The pandemic has not only impacted global health but also given rise to an economic disruption affecting banks, fintech companies, challenger banks, and financial institutions. This has caused several uncertainties in the economic market leading to decreased incomes and unexpected shutdowns. Loss of credit is a crucial concern for the sector that is already scrambling to get back on its feet. However, the financial sector tackled these challenges to help the governments and regulators to fuel the economy.
Due to a major loss of employment and business shutdowns, several small businesses and individuals were forced to depend on government and international organizations for financial assistance. The fintech companies offered social protection packages to the vulnerable, even the ones located in the remotest of areas. Amongst these fintech companies is Panamax—a perfect partner for small and big organizations alike. The company has been offering technical expertise to its esteemed clientele around the world to help them grow exponentially. It takes pride in its state-of-the-art IT infrastructure and a qualified team of professionals that have consistently developed best-in-class technologies for the telecom and digital financial sectors.
Innovative Fintech Solutions
Established in 2001, Panamax is the technology arm of the Bankai Group, head quartered in New York. It provides a wide range of solutions that epitomize security, which has also been the most crucial aspect their product development. The bouquet of solutions includes Fintech Solutions, Banking Suite, Telecom Switching, and Unified Billing solutions, Fraud Management, Revenue Assurance, and Monitoring Solutions. It caters to the requirements of banks, financial service providers, telecom operators, MNOs, MVNOs, telecom regulatory authorities, and enterprises.
Panamax delivers the most secured experience ever as it utilizes the Blockchain security mechanism to eliminate all possibilities of unauthorized access to data. Its super flexible and secured flagship digital financial solution — MobiFin Elite — leverages the latest technologies to help businesses deliver top-notch financial services to their end customers. The ECC 256 algorithm used in MobiFin Elite ensures complete security of transactions and confidential customer data. Apart from this, Panamax comprises a Banking Suite—a comprehensive platform designed to help banks to run their operations securely and efficiently by incorporating contemporary technology and safer banking practices.
Some other salient features of the innovative fintech solutions are:
- Strong PSD2 authentication
- Digital signature support
- Device and multi-factor authentication with timeout
- Secured web access with OWASP 2.0
- Velocity checks to identify fraud patterns
- Microservice architecture
- Kafka implementation
Panamax is also working on several new projects along with some fresh technical implementations for the platform. “The idea is to add innovative features and build a stronger architecture which will not only be a useful addition for our existing and prospective clients but also drive transformation in the industry as a whole,” asserts Bankim Brahmbhatt (President and CEO of Panamax).
Motivating the Team
The current times of COVID-19 have elevated the responsibilities for Bankim Brahmbhatt as the leader. He understands that currently employee is in the need of motivation that pushes them to deliver the best output. As the President and CEO of Panamax, he ensures that the team is motivated to perform the best, challenge the norms as well as grow professionally.
Bankim is an industry veteran. He commenced his journey in 1985 as an engineer at a telecom company. This initial experience of 4 years in telecom technology was the stepping stone that led him to establish Bankai Group. “My aim was and has been to fill the gap between demand and supply of telecom technology,” says Bankim. After attaining success in the telecom industry, he decided to explore the fintech industry. He noticed a scope for improved technological requirements in the financial domain. Thus, he introduced fintech solutions as a secured medium of transaction. Panamax offers advanced financial solutions to leverage the massive growth of mobile technology. Bankim and his team have directed all their future innovations and researchers towards one objective – transformation.
Overcoming the Challenges
A crucial challenge in the current scenario is to maintain business continuity in the face of ongoing adversity. Presently, it has become more than important to focus on the well-being of the employees and also maintain a swift response to the problems. Due to the sudden surge in the usage of digital financial services, users are bound to face some issues. Panamax is overcoming these challenges by strengthening communication with the clients and supporting them whenever needed.
Apart from this, there has been an evolution in the demands due to the changing landscapes. Another challenge for the team is to address the regulatory compliances in different geographies whilst dealing with financial services. However, Panamax strives to match the pace of evolution by innovating the solutions and incorporating the latest technologies to deliver optimal services. “With our team of expert professionals no challenge is grave enough,” proudly asserts Bankim.
Minimally Affected and Greatly Benefitted
The team was swift in adapting to a remote working environment. Previously, Panamax was dealing with remote technology and its implementation while creating collaboration tools for the customers. Bankim says, “We took a decision early on to shift to remote working and instructed all our employees across the world to stay home and keep themselves and their families safe.”
The company undertook the following essential steps to ensure the smooth transformation to remote working,
- Provided essential resources to the entire workforce
- Ensured effective communication and collaboration channels
- Employees connected to avoid isolation
- Educated employees to incorporate safe processes
Due to these steps, Panamax was successful in delivering the same level of support and guidance as they did pre-pandemic. The team is aware that this transformation can be the new normal, and thus, is prepared for the challenge. As a result, both the customers and employees are minimally affected and greatly benefitted.
Enhancing and Innovating Security Features
Currently, several technologies like AI, Big Data, Blockchain, and Robotic Process Automation are playing a huge role in the advancement of services of the fintech industry. On the other hand, some of these technologies are already being implemented to analyze consumer behavior, deriving actionable insights to enhance and innovate the security features. Besides, Panamax ensures the security of every transaction carried out on its wallet platform with Blockchain.
As aforementioned, Bankim has always aimed to drive transformation as a whole in the industry. Thus, keeping up with the pace of transformation, Panamax is already experimenting with new technologies to evolve its offerings and deliver the best possible experience to the customers. In addition to this, the company is also in the process of incorporating a few of the novel technologies to deliver an improved personalized experience to the users.
Read More: The 10 Best Financial Solution Providers to look for in 2020
