloq Payment Services to grow and strengthen the supply chain within the sector and to become role models for other B-BBEE companies.

Facts and Figures

HQ Location: Amsterdam, Netherlands
Company Founded: December 2006
Metrics: Triple digit growth last 2 years, 150 customers (billers), 4 million+ registered users, 10 employees

Steve and Woz on stage

The demonstration was presented by Geerten “Woz” Oelering and Peter “Steve” Kwakernaak.

Over Finovate Europe

FinovateEurope is organized by The Finovate Group. It is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology.

Interested parties
The shareholders, World of Avatar and Triloq Investments, funded the project for “an undisclosed amount of money”. World of Avatar is headed by Alan Knott-Craig Jnr, a well-known VC king based in Stellenbosch, South Africa, who recently acquired the messaging platform MXit. Triloq is headed by Veeren Naidoo, an ex-Standard Bank employee who sold his card payment and EFT interests before becoming CEO of Triloq Payment Services (which is in turn, owned by World of Avatar).

Payment Barriers
Naidoo describes why his credit card service is so necessary. “The high levels of online card fraud as well as the barriers to online shopping for customers without credit cards prompted us to explore ways to offer customers a simple open loop online retail payment solution.”
Users are scared to shop online, owing to credit card fraud. Those without means can now “shop confidently” with the Triloq retail payment solutions. Users can also control their bill payments in real time (well, in an email environment at the very least).
Additionally, Naidoo heard the frustrated crys from users who had to manually pay their monthly bills. “This prompted us to look for a ‘green’ bill presentment and payment solution for the commercial market”. Ultimately, Your bill payments now become paperless.

Commercial and private uses
Naidoo says that the application, AcceptEmail, is well suited not only to private individuals, but to the commercial environment as well. As described by Naidoo, the targeted commercial users are companies looking for a way to “lower operational costs” as well as “getting payments affected as soon as possible, which ultimately affects liquidity.”
The team at Triloq says it understands the South African banking system. It is their aim to “succeed where others have failed on numerous occasions”. Triloq’s focus is on specific services in the payment chain. Additionally, being part of World of Avatar allows Triloq to extend its feelers into the business networks of the world.

Working out the kinks
The 1-2-Payonline product is in a beta launch phase and is available only for payments on SA websites. During this beta phase, a limited rand value for virtual cards may be created. This will change shortly when Triloq opens up the virtual cards to international websites. Triloq competitors are no less than some of the biggest payment gateways in South Africa. EasyPay, Paygate, Paym8 and VCS are a selection of the opponents Triloq is up against. With the aim to be self-funded and profitable within five years, Triloq will have to entice the public with its lush combination of virtual credit cards and easy email bill payment options in order to succeed.

As one of two Dutch companies we are selected to demonstrate our newest invention at FinovateEurope2012, a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held on February 7th in the heart of the Financial District in London, the event offers an insight-packed glimpse of the future of banking and finance via fast-paced seven minutes product demonstrations.

Peter Kwakernaak, CEO AcceptEmail: “After the successful launch of our international platform last year, we are looking forward to go on stage at Finovate again. This time we will demonstrate our innovative Short Invoicing Service. This new extension of our service allows senders to simply convert an AcceptEmail into a text message and send it to customers via WhatApp, SMS or social media. The bill can then be paid quickly and safely via credit card, debit card such as Maestro, PayPal or via mobile banking.”

Kwakernaak continues: “We facilitate companies to digitally send bills through multiple communication channels, while maintaining a safe and prompt payment by their customers. The threshold for switching to digital invoices is thus further reduced or even eliminated.”

Eric Mattson, CEO of The Finovate Group: “”We’re very pleased to have AcceptEmail demonstrating their newest innovation in mobile payments on stage at FinovateEurope. Mobile payments are growing quickly and we think AcceptEmail’s focus on making the payment of bills easier on mobile devices opens exciting possibilities.”

About FinovateEurope
FinovateEurope is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit http://www.finovate.com/europe2012.

Safe and secure: sending payment requests by AcceptSMS
The new feature to the existing service allows senders to simply convert an AcceptEmail into an AcceptSMS. A short URL sends the recipient via mobile internet to the secured AcceptEmail transaction page. From this landing page the payment can be done, choosing one of the many available payment methods. The outstanding amount can be safely paid via credit card, debit card or online banking and soon also via mobile banking.

Peter Kwakernaak, CEO AcceptEmail: “Mobile payments are quickly becoming safer and widely available. More and more people are downloading apps for mobile banking and the widespread usage will be just a matter of time. Payment via social media of all kinds of bills will soon also be just as common as via traditional ways. Being a trendsetter in the world of electronic billing and payments people expects us to keep innovating and be ahead of the crowd.”

Effective communication improves customer contact
AcceptSMS can be helpful when mails bounce or stay unopened, or when the (correct) email details are not available or up-to-date. Managing your customer data will lead to more effective customer relation management according to Kwakernaak. “It gives your company the ability to match the way of communicating with your customers (or vice versa) with the information that is in your database. Companies that control and update the metadata of their customers, are able to communicate better via multiple channels, resulting in improved customer service and better results in collections. By offering modern and customer friendly payment methods through more than one channel, you can improve your customers’ payment behavior dramatically.”

Innovation, but not at the expense of safety
As much as the classic AcceptEmail that has proved its value for quite some time now, the new AcceptSMS is also optimally secured. Kwakernaak concludes: “A uniform user experience, verifiability and security are our top priority and we will constantly meet and exceed the standards of our own security framework. With this new feature we want to set yet another standard in the way that companies invoice their customers and consumers or SME companies pay their bills. ”