Banks.am’s interview with CEO at Idram Payment System Arsene Kdenian.

Idram has recently announced the upcoming launch of a new digital platform. Please, give us more detailed information about the project.

We can talk about this project endlessly, as it is a result of long and thorough work. However, I will try to explain the essence of the project.

Idram has long been a leader in the sphere of electronic money and payments. We enjoy the trust of loyal, but quite demanding and active customers. They appreciate the convenience of online transactions through our mobile app. The demands of our customers and the company’s commitment to providing convenient services have contributed to the development of Idram over the years.

Customer is the most important value for us. This is our time for new, quality breakthrough, and this breakthrough is also aimed at meeting the expectations of the most demanding customers who appreciate the technological development. At the same time we try to be available and convenient for all our users.

Nowadays we cannot but take into consideration that smartphones have already been incorporated in our daily life, people can make instant payments and transfers through remote channels without having to visit service centers, and finally avoid long queues and flexibly manage their personal resources. All of the mentioned above, including non-complementary rest and leisure services constitute the most common demands nowadays, so this is the description of a modern customer.

Idram can definitely provide multiple services, but not all of them. The rest of necessary and in-demand services will be added by partner organizations. Customers prefer using one online interface for all transactions, which means that they need a convenient digital platform. That is why we have decided to create a similar platform, called Marketplace. It will allow users to remotely open an account in the system by using mobile app and web interface, add any international payment card, make payments and transfers, flexibly manage their resources, pay for more than 200 services, receive online loans from Idram partners, fulfill loan commitments, transfer money to bank accounts, make contactless payments at partner shops and restaurants, receive cashbacks and many other advantages.

As we know, Idram is among leaders in digital payments market, which means that it is a successful organization. Are you dissatisfied with current business model?  How would you estimate the development prospects?

You are right. If we take into consideration the volume of electronic money turnover, Idram is the leader in electronic payments. We constantly update the package of payment systems, adding the most in-demand services. The number of our customers grows, as they like our decisions and services, so we are doing well in terms of business and indicators.

At the same time, we are a customer-oriented organization, which prioritizes loyal customers. This is the philosophy of our work, which is why we are led not by present, but by the strategy of the company’s long-term development, based on the principle of providing more and more services through unified online platform, which meets higher demands than those our payment system can satisfy. Besides, analyzing the customers’ demands and behavior in the market, we made the list of the most preferred financial and non-financial services, which will be gradually incorporated in our platform.

Thus, we have decided to cooperate and integrate with partner organizations, when part of the services is provided by them, while everything is done within the same unified platform (mobile app or web interface).We understand we have come up with a tough initiative and this is a significant challenge, but we have the certainty we will be able to overcome the difficulties and make it happen.

Idram has always been a pioneer in the market. For instance, we were the first to install QR-code payment method in some cafes and restaurants in 2016, and now we have it in supermarkets as well. Moreover, Idram has made it possible to add cards (Arca, Visa, Mastercard) to the system – these are all the solutions other companies just begin to introduce.

I can state confidently that Idram will continue applying the latest technologies on its platform and maintain the reputation of an innovative company.

You have announced the upcoming launch of the new digital platform together with IDBank. Why did you choose the bank as the partner for you new platform?

In fact, Idram has been cooperating with a number of Armenian banks for quite a long time. It is an opportunity for users to fulfill their loan commitments and replenish their bank accounts. I wouldn’t say that the partnership with these banks was easy and fast to establish. The banks had many questions and the process of integration and coordination took a long time.

Banks are traditionally conservative organizations that approach new initiatives with caution. Nevertheless, time has shown that the cooperation gives advantage both to the banks and the clients, who are enabled to use Idram’s flexible solutions to take care of their daily financial needs.  The majority of Armenian banks work with us now, which saves them the time and money they spend on cashier services and debt collection. That is why our partner network is growing.

However, when it comes to deeper integration, not all banks are ready for a number of reasons – technological, mental, strategic. In this regard, IDBank was a pleasant exception, as we found common ground on several strategic issues rather quickly. I have to admit that Idram approached other actors with the offer of partnership, but it didn’t end in concrete actions. With IDBank, we started working together when the bank shared with us a number of promising initiatives. While we were collaborating on them, we realized we could do this new platform with IDBank.

The same as Idram, IDBank supports application of innovative technological solutions as a means to serve the needs of customers. With the understanding that we are more flexible and quick in decision-making and introduction of innovative tools than other banks and given that we have already done colossal work to integrate with partners and create payment infrastructure, our colleagues in IDBank agreed to use the format of cooperation where the parties offer their solutions and services on a common digital platform. As a result, Idram clients will receive additional bank services from IDBank, and the bank’s clients will be able to make quick use of the opportunities offered by Idram.

I would like to emphasize that the digital platform is open and it is our principle approach. We want to cooperate with other Armenian banks, credit organizations, insurance and other financial companies and service providers, who would offer their services in a single window. Moreover, we invite them to collaborate with us and we will work in this director. To put it briefly, current and future clients of Idram are and will continue receiving good news.

What is the exact date of the launch?

We will start the countdown some time later, so this is a matter of a few months. We are testing the system and finishing the integration with a number of partners. Keep an eye on the news.