Mobile wallets are taking the world by storm. Whether it is for shopping, businesses purchases or paying government dues, mobile wallet offers a glimpse into the bright future of finance. It provides customers with a thorough record of transactions, unparalleled level of convenience. However, there still remains some legitimate concern in the market about digital wallets.
There exists a lot of competition among various private players, and there is also a grim possibility of a possible conflict of interest between a mobile wallet platform and a business that is potentially at its mercy.
Unlike others, Cyclos has moved past these major concerns to deliver a groundbreaking non-profit digital wallet venture. Being a non-profit business, it allows the organization to deliver a competitive low cost product and spread across multiple countries without a delay. Cyclos has its offices in The Netherlands, Brazil and Uruguay.
An Achievement Wrapped in Numerous Hallmarks
Cyclos’s journey so far is a testimony to pure dedication and consistency towards its objectives. The company has won numerous recognitions from prestigious entities, who further verify the success of the company and its numerous hallmarks. An ideal example would be when the company won ETA’s E-pay Innovation award back in 2014 to establish itself as a leading market player.
The company went onto add nearly 10 million end-users in 2016. Additionally, it also won a prestigious prize from the Gates Foundation and the European Union. The company received a special mention in the EU vision 2020 for aiding several key programs, like spreading social benefits. Additionally, in the high end European market, the organization provides a new approach to enable access to credit for companies that up till now are not served. In the approach clients for credit are linked to their supply chain are smartly connected to increase their sales. Cyclos also provides a marketplace for businesses to reach customers. Over the years, Cyclos has empowered several key shareholders in the market including small banks, barter trade clients and MFI’s to build a stronger economy for the future.
Distinguished Features and a Unique Approach
Cyclos has launched various products in a market which continues to redefine mobile banking. Its premier product is the Cyclos 4 PRO, which payment platform can serve groups and sub-groups of businesses. It is based on JAVA enterprise and can be installed on a private server. Both the application servers as well as the database server are fully clusterable. It offers mobile banking which embeds the latest banking solutions including mobile app, SMS, USSD, IVR, online banking and many more. The product also contains special features and technology to increase the impact of expenditures in regions where the economy underperforms, in line with the larger vision of its parent organization, Social Trade Organization (STRO).
The aim of STRO is to make money more effective, just and sustainable, and available where needed. Based on that vision Cyclos appeals to various stakeholders in the marketplace. For example, Cyclos enables small banks to deliver poor clients high level services by providing them with cost-effective state of the art on-line banking, SMS banking, POS and mobile banking services. This contributes towards building a strong banking sector, and in return Cyclos continues to experience incredible growth from serving their users including small banks, large organizations, businesses, micro finance institutions, government agencies and educational institutions as well.
A Leadership that Turns Challenges into Opportunities
During the 1980s, the leadership at Cyclos anticipated that IT applications would change the very nature of money. Hence, in order to be a part of this innovation, an intensive R&D program was started, which resulted in Cyclos software. Henk van Arkel, the CEO of the organization led it with his courageous beliefs. His slogan for diving into the unknown territory of innovation was that – “a problem is merely a not yet found solution.” The organization applied the theory in practice for twenty years and created a wide-variety of innovative monetary solutions.
Cyclos leadership continues to this day, to respond to growing and emerging trends in the financial market. One such growing trend is Blockchain technology. While currently, the connection between the assumed worth of BlockChain and its productive capacities is debated, Cyclos mixes technologies new and proven, centralized and decentralized based on proven performance. Hence, Cyclos leadership continues to emphasize on creating payment systems which reinforce regional economies and decreases speculation.
Cyclos continues to emerge as a key and unique player in the global financial market. The management at Cyclos also has its sights set on a bright future ahead. The organization expects to reach hundreds of millions of users based on its recent success and advancements. This user base will gradually be offered options yet not available in the market, such as counter-cyclical credit technology and technology that increases the impact of money. Cyclos ultimately aims to help circulate the large proportion of the 500 billion dollar remittances market more effectively in order to allow the creation of hundreds of millions jobs as a real possibility with the the increase of the recirculation.