Lennart Koopmans, founder and CEO of Magnius, spoke with Efma’s Boris Plantier about his company’s mission of changing the world of payments for banks and merchants.
What led to the creation of Magnius?
In my previous role as a merchant in the online fashion industry, I worked with PSPs like Adyen and Igenico, not with traditional banks. I found it very peculiar since they already had a long-lasting relationship with merchants. The banks currently seem to have caught up with this industry through a build or buy strategy. Prices paid are often very high and building a PSP platform was difficult for them.
So, I set a goal to build a new payment platform for banks in which they could service their merchants with sophisticated payment technology. As a former merchant I wanted to build a platform that gives merchants more insight and control over their payments operation. I don't want to act as a PSP, but as a technical enabler for others. This way, we can actually make an impact in the worldwide payment industry.
Could you present Magnius' offer?
We always say, the PSP is dead, long live the IPP. This stands for Intelligent Payment Platform. We believe that merchants are interested in optimizing their conversion, minimizing their fraud, and reducing transaction fees. So, we have built a white label payment platform which makes it possible to service merchants directly. Banks don't need to build their own solution anymore. We build it for them, with sophisticated tools like anti-fraud solutions and intelligent routing rules for optimizing conversion rates. All fully compliant, scalable, and secure. We make it possible for banks to service digital payments to merchants.
Magnius offers a safe, 100% compliant and connected intelligent payment platform. It is a scalable solution for banks, PSPs and acquirers in order to facilitate easy and secure payments between consumers and merchants all over the world. Our solution is based around three areas:
Fix things before they’re broken and provide actionable insights to optimize conversions and minimize fraud.
• Payment versatility
Enable banks, PSPs, and acquirers to offer any kind of payment method, via any channel with the best user experience for their merchants.
• Platform reliability
Connect all parties within the payment industry and make it incredibly easy to onboard merchants, monitor transactions, be 100% compliant, and minimize risk.
What's coming next for Magnius?
Magnius is growing fast. We envision a growth in employees, clients, and functionality. We want to make this industry more comprehensible and accessible. Not only by sharing our experience and knowledge but by giving banks, PSPs, and merchants the tools to realize a better payment process. New techniques and regulations are continuously released. This makes it nearly impossible for a non-specialized company to stay up to date and adjust its payment platform accordingly. We keep track of trends, new techniques and regulations. We are the first ones to implement them. This way, our clients are assured of a topnotch payment platform.
The fact that we have built a brand-new platform based on the newest technologies makes us agile, in contrast to established, legacy platforms in our industry. Software ages fast and most PSPs have existed for over twenty years already. This makes it difficult to expand, or add functionalities and features, let alone optimize your conversion rate with them. As we experienced ourselves: established platforms actually prevent merchants from improving their business and optimizing their conversion rate. We, on the contrary, can adapt our platform to the whims of the end user - the incomprehensible consumer. That way banks, PSPs, and merchants can offer easy and secure payments to each and every one worldwide.