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Bancibo: Extending the Boundaries of Digital Payment Technology

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Jiri Kubelka, Founder and CFO & Miloslav Kozler, CEO, BanciboJiri Kubelka, Founder and CFO & Miloslav Kozler, CEO As we draw close to the end of a tumultuous year and a decade marked by considerable changes in the payment and financial sectors, it is the season to examine how technology has drastically overhauled enterprises in the industry. As an accomplished veteran with extensive experience in finance and banking, Jiri Kubelka observes that the past ten years have restructured the payment sector like never before. Digital technologies and deregulation of financial services have propelled innovation within fintech companies. In competition with traditional banks and BigTechs, fintech companies have had to offer faster, more secure services to attract and retain investors and customers alike. Yet, while online banking, digital wallets, merchant account solutions, and the like have gained popularity, it is still a challenge for many of these firms to find and adopt the right solutions that help them stay afloat and thrive on the ever-changing tides of fintech technologies.

Over the last decade, surfing the ebbs and flows of the financial services industry, BANCIBO—a licensed E-money issuer and payment service provider—has continuously evolved in accordance with the emerging market opportunities and works vigorously to find the best payment solutions for every client’s unique needs. The company’s team uses its broad experience in the financial services industry to help clients all across the EU implement technology that couples entrepreneurial problem solving with corporate know-how. With a focus on client needs, technology, and security, BANCIBO aims to provide enterprises with digital payment processing solutions that will ensure the longevity of merchants and the success of their business.

Digitalisation Pushing Product Innovation

The company, based in the Czech Republic, offers customisable closed-loop card systems, payment gateways (via Mastercard, Visa, Union Pay, and more), multicurrency merchant accounts, Ewallets, remote onboarding, and many other digital payment services. BANCIBO’s myriad of benefits helps clients find easy-to-use and flexible solutions available at competitive prices. Working in concert with trusted solution providers across the EU, BANCIBO offers its clients the best-in-class products that help even traditional and hard-to-place merchants expedite their business and maximise profitability. With vendors located in Prague, London, Warsaw, and Tallinn, BANCIBO caters to the whole European market.


Our Organisation’s Services are Offered as B2B (Co-Branding) or are Provided Directly to End Users

“Facilitating international business, we have an extended choice of currencies, offer SEPA and SWIFT payments, and can create a consolidated overview of the client’s finances using our open banking services,” says Jiri Kubelka, Founder and CFO of BANCIBO. The organisation works closely with its business partners to develop products and services that fit the needs of the new breed of tech-savvy consumers.

Clients can use BANCIBO’s efficient and secure remote onboarding solutions to help their customers register their biometrics and perform KYC checks in real-time without physical contact. This has grown increasingly essential in the COVID-19 era, where organisations seek products that encourage a no-contact process when engaging with their end-users. “In line with the strict AML (Anti Money Laundering) and cost control rules of the EU, BANCIBO’s mobile app uses face recognition tech combined with extraction and verification solutions to authenticate each document submitted by users,” informs Kubelka. The applicants are welcomed onboard only after their data is checked against mandated databases such as PEP and sanction lists, and it successfully passes screening.

With BANCIBO’s open banking services, customers can monitor all their accounts, savings, and credit from a single mobile app provided in most cases by their respective fintech companies. Using specialised APIs, BANCIBO can provide solutions where consumers can make contactless payments at shops, and firms do not need to invest in loyalty programs since the app analyses user behaviour and spending patterns, and then generates personalised offers accordingly.

Experts Who Understand Necessities of the Fintech Arena

BANCIBO’s proficiency emanates from its dynamic and skilful team that holds rich experience in the financial services industry. Although the company started as an issuer of meal-voucher cards and a financial consultant, it has grown exponentially to offer innovative payment technologies focused on fraud protection and stellar customer service. “BANCIBO’s rapid evolution and consequent success can be credited to the team of creative professionals hailing from the banking and IT industries,” adds Kubelka. As one of the first in the Czech fintech market, BANCIBO’s philosophy centres on sustained growth in a never-stationary market. The company analyses its competitors and hosts internal discussions on how it can serve the needs of the end-consumer better than the rest of the industry.

Consequently, BANCIBO is quick to turn ideas from the boardroom into actionable products that accurately address the needs of merchants in the market.

“Our organisation’s services are offered as B2B (co-branding) or are provided directly to end-users,” says Kubelka. Based on the demand from its B2B customers, BANCIBO facilitates card and payment authorisations while the client retains complete control of their account and balance sheets. One of BANCIBO’s first client engagements highlights how the company goes above and beyond in delivering white-glove B2B services. In partnership with GCN Pay—a Czech fintech firm—BANCIBO provided the client with current accounts that operated using EUR and other currencies, including cryptocurrency. This venture was especially crucial for GCN pay’s users spread across many EU countries and needed easy access to their Bitcoin investments. Verified users were also given valuable perks such as Platinum Mastercard cards. Linked to their EUR accounts, frequent-flying users could avail these cards at over 1000 airport lounges worldwide, while also benefiting from the other services available via a premium card, at a more affordable price than contemporary banks.

”Facilitating International Business, We Have An Extended Choice Of Currencies, Offer Sepa And Swift Payments, And Can Create A Consolidated Overview Of The Client’s Finances Using Our Open Banking Services”

Placing the Clients’ Needs First

BANCIBO’s core functions are based on its strong corporate governance, independent audits, and PCI DSS compliance, prioritising the interests and security of its clients, banks, cardholders, and payment networks. “We monitor what happens around us, analyse the EC’s intentions and their impact on the market. With the right security guidelines in place, we look for the best solution that enables us to provide the right service needed for our clients,” says Pavel Jurik, Chairman of BANCIBO. Providing exceptional service to its clients and partners is of utmost importance to BANCIBO. The company works diligently in that area of fraud protection and customer communications to achieve this goal. BANCIBO is also striving to add new services that help customers expand into the stock exchange and the precious metals market.

BANCIBO’s ideology revolves around the words of the 19th-century Czech writer Jan Neruda--“Who stands for a while, stands aside in a while.” This operation method is visible in the swiftness of BANCIBO’s product innovations and the efficiency of its customer service. Leading at the forefront of the financial technology industry, BANCIBO collaborates with companies of all sizes and develops products that meet all their needs in a fast-paced digital era.

- James Robertson
    December 26, 2020
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Top 10 Payment and Card Companies in Europe - 2020
Bancibo

Company
Bancibo

Headquarters
Prague, Czech Republic

Management
Jiri Kubelka, Founder and CFO & Miloslav Kozler, CEO

Description
BANCIBO is a Prague-based global payment service provider that had started in 2012 as a small closed-loop card issuer. Evolving with time, today, the company offers regional payment services, payment gateways via Mastercards and Visa debit cards, mobile applications, current multicurrency accounts, and several other digital payment services. To make its payment services highly secure, BANCIBO also works in partnership with a global solution provider that covers ID documents of over 180 countries. It is one of the top payment and card consulting/services companies in Europe