An Innovative Payments Platform in the UK

1. Introduction

The UK-based business, which is going to be discussed in this assignment, is Rapyd Financial Networks limited. The headquarters is located in London and the business is identified as a payments platform. “Rapyd is a payments platform that inserts fintech services into any app and simplifies the complex offering of local payment methods". They have come up with one of the most innovative ideas of providing the no-code solution to accept digital payments instantly. Moreover, this business has provided B2B support in e-commerce sectors and handled over 80 million users. The structure of this organization is based on 300 employees that precisely work to provide payment security. This organization was founded in the year 2016, and it is located at 119 Marylebone Road, London, United Kingdom. Location is ideal, as the UK is moving forward with such business innovations. “$3460 million in total funding, and £300M in recent annual funding amount is received till date for series D financing (rapyd.net, 2021)”. Rapyd has simplified deposits, fund collection, checkout, foreign exchange, and payments on different online platforms without geographical barriers. However, the payments industry is developing day after day and they are making a profit of $103 million. Competitors of Rapyd are Paidy, FinAccel, Flutterwave, and Spendesk.

2. Analysis

2.1 SWOT Analysis of business

Rapyd comes with a tagline of the fastest way of accepting and sending payments worldwide. Cross-border acquisitions are performed with instant fund collection and management (Grayson, and Hodges, 2017). The primary industry identification of this business is financial software. SWOT analysis:

All these aspects are associated with the effective utilization of this application in concern. Strength and weakness are the internal factors to focus on while opportunities and threats are external factors. Systematic processes are followed for sending payment information to people. The electronic method of payments allows cashless transactions to be carried out for goods and services. Digital security has always been an issue with digital currency (Drobyazko et al. 2019). Without the need for a bank account or card, the company has come up with easy processing of cash transfer ideas. Global payment network works with the use of the concept of frictionless global commerce. One of the biggest strengths of this company is its market presence and customers' trust with almost zero number of fraud cases registered to date. Companies like Uber,

2.2 Uses of corporate social responsibility

Social responsibility

CSR is identified as a management concept that acts upon a company's integrated social and environmental concerns of the business operations. It is also engaged with stakeholder relationships. To help consumers, workers, and businesses to adapt to changes caused by Covid-19, foreign exchange and processing fees are waived on the first 100000 USDollars in total processing. As an individual trader, this step can be beneficial and aid to Rapyd’s corporate social responsibility. Rapyd is also creating a new venture arm that focuses on the investment of early-stage businesses (Latif et al. 2019). CSR applies to support others to grow specifically the start-ups. Faster and seamless financial service that makes money movement easier is identified in this platform. End-user platforms, which provide innovative financial services for consumers are observed. CSR refers to the practices that help in the management of companies' commitment to managing social, environmental, and economic effects.

Employment sustainability

The organization enforces a strong background of employee-centered culture and core values like collaboration, inclusion. Employees voluntarily participate in supporting charities around the globe (Raffoni et al. 2018). The workforce is made diverse by incorporating as many women employees as possible. Following ethnicity and cultural challenges are also analyzed.

Environmental Sustainability

Environmental impact is tried to be reduced with a target of net-zero greenhouse gas emission across all operations by 2040. 98% of the energy of data center operations are done with renewable generation and the goal of using renewable energy across data centers is about to be reached (Drobyazko et al. 2019).

Responsible business practice

Aims to engage in “privacy awareness week across 11 global sites, that continue building privacy-first culture". Data management policies are required to be redefined and the creation of a “fraud detection command ce nter” is to be designed by the company with a growing rate of transactions. It also allows the business to go cashless quickly (Richards et al. 2019). They do not only think about their profit, they are also supporting small companies with various services like e-wallet to build the client company's organizational encouragement. The organization has a belief in sharing responsibility to support companies with intriguing bank transfers. It is identified as the next frontier of digital payments along with building great human resource components.

2.3 Innovation and creativity in business

This organization being discussed enables a company to disburse as well as accept find using a various range of payment methods. Rapid is innovative as it is redefining the global payment space with a fintech-as-a-service platform (Santisteban, and Mauricio, 2017). This company enables “e-commerce merchants, gig platforms, challenger wallets, remittance platforms, online lenders, and traditional banks to break free of their old infrastructure and limitations and create new mobile-friendly solutions”. It has come up with 900 plus-payments methods in 100 different countries. Big shot investors give back up to this company such as General Catalyst, Target Global, and Tiger Global. Arik Shtilman, Arkady Karpman, Omer Priel are the founders of this organization. According to Chaffey, Edmundson-Bird, and Hemphill, (2019), traditional banking and eCommerce are reconceptualized. This private organization is creating a mobile-first network that is instantly available through a single API and SDK. The worldwide pandemic has fueled growth in digital payments across the border. Rapyd has accelerated even distribution of the payments industry. Startups are offered strategic advice and opportunities for a faster scaling up. It has subsidiaries adjusted as KORTA payments and secured cybersecurity ranking as 96.

Rapyd has come across a “VC arm to propel digital commerce and payment innovation". Globally dispersed workforces need to manage business operations as 351.6k visits are done on this organization's website. Early-stage fintech startups are expected to receive benefits from this organization (Thomassen et al. 2020). Main innovation and creativity that is identified within this organization customizing the local payment experience in the fastest and easiest way. Business creativity can be easily integrated with the digital experience that allows the solution to fit with existing products intuitively. Rapyd’s customer base has come across 5000 businesses that include the labor marketplace. Complex offerings of local payment methods have been applied by using this application. Business innovation and creativity are found in terms of managing business challenges (Chaffey, Edmundson-Bird, and Hemphill, 2019). There are technical threats mostly which can become a reason for huge loss to the customers going for the incorporation of instant payments in their business. The business structure of this company is also online where excellent business concepts are applied.

3. Conclusion and recommendation

This company has already settled milestones for the development of payment methods. It is the fastest company to empower local payments in any geographical position of the world. The unparalleled payments network is supporting many of the growing businesses to develop. "Unifying fragmented payment system" platform is beginning more than 900 payment methods in different countries. Markets are accessed quite quicker than before across the globe. With a widespread fintech-as-a-service method, the company is reaching all heights of growth. Global transaction improvement and safety are also created to ensure all users gain benefits. The core business of collecting and disbursing payments in over 100 countries is enabled.

Recommendations for business operations expansion are associated with the development of CSR developments. Companies need to look for an eco-friendly process for managing the environmental crisis. The company requires an independent recruitment strategy for growth. There is a lack of employees observed in this company, which can develop business. Hence, trained employees and technicians are required to be recruited. This company needs to focus on encryption techniques and digital security for payments. International consumers that are associated with this organization need to get associated with prepaid cards and wallets with absolute security components.

References

Books

Chaffey, D., Edmundson-Bird, D. and Hemphill, T., 2019. Digital business and e-commerce management. Pearson UK.

Drobyazko, S., Barwińska-Małajowicz, A., Ślusarczyk, B., Zavidna, L. and Danylovych-Kropyvnytska, M., 2019. Innovative entrepreneurship models in the management system of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.

Grayson, D. and Hodges, A., 2017. Corporate social opportunity!: Seven steps to make corporate social responsibility work for your business. Routledge.

Journals

Drobyazko, S., Barwińska-Małajowicz, A., Ślusarczyk, B., Zavidna, L. and Danylovych-Kropyvnytska, M., 2019. Innovative entrepreneurship models in the management system of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.

Latif, F., Pérez, A., Alam, W. and Saqib, A., 2019. Development and validation of a multi-dimensional customer-based scale to measure perceptions of corporate social responsibility (CSR). Social Responsibility Journal.

Raffoni, A., Visani, F., Bartolini, M. and Silvi, R., 2018. Business performance analytics: exploring the potential for performance management systems. Production Planning & Control, 29(1), pp.51-67.

Richards, G., Yeoh, W., Chong, A.Y.L. and Popovič, A., 2019. Business intelligence effectiveness and corporate performance management: an empirical analysis. Journal of Computer Information Systems, 59(2), pp.188-196.

Santisteban, J. and Mauricio, D., 2017. Systematic literature review of critical success factors of information technology startups. Academy of Entrepreneurship Journal, 23(2), pp.1-23.

Thomassen, J.P., Leliveld, M.C., Ahaus, K. and Van de Walle, S., 2020. Prosocial compensation following a service failure: fulfilling an organization’s ethical and philanthropic responsibilities. Journal of Business Ethics, 162(1), pp.123-147.

Website

rapyd.net, 2021. The Fastest Way to Accept and Send Payments Worldwide, Available at: [Accessed on 01/06/2021]

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