Head Office: 2095 Summer Lee Dr., Ste. 200, Rockwall, TX 75032, US Tel: +1 972 722 5400 Email:
askme@aptyssolutions.com Other Offices: 6991 Peachtree Industrial Boulevard, #400, Norcross, GA 30092, US Website:
www.aptyssolutions.com Contact: Joy Petrilli Email:
jpetrilli@aptyssolutions.com Founded: 2010 Ownership: LLC Number of staff: 18 Number of clients: Four Principal partners: Swacha Services Corporation Payments products: PayLogics Categories: High-value and low-value payment processing, cheque imaging
Product suite
Aptys aims to fill a gap in the market by providing a single processing platform with a common archive for all types of payment information. Pennock explained that himself and his new colleagues came together at Goldleaf via acquisitions of separate companies with different specialities. ‘All of us have worked in payments for all of our careers. But some of us came from cheque payments, some from ACH, some from wire transfers. What we realised was that we had an ACH product, a wire messaging front-end product and an image exchange product on the back-end that were interfaced out in the field. But, even though we became one company over time, we still had these disparate systems in silos.’ These separate products were never truly integrated, he believed. Rather, ‘they are integrated just enough to get by, and to exchange just enough information to work’. PayLogics, he claimed, ‘takes all those different silos and combines them into one unified solution’. All the technology has been built in-house, using Microsoft
64-bit processors. The firm was legally formed in February 2010, before a launch in April, with ten members of staff. ‘Limited pieces of PayLogics are available today,’ said Pennock at the time, although there were no customers at launch. As mentioned, Aptys has mainly targeted correspondent banks to date, which offer services downstream to community banks. This particularly includes bankers’ banks, whose shareholders are made up of community banks. At the outset, Aptys believed that, in total, there was a market of perhaps 500 banks to target with PayLogics. This model Pennock compared to an octopus, in that the head of the product is at the correspondent bank, which would license it, but its tentacles can reach out to the community banks. He claimed that the nucleus of the product had already been built, and that work would be ongoing to add functionality for different areas, such as contactless payments, automated returns and so on. The rationale was that in this way community banks could be offered functionality that they would be unlikely to implement in-house.
In terms of competition, Pennock named US Dataworks and Lending Tools, but also firms such as Fundtech and
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Dovetail. The unified nature of the product is what Aptys claims as the largest differentiator. Having a common archive of information should also allow the introduction of detailed analytics, in terms of where customers are spending money and what channels they are using. It was intended that the common archive would be a stand-alone product for mid-tier banks in future. Also planned was a data operation component, to retrieve data from the archive and ‘do anything you need to do with it, like adjustments or returns’. This is now offered as ‘Active Archive’. Pennock claimed that PayLogics would both save money
and provide new revenue streams. ‘For correspondent banks with 350 customers, just by exchanging cheque images a bank can enjoy a six-figure monthly income from a system such as this.’ PayLogics is also using newer technology compared to more established competitors, Pennock stated. It can take advantage of steps forward such as 64-bit technology and multi core processors.
By the start of Q2 2012, one of Aptys’ existing customers,
Bankers’ Bank, had signed as the pilot for Aptys’ mobile payments capabilities, expanding on the PayLogics infrastructure. This was new territory for most community banks, said Dotson, with considerable interest but with many still watching and waiting. Aptys Mobile (aMobile) was intended to span the entire supply chain process from point of sale through posting in accounts receivable systems while automating the clearing of the transaction. Invoices and payments are created using the aMobile application and collected by the PayLogics system. PayLogics then processes and clears the payments and delivers an electronic file to the accounting system at the business. Bankers’ Bank was the pilot for this in the second half of 2012. This client then implemented a new wire origination component during 2013, going live with this in early 2014. To follow was a ‘positive pay’ solution, which Dotson believed was another area where community banks could generate value and fill a gap in their services. This fraud prevention service matches the cheques a company issues, submitted via an electronic file, with those it presents for payment.
Payment Systems & Suppliers Report |
www.ibsintelligence.com
company details
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