Daniela Binatti, Co-Founder and CTO at Pismo, was highlighted in an interview with journalist Jorge Priori, from Monitor Mercantil, a Brazilian newspaper centered around economy and business. She was headlined on the publication, discussing how Pismo is heading to transform financial services globally.
Walking against legacy technology
Daniela explains the main difference between Pismo’s banking and payments platform and legacy banking systems. Recent studies show that 80% of financial transactions worldwide are still processed by systems running on mainframes and programmed in Cobol, a language created in 1959.
“Our solution works in the public cloud, not in a specific data center in a building. It’s a headless system without any interface that contacts the end user. It’s like a tool kit integrated with all the old rails of the financial industry. Pismo delivers a set of APIs used to develop products to the end user”, she says.
Developing vs. buying payments systems
Years ago, banks would still build their own payment systems because players used to deliver turnkey solutions, with no flexibility to develop or change the interface to the end user. When Daniela and her partners launched Pismo, they had already built a payment processing platform from scratch. They considered several issues regarding evolving technology, business models, and customer relationship.
Before co-founding Pismo, Daniela says they approached customers who wanted to deliver something different in the product area. Now, the Pismo platform has much more appeal to CIOs and CTOs.
“If they have an outsourced partner, they can’t control the backlog, a big pain they faced in the past. With Pismo, if a bank wants to release a specific feature, it can implement it with our building blocks. They are indeed outsourcing the entire core of the operation. But we’re not going to lock them up and leave them hand-tied when it comes to product evolution,” Daniela explains.
After a series B funding round in which Pismo raised US$ 108 million last year, Pismo began accelerating its global expansion. One of our recent steps was a partnership with OneConnect, an associate of the Ping An group. It allowed the firm to expand operations in Southeast Asia. “We are working on enabling banks that want to switch from legacy solutions to a more modern platform,” says Daniela.
But growing, according to Daniela, does not mean spending much money to accelerate faster. “We’ve always been conservative regarding funding, ensuring a solid product and a good reputation before taking the next step. We have to look at the results.”
You can read the interview in Portuguese on the Monitor Mercantil website.