Fintech solutions
for banks
and retail
How Dmytro Havrykov develops Payforce and helps businesses go digital
Fintech solutions
for banks
and retail
How Dmytro Havrykov develops Payforce and helps businesses go digital
Smartphones have long become a game-changer — people prefer to manage all spheres of life from their mobile devices. Businesses, especially traditional ones, must keep up with their customers and even stay one step ahead. The Ukrainian company PayForce assists them in achieving this goal. Founded in 2015, it is developing fintech solutions such as online banking, card tokenization, and mobile applications with fintech components.
In a joint project with PayForce, we tell how the company grew and developed, what it is currently working on, and how Dmytro Havrykov managed to transform it into a business that from year to year remains a reliable partner for local and international players on the Ukrainian market.
How PayForce emerged and what the company is doing
By 2015, Dmytro Havrykov, the main shareholder and CEO of PayForce, had been working in the banking sector. During that time, Dmytro had amassed many years of experience in retail business management across several large Ukrainian financial institutions. The PayForce co-owners, who hold minority shares in the company, also had extensive backgrounds in the banking sector.
Through comprehensive analysis of various aspects of the Ukrainian financial market and active engagement with banks, Dmytro and his team swiftly identified the needs and the pain points of clients. This is how he realized that none of the institutions had a user-friendly online banking solution that allowed customers to manage their accounts, along with mobile banking options for individuals and individual entrepreneurs.
By 2015, Dmytro Havrykov, the main shareholder and CEO of PayForce, had been working in the banking sector. During that time, Dmytro had amassed many years of experience in retail business management across several large Ukrainian financial institutions. The PayForce co-owners, who hold minority shares in the company, also had extensive backgrounds in the banking sector.
Through comprehensive analysis of various aspects of the Ukrainian financial market and active engagement with banks, Dmytro and his team swiftly identified the needs and the pain points of clients. This is how he realized that none of the institutions had a user-friendly online banking solution that allowed customers to manage their accounts, along with mobile banking options for individuals and individual entrepreneurs.
«At that time, the fintech market was empty, and therefore the competition was very low. So then we decided to complete our consulting services with full-stack bank product development. This was the right decision — banks started coming to us themselves, our customer base grew rapidly»
As of today, PayForce’s customer service solutions are used by businesses within both the financial sector and retail. The company’s clients include KredoBank, Industrialbank (“Індустріалбанк”), Commercial Industrial Bank (“Комерційний індустріальний банк”), Bank for Investment and Savings (“Банк інвестицій та заощаджень”), Agroprosperis Bank (“Агропросперіс Банк”), and AMIC Energy.
For most of them, PayForce has been a reliable partner for multiple years. Recently, the team won several retenders for further collaborations.
PayForce products and services
The company's operations can be categorized into several primary areas: R&D and support, development of implemented solutions, and transactional business. PayForce’s core focus is the development of IT products that have been successfully operating on the market for a long time.
The main feature of our solution is not only a unified interface for both individuals and business owners within a single application, but also the consolidation of all products onto a single screen,” Dmytro explains. “The client sees all his accounts and cards, both personal and business — on one screen. Moreover, they can also initiate tasks such as opening a deposit, make a transfer from a business account to an individual without the need for screens switching. This product has already been adopted by several banks, including KredoBank.
online banking
The company’s main offering, adopted by over 10 banks, is an online banking platform for individuals and individual entrepreneurs — a comprehensive solution for remote customer service.
Retail Wallet
The third one is Retail Wallet. This PayForce solution has been successfully integrated by AMIC Energy gas station network. It allows customers to refuel the car in just a few simple clicks, without exiting the car, as well as receive various bonuses and discounts. While businesses can interact with users on a regular basis, building long-term communication and offering loyalty programs.
card tokenization
The second product is everything related to card tokenization — payment via Apple Pay, Google Pay, Garmin Pay, SwatchPAY, and others.
«The applications we worked on for non-banking companies also qualify as fintech solutions. They are all linked to payment systems such as Visa, MasterCard or Ukrainian PROSTIR (“ПРОСТІР”). Take АMIC Energy as an example. It's more than just an app storefront, it's about user-friendliness and an expanded feature set. Customers of АMIC Energy can refuel their car via QR code or geolocation, without exiting the car, using MasterPass wallet, Apple Pay, Google Pay»
Beyond its primary products, PayForce develops additional modules and has more than 50 of their successful implementations. Noteworthy examples include remote identification modules, enabling prospective bank clients to initiate their banking relationship remotely, a digital card opening, adding it to your Apple Pay, Google Pay wallet, and be able to make transactions online.
PayForce develops in-house full-stack fintech solutions
The Ukrainian company has its own full-cycle development of basic functions for a wide range of fintech products:
online banking
online banking — web and mobile version
Retail Wallet
its own transfer platform, which is already integrated into the company's solutions, and the client does not need to order it additionally, is among its products.
card tokenization
card tokenization services for platforms like Apple Pay, Google Pay, Garmin Pay, SwatchPAY, and others
«PayForce is unique in what we offer — firstly, the iBank system; secondly, pre-integrated transaction services that we provide; thirdly, an integrated module for contactless payments, along with a self-developed remote identification module. No other company within the territory of Ukraine has such a set»
Another noteworthy advantage of working with PayForce is the “golden license”. It means that the company extends non-exclusive intellectual property rights to the software product to the customer. This gives confidence to the client.
Remote identification, P2P transfers, and the European market: PayForce’s current focus and future plans
Following the National Bank of Ukraine's legalization of remote citizen identification and verification for online service access, PayForce as witnessed a huge demand for this function. Since the beginning of 2023 alone, the company has successfully implemented two projects and is actively engaged in several more.
Current projects also include redesigning and updating online banking functionality for several banks, as well as building mobile banking from scratch for the International Investment Bank (“Міжнародний інвестиційний банк”). Dmytro tells that numerous banks, which previously never had applications, have started to go mobile proactively. There is also a growing trend for financial institutions to switch completely to mobile applications, gradually phasing out web-based versions, according to Dmytro.
At the end of July, one of the companies of the PayForce group was also made into the Register of Payment Infrastructure of the National Bank of Ukraine as a technological operator of payment services. This empowers the company to attract users to perform P2P transfers using its proprietary platform. Along with the constant growth of the client base and the list of new projects, PayForce has ambitious plans to expand its presence across international markets, with definitive strides already being undertaken in this direction.
«To facilitate this expansion, we possess all the necessary tools — licenses, certificates. That is, are fully equipped to integrate all our modules into the system of European banks. Additionally, our company is PSD2-ready, compliant with European standards. It's about API openness. Now we await the NBU's decision on which PSD2 standard will be chosen for Ukraine»
