ExiPay is all about making electronic payments easier for payment service providers (PSPs). Every time you swipe your credit card or make a QR Code or SoftPos payment you’re kicking off a complex dance – known as a switch – between a whole host of players, including the merchant, the bank that issued your card, the bank that is acquiring the payment and the PSP. A challenge of innovating in this space is that old (legacy) processing systems often can’t keep up with the ever-changing payment landscape, and banks often don’t have the staff to attempt new things.

This is where ExiPay comes in by providing an agility tier between payment service providers and legacy processing systems. “The key concept here is tender agnostic payments: the ability to accept payments of any kind,” explains Derek Keats, one of the firm’s co-founders and group head of compliance. “We design technology that can interface with traditional switching systems to provide modern capabilities in front of them. In other words, we protect legacy systems and the organisations that use them from the threat of disruption.”

In the past PSPs had to set up call centres to handle switching problems. But ExiPay can “do the work of 100 call centre agents with two people,” says Derek. “Humans are only needed in call centres when things aren’t operating efficiently. When you have visibility into systems and controllability of these systems, you solve problems before a phone call hits a call centre. Complaints are a legacy from a previous world.”