Published on: December 19, 2024
SafetyDetectives recently had the opportunity to interview Andrew Riabchuk, the visionary founder of Akurateco, a cutting-edge white-label payment orchestration platform. With over 20 years of experience in the payments industry and a passion for technology, Andrew has played a pivotal role in transforming how businesses navigate the complexities of modern payment processing. In this exclusive Q&A, Andrew shares his journey from founding industry-leading companies like Ikajo and Platon to co-creating Akurateco. He offers insights into Akurateco’s unique approach to payment orchestration, its advanced security and fraud prevention measures, and the key trends shaping the future of online payments.
Can you tell us about your journey and what led you to found Akurateco?
I’ve been working in the payments industry for more than 20 years. I also studied computer science. My passion for technology and innovation led me to establish several companies before Akurateco, including Ikajo, Platon, and PaySpace Magazine — all deeply rooted in the payments ecosystem. This foundation has allowed me to observe and actively participate in the evolution of the payments market.
In my previous companies, we developed custom-built software to manage payments. Initially, we created two payment gateways tailored to the unique needs of businesses operating in various regions. But as the global landscape shifted, payments became more intricate. Once covering 90% of user needs, card payments started sharing the stage with alternative methods like mobile wallets, cryptocurrencies, and more. While these innovations simplified life for end-users, they added layers of complexity for businesses.
Additionally, the increasing regulatory requirements and heightened competition among payment providers presented new difficulties. Obtaining licenses became more challenging, and compliance demands intensified. In 2019, recognizing these shifts, I decided to focus on a technological venture that could address these pain points. I co-founded the company with two trusted colleagues, Volodymyr Kuiantsev and Oleksandra Dolia. Together, we set out to redefine the payment solutions space. That’s how Akurateco – a cutting-edge white-label payment orchestrator – was born.
With our extensive technical expertise, we help payment providers, banks, and large merchants bring their ideas to life without getting buried in technical complexities or worrying about finding the right talent to implement them. Ultimately, Akurateco’s mission is to turn ideas into reality in a tangible, short timeframe.
How does Akurateco differentiate itself in the competitive payment solutions market?
While competition has intensified over the past few years, Akurateco has carved out a distinctive niche by focusing on Payment Service Providers (PSPs) and fintech companies. We deliver robust, enterprise-grade solutions tailored to the unique needs of large organizations. Unlike smaller merchants or Small and Medium-Sized Businesses (SMBs), they demand advanced functionality that requires deliberate and consistent development. It’s something we’ve always devoted ourselves to.
From a technical standpoint, Akurateco offers features that are difficult to find elsewhere. For instance, our system can be deployed directly on the client’s infrastructure, a vital requirement in developing regions where regulators mandate local data storage. Few competitors can match this flexibility.
But our differentiation doesn’t end with technology. We not only provide our clients with robust software, but also offer consulting, first-class support, and technical guidance, reinforced by our deep technical background and understanding of how payment providers operate. This comprehensive support extends to our clients’ merchants, ensuring a seamless experience for them.
Our strong relationships with industry leaders like Visa and Mastercard enable us to adopt cutting-edge payment technologies ahead of the curve. Innovations like network tokenization, advanced mobile wallet integrations (Apple Pay, Google Pay, Samsung Pay, etc.), and tailored routing and retries strategies are just a few examples.
Our ability to develop integrations at unparalleled speed also sets us apart. With over 400 payment integrations under one roof, we provide unmatched flexibility. All of this makes Akurateco a unique and trusted partner in the ever-evolving payments landscape.
What core security measures does your platform incorporate to ensure client data protection?
Security is the cornerstone of our operations. As a Payment Card Industry Data Security Standards (PCI DSS) Level 1 service provider, we adhere to the most stringent industry requirements for protecting payment data. Achieving and maintaining this certification involves undergoing rigorous annual audits to ensure we meet evolving security requirements, both on-site and off-site. This year, we successfully aligned with the latest PCI DSS Version 4.0 standards, reflecting the latest guidelines for safeguarding sensitive information.
Operating in the European market, we also strictly adhere to the General Data Protection Regulation (GDPR). Our dedicated Data Protection Officer (DPO) oversees all aspects of data storage and processing to ensure full compliance with the strictest security and privacy standards.
Our platform features a multi-layered security approach, including advanced data storage, multi-tiered backup systems, and a deeply clustered infrastructure. Additionally, Akurateco offers two deployment models to suit our clients’ needs: SaaS and on-premises. On-premises clients have the solution installed on their infrastructure, granting them full control over data management. For SaaS clients, our solution runs on our private cloud, where we maintain complete oversight and control, ensuring robust security across all processes.
How does Akurateco handle fraud detection and prevention, especially given the dynamic nature of online threats?
As a software vendor working with clients across diverse industries and markets, we understand that fraud profiles vary significantly based on business type. To address this, our platform features a robust, built-in anti-fraud engine with over 200 customizable rules. These rules are based on years of industry experience and are designed to adapt to the specific requirements of our clients.
Flexibility is another key advantage of our platform. Clients can integrate their preferred third-party anti-fraud solutions, whether pre-integrated with Akurateco or newly incorporated based on their needs. This allows us to combine external anti-fraud data with internal checks, optimizing overall fraud prevention.
We also stay at the forefront of industry standards by aligning with Visa and Mastercard’s recommended fraud prevention solutions, which have evolved significantly in recent years. Additionally, we recognize the growing importance of AI-powered anti-fraud systems, which analyze large datasets to identify complex fraud patterns that traditional systems might overlook.
That said, the true effectiveness of any fraud detection model heavily depends on the quality and specificity of the data it’s trained on. Generic datasets, especially those based on average or region-specific data, often fall short in real-world applications. The most effective anti-fraud models leverage the client’s own data to create tailored solutions.
While not all clients have clean or normalized datasets, Akurateco provides consulting services to help them analyze fraud trends, refine their data, and implement the most effective anti-fraud strategy. For instance, in a recent discussion with João Moura, Founder and CEO of Fraudio, we examined how payment service providers can better protect themselves from evolving fraud threats, highlighting the critical role of data quality and proactive measures.
What trends do you see shaping the future of online payments, and how is Akurateco preparing for them?
Today, Akurateco operates primarily across Europe and the Middle East and North Africa (MENA) region, along with clients from Latin America, North America, and Asia. This wide scope allows us to identify key developments shaping online payments’ future and prepare our clients to stay ahead.
One major trend is the rise of open banking and account-based payments, which are simple, low-cost, and are gaining immense traction. Examples like PIX in Brazil and BLIK in Poland demonstrate how these solutions can transform the payment landscape. We anticipate their continued growth as more consumers and businesses seek efficient and direct payment methods.
Alternative Payment Methods (APMs) are another area of rapid evolution. Mobile wallets, buy-now-pay-later (BNPL) services, and cryptocurrencies are becoming increasingly prevalent, especially among younger generations who value speed, convenience, and flexibility. Akurateco’s platform integrates these solutions seamlessly, empowering our clients to meet customers’ expectations.
Regulatory changes will also play a crucial role, particularly in regions like Europe, where frameworks such as PSD2 and open banking have unlocked new opportunities for innovation. At Akurateco, we closely monitor regulatory developments and help our clients adapt to changes quickly and capitalize on emerging opportunities.
Lastly, we see continued advancements in Artificial Intelligence (AI) and Machine Learning. These technologies drive smarter fraud prevention, optimized transaction routing, and enhanced customer behavior analysis. Akurateco is already incorporating AI-driven tools into our platform, refining features like payment routing, smart retries, and fraud prevention to help our clients stay ahead of the curve. By staying at the forefront of these trends, Akurateco is well-positioned to support our clients as the payment landscape continues to evolve.
For clients looking to streamline their payment processing, what key benefits can they expect from Akurateco’s intelligent routing and analytics features?
Akurateco’s payment orchestration platform centers on two primary goals: increasing revenue by boosting payment conversion rates and reducing processing costs through optimized transaction paths. This is achieved with intelligent routing, which dynamically identifies the most cost-effective and efficient payment channels without compromising conversion rates; smart retries that automatically redirect transactions declined by one provider to another for successful processing in a single attempt; and payment analytics that provides actionable, data-driven insights for increasing business revenue here.
However, implementing such mechanisms can be challenging due to the limitations many clients face. For instance, clients, whether merchants or payment service providers, can only route transactions through the payment channels they currently have access to. Acquiring additional channels requires significant time, resources, and costs. This challenge becomes even more pronounced for global merchants or payment providers operating across diverse industries with distinct payment preferences like one-time payments, recurring subscriptions, or bank-linked transfers.
To address these challenges, Akurateco takes a tailored approach. We conduct a comprehensive analysis of the client’s existing payment infrastructure and objectives. This process helps us understand the payment methods and providers in use, define specific goals — whether increasing revenue, cutting processing costs, or both — and develop an optimal solution.
Our platform offers unparalleled flexibility, supporting complex configurations for routing, retries, deferred transactions, and more. Yet, these features deliver maximum value only when aligned with the client’s clear objectives and strategy. In many cases, there are multiple ways to achieve the goal, and our team works closely with clients to determine the best approach for their unique situations.