Futuristic Banking at Play
First in the series of Impesa’s fintech solutions suite is its flagship product Monibyte, a powerful cloud-based proprietary technology that enables business customers of a corporate bank to seamlessly manage and control the way credit cards are used. Initially launched in Costa Rica, the platform’s unique value proposition has taken it today to Nicaragua, Panama and the Dominican Republic. Within two years of its operation, Impesa obtained principal member licenses for both Visa and MasterCard and is currently the only non-bank credit card issuer in the region that is compliant with all government, banking, and card issuer regulations. The platform’s state-of-the-art SaaS engine easily integrates with major enterprise resource planning (ERP) systems such as SAP and Oracle and allows customers to customize card behavior instantly. For example, a credit card can be programmed to specifically cover fuel, meal, or travel expenses and an employer has full control over the spending limit and time and place of purchase, among other things.
By combining card integration with GPS in certain locations, the solution also facilitates fleet management and has the ability to set spending controls down to a precise geographic location.
Covering all Ends
We are constantly finding new ways to improve our products while accommodating client needs, and we achieve this through our strong focus on innovation
Meanwhile, governed by an aim to address all possible banking needs through an end-to-end integrated platform, Impesa offers Layla, a personalized artificial intelligence service that functions as a customer service agent. It allows end users to have a natural conversation with a specialized digital assistant round the clock. The solution handles dynamic dialogs through user-friendly chat channels and can make decisions autonomously and intelligently. Layla can initiate credit card or loan requests, facilitate card management, and is also capable of cross-selling, handling insurance claims, and offering coverage consultation. At present, the company is in the process of implementing more advanced features into Layla, specifically for insurance seekers. “If a customer is traveling and wants to purchase additional insurance, our AI-driven platform can address the client’s requirements through a fully automated selling process,” reveals Hernández. Layla offers unlimited scalability, integrates with Visa APIs and Banks APIs without any third-party technological intervention, and has the ability to continually learn new concepts and conversation intents.
In addition, having noticed that a common problem plaguing banks is the lack of access to efficient information for analysis of microsegmentation and revenue drivers, the company has created Brainert, a BI analytics data factory and balanced scorecard.
Designed to Win
In an instance, a bank’s corporate customer with a net income of $1 million per year saved over $110,000 in a very short time— with virtually no investment—by using Impesa’s solutions to manage travel expenses. With Monibyte, the client could impose restrictions on credit card spending and since the entire process is automated, any transaction exceeding the preplanned budget was automatically declined.
"We have completed millions of transactions in just three years"
Before taking any client onboard, Impesa conducts a gap analysis during the very first meeting to get an idea of the client’s expectations. Any software requirements, whether it should be web-based, customized, or white-labeled, are taken into consideration in order for Impesa to provide an estimate of when the integration process will be completed. For maximum user efficiency, Impesa also offers a lite version of its solution using Visa’s APIs. “We are constantly finding new ways to improve our products while accommodating client needs, and we achieve this through our strong focus on innovation which has enabled us to outperform our competitors at every step,” mentions Hernández. To stimulate an environment of continuous improvement and strong company culture, Impesa also focuses on understanding the passions of each employee in order to keep them motivated.
When a company holds the advantage of a superior product that is backed by optimum services, the potential for growth is limitless. Recently, Impesa secured a second round of investment and is fully funded to continue driving product innovation as well as geographical expansions. As a part of its growth program, Impesa is looking at extending their BI analytics tools to a larger market. The company also has an agreement with Visa to distribute its technology products through its channels, and is in the process of signing an agreement for its product distribution with a large consulting firm. Impesa also holds a deep interest in blockchain and is contemplating the prospect of adding new features around it. “Our banking background and strong corporate governance culture have proved immensely useful in picking the interest of banks and investors alike. Moving forward, we see our niche solution suite become a go-to platform for payment and expense management in the banking sector all over the world,” ends Hernández.