Igal Rotem, CEO of Credorax, spoke with Efma’s Boris Plantier about the company’s origins and their unique payments offering for global merchants.
What led to the creation of Credorax?
In the late 90’s, payments experienced an enormous shift. The rise of eCommerce dramatically changed card payments needs and subsequently the ecosystem as a whole. But building a payment company that could address the changing landscape proved too daunting for most to attempt. It requires a significant amount of capital up-front, a tedious process of getting a payment license, Visa, MasterCard and other card scheme memberships and licenses, all whilst building the technology infrastructure and platform enabling transactions processing.
Credorax set out to do precisely this, challenging the notion of traditional payments processing and its outdated legacy technology and processes. Founded in the US in 2007 by a lawyer and two software engineers, Credorax was first developed as a gateway provider, but in 2009, when the ECB ratified a new legislation called PSD1, it enhanced its offering and established themselves as a licensed financial institution as well as a payments technology company.
In 2010, Credorax became the first-ever technology company to become a fully-licensed merchant acquiring bank. Today, Credorax is a smart payments provider and fully licensed bank providing cross-border processing for eCommerce and omni-channel payments.
Could you present Credorax’s offer?
Credorax is the smart payments provider helping merchants reach their full business potential simply by better managing their payments.
Credorax develops and owns all its core technology, offering a robust range of services:
Global processing and acquiring activities: As a merchant acquiring bank with NextGen cross-border processing capabilities and smart acquiring for online commerce and omni channel payments, Credorax provides global connectivity, APMs to suit every business need, fraud prevention tools, next day settlement terms, and chargeback protection.
Strong client services: Credorax offers easy integration and KYC, authorization optimization, and data and business intelligence. We work directly with our merchants to reduce their chargeback rates, increase acceptance rates, and radically improve their payment processing.
Big bank experience: As the owner of all their own licenses, Credorax can support merchants through the entire acquiring and payments process while at the same time offering them some of the more traditional banking services, making Credorax a truly one-stop-shop for merchants.
With this holistic suite of payment capabilities, Credorax makes NextGen payments smart, efficient, and seamless for merchants of any size.
We are constantly updating our service offerings to ensure global online merchants and payment service providers are always supported in dealing with the ever-changing payments regulations and shifting consumer demands. A recent example is our Smart 3DS product suite which was built specifically to assist merchants with their compliance requirements, advising on which transactions are affected by new regulations and solving customer authentication and PSD2 payment issues by utilizing the power of AI, data science, and payment fraud prevention technologies.
What's coming next for Credorax?
Credorax had an amazing year in 2019, with multiple new and exciting accomplishments such as partnering with WeChat Pay, Alipay, and UnionPay - to being recognized by Deloitte as one of the fastest-growing technology companies in the Europe, Middle East and Africa (EMEA) region, winning MasterCard Europe’s “Market Shaker Award” for ongoing contribution to the development of a cashless payment society and being shortlisted in the Best Merchant Acquirer or Processor category by the 2019 Payments Awards.
Looking forward into 2020, we aim to continue to grow further, ensuring European merchants evolve and remain competitive in the global marketplace through having access to the most up-to-date tools to satisfy consumers, and continuing to develop alongside the shifts taking place in the payments market.