The payments industry this year will continue to see a lot of investment in new technologies, and while that will create disruption in the market, it will create opportunities as well, contends Greg Pesci, president of ProPay.
In a recent podcast interview with PYMNTS.com’s Jeff Green, Pesci discussed the current market trends and how the payment-services unit of Total System Services Inc. (TSYS) is meeting the ever-changing demands.
(Jump to: 1:20) “What really sets us apart now is we also have access to the resources and strengths that TSYS has, including human, financial and technical capabilities,” he said. TSYS acquired ProPay some 15 months ago.
The company previously operated as a privately held firm offering simple, secure and affordable payment solutions for organizations ranging from small, home-based entrepreneurs to multi-billion dollar enterprises. In 2010, ProPay won the Electronic Transactions Association’s “ISO of the Year Award.”
The firm remains a small, technology-focused company focused on treating innovative and customer payment solutions for its customers, Pesci said in the interview. Its four primary areas of focus are enabling customers to make payments, receive payments, secure their data, and have a proprietary network to facilitate their business, he said.
Indeed, today there are increasing demands for processors to provide more than just basic services, Pesci said.
(Jump to: 2:18) “There seems to be an expanded desire to focus on helping customers succeed in running their business,” he said. “We are seeing more requests for tailored solutions based on the strategies of our customers, causing us to want to get even closer to them and understanding them better and their strategies.”
Among the value-added services in high demand include fraud and risk tools, market intelligence and international support, Pesci said.
Among the products ProPay is most proud of is its ProtectPay service. Launched in 2008, ProPay combines encryption and tokenization with a secure vault, and it’s available to customers. (Jump to 3:46) “That’s a continued focus for innovation for us, and clearly an important part of what we all need to do in this space,” Pesci said.
As for ProPay’s ambitions, the company will continue to be committed to innovation and security, and it plans to grow and engage in verticals similar to where has been successful in past, including mobile sales and service, rent payments, and support for charitable donations, Pesci said. The company also plans to place a greater focus on local-market solutions while also pursing international expansion, he added.
Gregory Pesci, Mr. Pesci has over 12 years of experience in financial institution and payments law. Prior to joining ProPay in 2006, he served as Associate General Counsel and Senior Vice President of Product Development for Merrick Bank Corporation. His responsibilities included both the issuing and acquiring activities of the bank. In addition, Mr. Pesci has served as Counsel in the Patent Division for Procter & Gamble. His educational background includes a Bachelor of Arts Degree in International Relations; a Masters Degree in Organizational Behavior; and a law degree with honors from Brigham Young University. Mr. Pesci is a member of the Utah and Ohio Bar Associations.
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