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Leaders In Payments
Leaders In Payments
Andrew Riabchuk, Founder & CTO of Akurateco | Episode 387
Andrew Riabchuk's journey from building a payment gateway prototype as a computer science student in Ukraine to founding Akurateco—a global payment orchestration platform—reveals how technical expertise shapes fintech innovation. During our conversation, Andrew offers a fascinating perspective on what payment orchestration truly means beyond simple transaction routing: it's about creating value, reducing complexity, and enabling businesses to scale globally with minimal friction.
The technical side of payments is becoming increasingly sophisticated while consumer experiences grow more seamless. Andrew explains how Akurateco navigates this paradox by providing a platform that handles the complexity behind the scenes, allowing their clients—payment service providers, banks, and enterprise merchants—to focus on their core business. With over 50 pre-integrated financial partners accessible through a single integration point, businesses can quickly expand into new markets and offer localized payment methods without the traditional technical burden.
What stands out most about Andrew's approach is the emphasis on partnership over mere service provision. Their "payment team as a service" concept reflects a deeper understanding that payments success requires both advanced technology and human expertise. As payment verticals become increasingly specialized for specific industries, and as cryptocurrency gradually moves toward mainstream adoption, Andrew's insights offer a valuable roadmap for navigating the evolving payments landscape.
Want to learn more about streamlining your payment operations or explore how payment orchestration could transform your business? Connect with Andrew and the Akurateco team to discover strategies that could simplify your technical infrastructure while expanding your global reach.
Welcome to the Leaders in Payments podcast, where we talk to C-level leaders from across the payments landscape. We'll be discussing the products and services that impact the payment space today, as well as trends and predictions for the future of payments. We will also hear stories from our guests about their journeys to the top.
Speaker 2:Hello everyone and welcome to the Leaders in Payments podcast. I'm your host, greg Myers, and on today's show we have a very special guest, andrew Ryabchuk, the founder and CTO of Acurateco. So welcome to the show, andrew.
Speaker 3:Thank you for the introduction. It's great to be here today, Hello everyone.
Speaker 2:Well, why don't we start out by having you tell the audience a little bit about yourself, maybe where you're from, where you grew up, where you went to school, a few things like that?
Speaker 3:I'm Andrew Repchuk, founder and CTO of Acquateco, where we help businesses to simplify payment management and make transactions smoother for their customers. So I grew up in Kiev, in Ukraine. I'm Ukrainian.
Speaker 3:I earned my computer science degree from Kiev Polytechnic University, so my fascination with payments began early on, I would say, so I might say, that, with University Friend, we have created the prototype of the payment gateway back in university, the other tool related to payments not only the payment gateway which set me on a path that kept me deeply involved in the payments industry ever since my professional journey in the field started in 2007. It was the launch of the payment service provider, followed by a venture into the credit sector. Later on, I also launched the online media online payment magazine related to payments, obviously, which is one of the biggest on the post-Soviet landscape. Always years of work on the different payment related businesses, learning about the industry, challenges and opportunities. So then, in 2019, because of these partners and having already some background in sub-software, already working and tested one, I decided to channel our expertise into the technical side of payments, which led us to establish CoreuraTeco as a standalone entity.
Speaker 2:Okay, well, tell us what exactly AcuraTeco does.
Speaker 3:AcuraTeco is actually. It's the official name and it's a payment orchestration platform for payment service providers, banks and large enterprise-level merchants. So we specialize in payment orchestration, white-labeled payment gate solutions and essentially we help businesses streamline their payment processes. At AccordTech, we currently offer around 50 pre-integrated banks and payment providers or any other financial partners, because we can work with any transaction-based flow. So it's not only cards or transfers, it could be crypto or mobile carrier billing or whatever which businesses can integrate with one integration to our platform without being locked into the single option. Meet and they will meet local payment methods In Europe, for instance, cards, mobile wallets in Africa, bank transfers in Asia all while ensuring the same experience for their customers, instead of negotiating multiple contracts not even contracts, but multiple payment integrations. Handle integrations you know those separately, by themselves, in-house. They cannot connect all of these, as they can connect all of these through our platform with one single integration, which effectively saves them time, reduces costs, allows them to scale much, much faster, but still the business negotiations stay on them. So we're covering only the technical part. Also, security and scalability of the platform is something also we can take very seriously at Accorateco. That's why we have the PCI DSS level 1 certification and currently now we are in the stage of updating our annual certificate and saying that certification is changing this year from the previous version 3 to front-to-reverse version 4.0 to 4.0.1. I would say it's challenging, but we do this on a annual basis. The second important thing for us it's the scalability of the platform, because actually it's the third generation of the platform and we had already two, obviously and this one is based on the microservices, with the most recent databases and with the ability to move this installation from any cloud or even the bare metal, because our own SaaS solution is working on bare metal, not on the private cloud or public cloud, but we also have installations on public clouds for our customers, so this scalability is another dimension. So we put a lot of efforts and a lot of our expertise.
Speaker 3:We operate on a global scale, but so far, marketing-wise and sales-wise, our focus is expanding on presence in Europe and the MENA region. Our team is spread out around the world. Half of our team is still in Ukraine because originally, me and my founders are from Ukraine, so I mean, I have two co-founders, so at least three of us have significant experience in payments. Nowadays I live not in Ukraine, I live somewhere in a plane between Portugal, spain and other countries. So beyond I mean, obviously, we have a company in Ukraine, but beyond Ukraine, we have offices in Portugal, estonia and the Netherlands, which helps us to better serve our international clients. We also recently began hiring specialists from Africa to strengthen our presence there, because it's emerging markets quite important for us. Well, and to summarize all what I said, our goal at Accord Tech is simple to provide reliable and innovative payment solutions. That will also require us to focus on the core businesses while we take care of their payment flows and payments at all.
Speaker 2:You know the word payment orchestration. I think it's kind of thrown around a lot in this industry. So how do you define payment orchestration?
Speaker 3:The payment orchestration, by its meaning, for a lot of people is nothing more than the smart routing, so it's being able to send transaction to the most optimal way, whatever it means by that. So the cost optimization, increase of the acceptance rate and so on. But since it has started the payment orchestration term and any businesses, any new, let's say, landscape, it's very fast changing and developing. So nowadays the payment orchestration it's not just ability to outsource all complexity of technology for the other company and not just being able to send transaction to the optimal route or to make the other, I would say, tricks like cascading and so on, but it's just also ability to run and to launch new products provided by schemes, by Visa, mastercard, new payment methods, expand to new markets faster, to implement the payments into your product in the most original and native way.
Speaker 3:Because just recently I had a conversation with one of my friends who is currently a leader of one of the very famous companies specializing in marketing SaaS software, asking him that what was your, let's say, the best years? He told me that it was, you know, some years, like some years, 10 years ago or whatever and what was the most interesting and promising features or part of your products which gave you the best outcome. And he started talking and he told me he gave me examples about payments, about how he has changed subscriptions and those subscriptions made him double in revenue and so on. So it's not about his product, it's about payments. Yes, and it was 10 years ago. So the payment illustration for me is just something which can bring you much more value with much less cost. I know that it sounds fantastic like a fairy tale, but it's possible.
Speaker 2:So what would you say? Differentiates you guys from your competitors out there?
Speaker 3:This is a great question. I mean, what sets AcroTica apart? It's our technical expertise, because together with our co-founders, we have more than 50 years of cumulative experience in financial sector and particularly in payments. Another thing is our focus on customers and our drive for continuous innovation for them. So we see ourselves as not just a payment software. We are a true partner in helping our clients overcome their unique challenges. So our approach is all about understanding what each client needs and then tailoring solution our solution to their needs and to meet their requirements, and also to understand what exactly they need now and what they will need afterwards and to put it in kind of roadmap and to improve this.
Speaker 3:This is important thing. So also we are trying, let's say, to be on the edge in regards to the innovations, and when I say innovation, that's about the most recent products which would grow the value of our platform to our customers. So, for instance, let's take the most common companies which we talk about Payments, visa, mastercard, amex also, but Visa and MasterCard massively building infrastructure and new products much faster than it was 10 years ago. So our goal is to give our clients ability to use these products or to try those products with minimal cost, because all those products are dedicated to make the life of the consumer, of the cardholder, easier, to make the payments more seamless and to make it faster. And let's say, 20 years ago it was swiping of the card and all whatever. Then it was cheap, then it was NFC, now it's a phone, now it's a watch and blah, blah blah. So it becomes easier, but technology behind that it's more and more and more sophisticated and to implement it in your product it's more and more sophisticated. So we help our customers with just a few clicks to try it. They will see will it be helpful for them or not, will it be, let's say, something significant for their business or not. But still, they can have ability, they should have ability to try with it. So this is also why I'll forward DNA.
Speaker 3:Another thing it's a support, because it's not so much important how sophisticated is your product. If your product is even very sophisticated, the most important thing is the support level you offer to your customers, because without that they will not be able to learn on it, to use it in all variations or whatever. So we put a lot of effort for support, but beyond that, to learn on it, to use it in all variations of whatever. So we put a lot of effort for support. But beyond that, we do not just provide support and support integration, we provide expertise.
Speaker 3:We have what we call the payment team as a service. So this is essentially a team of payment professionals who step in to understand the business of our clients, to navigate them through the payment challenges. So, again, it's not just about having the right tools, it's having the right people to support them on every step of the way. But, last but not the least, beyond our technical capabilities, our company culture is what really makes a difference. So we always aim to create an environment where everyone has the opportunity to grow in the way that works best for them. I think it's important to recognize that we have areas for improvement to new challenges, opportunities to learn and to get better. I think that it's very important. I believe that our customers feel that it helps not only for us to grow, but for our customers, our clients.
Speaker 2:So let's talk about the future of payments. A little bit helps not only for us to grow, but for our customers, our clients. So let's talk about the future of payments a little bit.
Speaker 3:Where do you see the payments industry headed, say, in the next three to five years? The payments industry moving toward even greater speed and seamlessness in the next few years, as it was before. I mean the direction everything is moving toward transaction is as effortless as possible and as seamless as possible for consumers. As effortless as possible and as seamless as possible for consumers. So, as I said, while on the surface it looks like it gets easier, behind the scenes the payment process and the software and complexity of implementation of the software is becoming even more. It's harder and we should require the greater expertise and I think that it will continue to be like that. So it's going to be probably new ways of payment, like the face recognition or any other, which gives even easier ways to combine payment methods which have been before. This is first, and I mean for us it's a challenge because it needs more technologies, more technologies implemented on the platform. What else it's for consumers? I think that from the business side, it's about verticalization. What does it mean?
Speaker 3:It appears more and more payment providers which specialize on some specific, sometimes very niche, industry. So there are payment providers for marketplaces, there are payment providers for SaaS software. There are payment providers for food and delivery services, there are payment providers for companies like Uber and Bolt and so on, which means that the normal providers, or even the great company like Stripe or RDN they sometimes on some certain level of growth of the company. They cannot provide this variety of features or variety of combination of features and support and the other things which are required from the company. So I think that it's just beginning and it's going to be like in 5-10 years.
Speaker 3:It's going to be like in five, 10 years. It's going to be great big companies, payment companies, which is specializing for very, very narrow niche. And for us, I mean, nevertheless, that we do payment orchestration, our niche, that we do payment orchestration for payment providers and banks and for large enterprise merchants, which normally would also be considered as a payment provider, because sooner or later they come to the idea to create the payment provider in-house. And for us it's also a payment provider because there are our competitors which are doing a great job and they are specializing in SMBs or they are doing orchestration for marketplaces and so on. So it's verticalization. It's not only relates to payment providers, which are our clients, but also for us.
Speaker 2:What do you think about crypto becoming a more accepted payment method?
Speaker 3:Let's dive into the history. It's all been started with Bitcoin and the Bitcoin. Nowadays it's not even for people who are not so much aware about crypto. First of all, they heard about Bitcoin, but they also understand that Bitcoin could not be used as a payment method for average transaction because it was created and dedicated for different things. But there are a lot of new blockchains which are much faster, even the Leasing Mastercard. Nevertheless of all, let's say, questions related to Solana, for instance, and to this blockchain, it's really fast and sometimes it's faster than Leasing Mastercard by the official TPS. They are, let's say, they're confirming as a benchmark they have In theory.
Speaker 3:Yes, of course, I truly believe that the crypto will become a very important part of our day-to-day routines and operations for consumers all around the globe, not even related to crypto or to any business related to crypto, but practically when? When? I don't know. I'm sure it's going to be a year within the next five, 10 years, but in what form? Who will be the winner? This is tough question. I'm not ready to answer, but definitely, yeah, it will be there.
Speaker 2:Well, let's switch gears a little bit and talk about you, and you mentioned a little bit of your professional journey, so maybe tell us about the founding story, how the three of you came together and why you started the company.
Speaker 3:Yeah, as I said earlier, I've been founding before a few companies related to payments and obviously I had employees. I have partners, friends and two of my co-founders I mean, eventually, they've been working only in one company and the other company Then Vladimir is my co-founder. He was director of payment provider back in the time and Alexandra, she was operational director in another payment provider, having great expertise, having great people I can rely on, I can trust. So we've combined together our efforts. So that's how we created the CoreTech.
Speaker 3:I think that the idea behind that was not only driven by, let's say, the whole complexity of the payment provider nowadays to become, let's say, global because of the licensing issues, compliance issues and so on, and to concentrate on the technical part of work, but also to share our expertise. Since we are servicing payment providers, we have a lot of knowledge to share. This is one of the goals behind creating OphotoTech, which is just to share this expertise to make the payments and the life of people who are doing payments a bit easier and better. As I said, having such a big expertise, having such a background for creating a really good product, made us the idea and brought us the idea to create a product.
Speaker 2:So what are some things you're passionate about? Maybe one work-related passion and one personal passion.
Speaker 3:If I had to name something, I would say that I'm passionate about building sustainable businesses, creating something that not only works today but continues to evolve and provide value in the long run. Ability to adapt and then stay relevant in fast-changing industry is something I find really important. On a personal level, I'm someone who's motivated by results by processes as well, but processes are dedicated to results, it's no doubt for me. So I find a lot of fulfillment in setting goals and working towards them in business, in other aspects of my life if I do sport or whatever and so reaching certain milestones and seeing tangible progress is something that keeps me moving forward.
Speaker 2:So, andrew, if someone maybe they're just graduating from university or from college and they're looking for maybe their first job and they come to you and say, hey, I'm interested in building my career in the payments industry what advice would you give them to help them be successful?
Speaker 3:I think the most important thing is to choose a path and stay focused on it. Stay focused, stay busy, Like it was recently in a Netflix film about Arnold Schwarzenegger In payments. You know there are so many directions you can take Compliance for prevention, payment technology. My advice is pick the area that excites you, go deep and become really good in it. So payment history is broad and it's getting only broader and constantly evolved, but if you commit to mastering a specific area, you'll have a much better chance to building a successful career. Nevertheless, you plan to create your own business or you plan to work as an employee, so my advice would be to continuously refine your skills. So stay curious, stay busy and always look for ways to improve. So, whether it's payments or any other field, becoming a true professional in your area will open you the right opportunity.
Speaker 2:Okay, yeah, I think that's great advice. So, before we close out the show, is there anything else you'd like to discuss?
Speaker 3:I don't think that we have time to discuss everything I want to discuss, but I think that the payment industry is not, you know, something boring financials related thing. It's really exciting area and it's also the landscape where everyone, almost everyone, can find their path, and it's also the landscape where everyone, almost everyone, can find their path. It's just the beginning. I believe I do not remember where but I read recently that every big business should become, to some certain level of extent, to become a financial company, a financial startup, because the payments is just such a part of product as anything else you'll build before.
Speaker 2:Well, andrew, thank you so much for being on the show today. I know your time is very valuable, so thank you so much for being here.
Speaker 3:Thank you, Greg, Thank you everyone.
Speaker 2:And to all your listeners out there. I thank you for your time as well, and until the next story.
Speaker 1:Thank you for joining us this week on the Leaders in Payments podcast. Make sure you visit our website at leadersinpaymentscom, where you can subscribe to the show and where you'll find our show notes. If you enjoyed listening, please share on your social channels as well.