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NANOPAY REDEFINING THE PAYMENT INDUSTRY

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Laurence drives the vision to offer CBDC to central banks and leads the overall strategy and direction of nanopay to deliver scalable payment and liquidity solutions to banks and businesses. Laurence is responsible for raising capital, managing investor relations, and taking the business to new heights.

Prior to founding nanopay, Laurence worked with WIND Canada and was Vice President of Wireless at Shaw Communications Inc. He was also Chief Operating Officer of Bell Mobility and Bell Distribution Inc (BDI), where he was responsible for all of Bell Mobility’s operations and led a team of 9,000 employees. At BDI, Laurence was responsible for all retail for Bell Canada. Prior to joining Bell, Laurence was a senior executive in Accenture’s London Strategy Practice. Laurence co-founded two wireless data businesses in Europe, Melodeo, Inc., and Campus.

Active in the payments community, Laurence is a member of the Payments Canada Stakeholder Advisory Committee, Finlay and the US Federal Reserve Faster Payments Task Force. Laurence holds a Master in Business Administration degree from the London Business School and a bachelor’s degree in Computer Science and Economics from the University of Witwatersrand in Johannesburg.


What was the inspiration behind the founding of nanopay?
I was running Bell Mobility at the time, and I remember thinking that payments are going to be bigger than telecom. I started nanopay in 2013 with the goal of delivering simple and accessible payments to all people and businesses. Here in Canada, friction in payments is a significant problem costing around $30 Billion–that’s approximately 2% of Canada’s GDP. By building a digital, scalable, and ubiquitous platform, we have the opportunity to reduce friction, reduce cost, and increase the speed of payments, benefiting all Canadians: citizens, businesses, and corporations.

What are some of the services and products that nanopay offers to small and medium-sized entrepreneurs that can help them in their success?

We offer a self-service online payment platform for small and medium-sized businesses called Ablii by nanopay. Ablii lets you pay any business in the U.S. or Canada, streamline workflow by setting access controls, and eliminate manual data entry by syncing with your online accounting software. Business owners need to focus on sales and partnerships to scale their business…not become a part-time accountant. By simplifying payables and receivables processing with Ablii, entrepreneurs can get back to growing their business. Then, as your business grows from small to global enterprise, you will graduate to nanopay’s Connect — and we will be there every step of the way.


As founder and CEO of nanopay, what are some of the strategies you use to deliver scalable and innovative payment solutions to SME owners?

In line with the Steve Jobs quote, “it doesn’t make sense to hire smart people and tell them what to do; we hire smart people so they can tell us what to do,” my top strategy is to hire people that are smarter than me. At nanopay, we have built a team of experts in their domains from different industries, which naturally fosters innovation.

On the other hand, it’s impossible to talk about scale without commenting on our proprietary platform built using Centralized Ledger Technology. It’s seriously fast and can support the same number of transactions per second as the credit card networks combined. This means, that no matter how big or fast our clients’ businesses grow, we can handle it.

 

The biggest challenge is that there is no one ‘go-to’ place to find a payment solution. Recently, I heard that in Silicon Valley they use Google to search business to business payments when looking to invest in paytech companies. Google! And these are individuals or firms that have seemingly infinite resources, connections and capital.


What would you say are some of the biggest challenges that entrepreneurs face when it comes to finding payment solutions and how can nanopay help them overcome these challenges?

The biggest challenge is that there is no one ‘go-to’ place to find a payment solution. Recently, I heard that in Silicon Valley they use Google to search business to business payments when looking to invest in Paytech companies. Google! And these are individuals or firms that have seemingly infinite resources, connections, and capital.

As for how to overcome this challenge, if you are reading this, sign up for free at ablii.com.


In your expert opinion, how important is innovation when it comes to payment solutions for business owners?

Honestly, innovation is huge, but advocating for change is equally as important. Our competitors in the SME space tend to build high-level applications that run on top of the local payment systems. They are complacent with the status quo, where payments can take up to 5 business days and innovation is stifled by a lack of competition. At nanopay, we feel differently. As a founding member of the Paytechs of Canada, it is our mandate to rally the government for faster payments and increased competition. We are not just innovating in the payments space, but driving change within it.


How would you say FinTech has changed the world of financing and impacted the business industry?

Traditionally, equity financing was the most prevalent type of financing in the business industry. FinTech has completely changed the SME lending landscape. Now, with full visibility into business relationships, invoices or cash flow provided by FinTech, there is an opportunity to receive debt funding based on receivables. Banks, with their traditional view of credit, have not been prepared to get involved in this type of investment. I believe that FinTech, in essence, has created the opportunity for more entrepreneurs to follow their dream of owning their own businesses.


On a final note, what does the future of nanopay look like?

What can you tell us about any upcoming projects or initiatives that nanopay has in store? Next, we are looking to offer SMEs all payment types–credit cards, online bill payments, and CRA remittances, not just account-to-account. We want to streamline work related to all payments, making the lives of business owners and their accountants and bookkeepers easier.

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