Canopus Innovative Technologies LLC, developer of core banking software and various software solutions for payment service providers and a long-term Decta’s partner, has recently introduced to Decta its associated company Advapay OÜ, which in its turn, becomes a new affiliate of Decta.
Unlike most of the players on fintech IT solutions market nowadays, Canopus Innovative Technologies LLC (further - Canopus IT) has not been incorporated in 21st century. The company has over 27 years of experience in developing various IT solutions for a vast diversity of financial service companies, from banks to money remitters. Canopus IT have started their business with software development for small and medium sized banks. Having gained experience, reputation and market share in banking IT sector, the company realized that their potential is far beyond incumbent banks that are often rigid to innovations. With the introduction of the first payment services directive in 2007, the fintech market opened up, and Canopus IT started to offer out of the box modular core payment software solutions to payment service providers and electronic money institutions. Ten years later, Canopus IT, through its associated company Advapay OÜ, co-invested into establishment of PayAlly Limited in the United Kingdom, a licensed payment institution regulated by the FCA, that is providing payment ecosystem services for small to medium e-commerce businesses and persons. Needless to say, that PayAlly is using state of the art core payment software developed by Canopus IT and is actively participating in further development and evolution of the product. From day one, PayAlly has become a client of Decta Limited and rolled out e-commerce and prepaid card products developed by Decta to its clients. In 2019 Decta Limited deployed Canopus IT core software solution in order to manage ever-growing business lines on a single platform.
The third line of Canopus IT group operations is Advapay OÜ, a fintech business integrator. Providing IT technology, financial and legal consultancy services, Advapay is helping their clients to setup, develop and operate their fintech companies from scratch. Very often talented entrepreneurs with great ideas are lacking experience and knowledge when it comes to licensing of a payment services provider, regulatory compliance, reporting obligations, and other issues on their way to creating a new unicorn. Advapay can address these issues and assist fintech innovators from day one throughout their development process. There are many synergies between Decta and Advapay, and significant opportunities for the future cooperation. First, alike their related company PayAlly, Advapay uses Decta e-commerce services. Secondly, due to the match of both companies’ client needs, a partnership agreement opens for Decta’s clients an opportunity to receive competent advice on fintech company establishment, licensing, infrastructure, IT solutions, business models and relations with credit institutions. Advapay clients, in turn, will be referred to Decta as a reliable, experienced and time-tested partner as payment service provider, e-commerce processor and payment card issuer.
Maxim Ivanchenko, CEO of Advapay, states: "It has been a long and successful cooperation by now, and we see large potential in a more profound alliance. Not only will it strengthen our business network, it will allow our clients to reach their goals faster, keeping quality at the highest level and money safe. Decta are experts in payment industry, as we are".
Santa Krišbauma, Vice-president, Product Development, Issuing: "Finding synergies is rarely possible in a short period of time. First you must build trust, prove expertise, show responsiveness to the queries. Luckily, we have passed through this step, and now we can complement our offer to clients with the services of our partner."
Source: advapay.eu
