In this TechBullion interview, Kirill Tarnopolskyi, CEO of Solidgate, discusses his extensive background in finance and fintech, and how his leadership has shaped the company into a leading payment processing platform. Kirill, who joined Solidgate in 2017 and became CEO in 2021, explains how Solidgate simplifies cross-border payments for businesses through innovative solutions like payment orchestration and acquiring capabilities. The platform helps businesses streamline transactions, reduce friction, and boost revenues by supporting multiple currencies and local payment methods, all while ensuring compliance with regional regulations.
Kirill emphasizes the importance of balancing security and seamless payments, highlighting Solidgate’s use of machine learning for adaptive fraud prevention. He also discusses how the company maximizes transaction approval rates through payment retry systems and real-time fraud detection, keeping businesses safe from fraud without sacrificing customer experience.
Looking ahead, Kirill shares his thoughts on the future of cross-border payments, noting trends such as real-time payments and blockchain’s potential role in digital identity verification and reducing currency conversion costs. He concludes by discussing Solidgate’s plans for growth, including expanding alternative payment methods, enhancing fraud prevention using AI, and forming strategic partnerships, such as the collaboration with Nova Post, to broaden their reach in Europe.
Kirill Tarnopolskyi, CEO of Solidgate
Please tell us your name, a little more about yourself, and the solutions you provide at Solidgate
I’m Kirill Tarnopolskyi, a finance and fintech professional with over a decade of industry experience. I’ve started my career in audit and advisory, previously held roles with Deloitte and PwC. I joined Solidgate in 2017, first as chief operating officer, before becoming CEO in 2021. In my role, together with my wonderful team I’ve transformed the company into a payment processing platform that combines payment orchestration and acquiring capabilities to improve transaction success rates, prevent fraud, and enable businesses to scale globally.
Cross-border payments are notoriously complex due to regulatory, currency, and technology challenges. How does Solidgate simplify and optimize the process for businesses that operate internationally?
Cross-border payments are full of friction and have lots of complexity, the level of which also depends on the business model. At Solidgate, we want to make life easier for global businesses by bringing everything under one roof and providing turnkey solutions. Our platform streamlines payment routing and supports numerous currencies and local payment methods, allowing businesses to simplify customers’ checkout and effectively boost revenues in different regions effortlessly. All the while, we keep track of the regulatory landscape across regions and offer solutions so our customers can remain compliant.
To wrap it up, we are simplifying complicated matters for our customers so that they can focus on their product or service while we take care of payments.
Fraud prevention is a critical concern for businesses handling cross-border transactions. How do you balance security with a frictionless payment experience, and what are your key strategies for regulatory compliance in diverse markets?
We leverage machine learning for adaptive fraud prevention. Essentially, it analyzes user behavior in real-time to identify risks and puts barriers in place to prevent fraud, while minimizing the security steps required for legitimate users.
But we also understand that not every failed transaction indicates fraud – false positives may happen and businesses don’t want to lose out on legitimate transactions. That’s why we have payment retry systems built in. For example, if a 3D Secure authentication fails, the platform will retry using a different version or route the transaction to another acquirer, minimizing delay or disruption to the customer journey. We aim to maximize approval rates by keeping fraud rates at or below each particular merchant’s risk appetite.
Regarding regulatory compliance, we follow requirements across every market we deal in, working with regional partners and local teams to ensure we are aware of and can adapt quickly to changing rules.
What do you think will be the next major breakthrough in cross-border payments? How is the company preparing to stay ahead of future trends, and what role will emerging technologies like blockchain play in this evolution?
Any breakthroughs will revolve around the wants and needs of businesses: faster transactions and settlements, greater transparency, reduced costs, and stronger security. Currently, we’re seeing a trend towards real-time payments and enhanced interoperability between different financial systems, which should drastically improve how businesses manage international transactions.
At Solidgate, we want to remain at the forefront of progress in the payments space and are constantly investing in new technology and partners to improve our infrastructure. Right now, our focus is on smart payment routing, adaptive authentication, and advanced fraud detection together with state-of-the-art subscription management, which we hope will keep our platform at the cutting edge.
We’re also closely monitoring how blockchain can complement our systems, especially in areas such as digital identity verification and currency conversion cost reduction. We believe the technology has the potential to increase transparency and reduce settlement times. However, widespread adoption isn’t a certainty and would require regulatory frameworks to catch up first.
Looking to the future, what are your next steps in expanding its reach and capabilities within the global payments industry? Are there any upcoming partnerships or technological advancements we should be excited about?
Expanding our support for alternative payment methods is one of our primary focuses—we want to ensure that businesses and customers in every region can use their preferred methods. On the technology front, transparency and fraud prevention are also paramount, with machine learning and AI at the forefront of our plans.
All the while, we want the business world to see the capabilities of our platform and are actively exploring collaborations that will strengthen our presence in key markets. The recent Nova Post (leader in express delivery and logistics in Ukraine and the EU) partnership, for instance, offers a great example of what Solidgate offers at scale. Customers throughout Europe can now pay using their preferred method, without any friction, fewer failures, and safe in the knowledge that their data is secure.
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