Over the past few years, the evolution in banking introduced electronic money institutions to improve the quality of payment services and promote competition in the retail market. This transformation in systems led to the popularity of modern currency such as blockchain, bitcoin, and cryptocurrency. And yet this distributed ledger based technology didn’t seem to be adopted as rapidly as expected to bring significant changes in the payment gateway system, as well as in the security and transparency of transactions. But today, the banking and its payments paradigm are getting updated slowly, due to their bureaucracy to incorporate these new concepts as well as to unleash their full potential. If soon Blockchain technology heads towards mass adoption, then these modern currencies will be able to fully support the users in their payment choices and fees due to their futuristic approach just as few smart payment providers like HEDPAY.
HEDPAY is a project aimed at solving the current complications in the global financial system by combining the features and services of a modern traditional e-bank, whilst implementing the prospects of a bank for cryptocurrencies. The leading payment solution provider aims to bridge the gap between traditional e-banks and crypto finance using innovative blockchain technology, to become the next gen banking solution offering a complete spectrum of banking and financial services.
An Intellectual Torchbearer
As it is famously quoted “Necessity is the mother of invention,” the originated challenges and problems give rise to innovative solutions that revolutionise the system. Due to the challenges faced in the payment industry, Vicken Kaprelian (President and CEO of HEDPAY) felt that there was a necessity of an upgraded smart payment system. This led to a unique project that can solve the long-lasting frustration and complications in the payments and transfer systems or methods related to commodities business due to changing regulations and changes of AML& KYC.
Speaking about background, Vicken belonged to a Diamond & Gold Manufacturing and trade business that ventured into the actual mining of commodities. He created a sizeable company on the Frankfurt stock exchange, during the initial years of the venture however the financial crisis again gave rise to new payment and transfer called “Bitcoin”. Vicken did overlook the modern currency at that time but with increasing complications in the market of the first world countries and the African continent, he knew that there was a need for a novel system. As a result, HEDPAY was born out of necessity after 2014 when the financial sector was flooding with complications and challenges. He decided to start the project as payments & transfers between developed, and underdeveloped countries.
HEDPAY was the best solution to be decentralised and closest to the required smart payment solution. The Blockchain technology or Bitcoin and crypto itself was gaining popularity by
proving its mettle. By making use of them, HEDPAY started its journey and aims to be the best solution for the crisis faced by the traditional banking systems.
Challenges Fuelling the Pace of Growth
Vicken believes that the current challenge in the industry is the evolution between banks and the crypto world where banks neglect the modern currency by declaring that they do not accept and consider crypto funds or related funds but are secretly developing crypto technologies to keep up with the speed and costs. He is confident that the small companies like HEDPAY are developing smart technologies at a faster pace as compared to these banks. The capital funds are also a challenge the small companies are facing in general.
Furthermore, Vicken asserts, “Our challenges are the capital funds that major companies inject into their projects or Fintech, which we do not have and that is the main reason also that keeps us ongoing with the challenge, when for them is just a project but for us is our life and future”.
Tactics to Survive in the Competition
Vicken believes that his time in the industry has crafted his entrepreneurial skills and hence his experience is helping HEDPAY to row the boat through the mountain of challenges. The company has been through tough times but each time emerges strong by working consistently towards its goals. Explaining about his approach towards the competition in the market, Vicken says, “We don’t have any special approach, we work in a conservative way to get to the goals needed regardless how, just focus on the result that will come out.”
Roadmap of HEDPAY for the Coming Years
The HEDPAY team believes that the coming years might be more challenging than the past years due to the change in the banking methods and payment systems, which are assumed to be more decentralised. With this pace, HEDPAY hopes that it would become the leading project in the finance sector to cater to the verticals with its new ways of banking and payments for both sides of the spectrum; banks and consumers. In addition, it also plans to provide a single platform for FIAt and Cryptocurrency.
Key Changes that might improve the Payment Industry Platform
When asked about what change Vicken would like to see in the payment industry, he replied by saying that nothing could be changed in the industry, as much as its being changed now, but would be great if we could separate governments from the financial issuing involvements. Besides, make it as peer-to-peer as it should be, based on the needs and requirements of businesses or individuals, yet in a regulated manner.