Martin Koderisch (Principal, London) recently spoke with Donal McGuinness, CEO at Prommt. During their conversation, Donal talked about his career, the value proposition of Prommt and their growth plans considering the evolution of Open Banking in Europe.
1. Tell me about yourself?
I am CEO at Prommt. I have been pretty much at the forefront of online and mobile payments for most of my career. Mobile technology and mobile payments are what excite me. Particularly now with the technologies at our disposal today. Try building mobile payment solutions using Nokia 6210 and you will understand that point! It is so easy now to build really slick frictionless payment flows that it's quite difficult to predict where retail payments will be in 10 years. That’s the place where I enjoy working and looking for more innovation.
2. What is the Prommt platform? What problem are you trying to solve and who for?
Prommt is a SaaS platform that empowers merchants to send secure, branded payment requests to their clients, using a variety of messaging channels. They can instantly collect payment via card or open banking transfer and report, track and receive alerts on all payment requests from a single interface.
Prommt is perfect for businesses that cannot easily transact online. Usually due to the product or service being too bespoke to lend itself to self-selection. These transactions represent a very significant portion of the payment ecosystem (e.g. $630Bn in the US, Source, Fed) and are particularly relevant for building merchants, luxury retail, hospitality, automotive and professional services sectors. These merchants need to take payments over the phone, but this carries significant risk and cost. These are problems that Prommt is helping to solve. Prommt makes this channel a cost-efficient channel for growth.
3. Which markets do you serve? What are your growth plans?
Today, the UK is our strongest market, but we also serve clients in Canada, USA, Ireland, and Australia.
It is our intention to expand the North American market, driven by close relationships with our partner network and building the team on the ground.
In parallel, I believe that Open Banking will present further opportunities for us across Europe. Market dynamics are very favourable for open banking payments, e.g. consumers have a desire for convenience and frictionless purchase experiences, they are routinely transacting online, are familiar with 3D secure and SCA steps and typically use a mobile banking app. Coupled with this, merchants are looking for ways to protect their margins in the face of rising costs. Our Pay by Bank capability provides them with the solution to significantly reduce costs and adopt a more streamlined payment process with less administrative burden and cost.
4. What do you do when not working?
I have a busy house at home with 4 kids and a large dog. Space is at a premium! When I am not working I can usually be found on the river Liffey in Dublin or sometimes on the Thames when I’m over in London. Rowing is my thing and for people who do it, they will agree that it’s just a way of life. Back in the late ‘90s I was on the national rowing team and competed at world championship level picking up a few world cup medals in the process. Seems like another lifetime. But as they say. Those who know, row.
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