GS interviews Castles Technology's Bruno Pirtouscheg

Following Bruno Pirtouscheg'sappointment as executive vice president of LATAM at Castles Technology, The Green Sheetcaught up with him via email for an interview. Prior to joining Castles, he served as head of Latin America at Verifone and held leadership positions at Ingenico. We hope you enjoy this informative Q&A.

Congratulations on your new role at Castles Technology. Could you share your vision for the company's growth and expansion in the Latin American market over the next few years?

Thank you! I'm excited to join Castles Technology at this crucial time. My vision for growth and expansion in Latin America is to establish Castles Technology as the go-to provider of innovative payment solutions technology in the region. We plan to achieve this by capitalizing on our current cutting-edge Android product range, under constant innovation and our payment solutions including SoftPOS and CasHUB, the market-leading platform, that empowers merchant’s activity with comprehensive capabilities, designed specifically for high-trend merchants and markets.

Our focus will be on building robust local teams, nurturing strategic partnerships, and continuously innovating and investing to improve the customer experience with convenient and easy-to-use devices and payment solutions. Our ultimate goal is to empower businesses and consumers with secure, efficient, versatile and innovative payment technologies that foster economic growth and financial inclusion.

Given your extensive experience in the fintech industry, particularly in Latin America, what unique challenges and opportunities do you foresee for payment technology in this region?

Latin America offers a unique landscape for fintech. This is one the most promising financial future regions in the world, with both significant challenges and opportunities.

One major challenge is the region's diverse economic and regulatory environments, which necessitate customized solutions for each market and for the different segments of the population. Additionally, addressing financial inclusion remains a pressing issue, as although access to financial inclusion has grown over the last few years, there is still a large portion of the Latin America population without an account with any financial institution, lacking access to banking and digital payments services.

Some analyses indicate the percentage of the population that had an account at any financial institution grew from 40 to 50 percent in 2019 to 70 to 80 percent by 2023, which is still low when compared to more developed countries and regions. A significant portion of the population still lacks access to banking and digital payments services.

However, these challenges also present opportunities for innovation and growth. The rapid adoption of digital payments and the increasing prevalence of smartphones, as well as government initiatives supporting regulation, interoperability, competition and technology adoption, provide a ripe environment for advanced payment solutions.

Understanding and addressing the specific needs of each market, and bringing benefits to consumers, with new payment options and improved payment experiences tailored to each person’s needs, translate into immense growth potential and significantly impact the region's financial ecosystem.

How do you plan to leverage your previous experiences at Verifone and Ingenico to drive innovation and customer satisfaction at Castles Technology?

My experience at previous companies has provided me with a profound understanding of the payment industry's complexities and customer expectations. At Castles Technology, I intend to leverage this experience by prioritizing customer-centric innovation. We will focus on comprehending our clients' needs and challenges, allowing us to develop customized offerings that not only meet but exceed their expectations.

Additionally, we will capitalize on Castles Technology's agility and flexibility, enabling us to make swift and informed decisions. This responsiveness is a significant advantage, positioning us to react quickly to market demands and drive impactful results.

Moreover, my experience has highlighted the importance of strong partnerships and collaborative ecosystems. By cultivating relationships with financial institutions, merchants and technology providers, we can drive innovation and deliver comprehensive payment solutions that enhance customer satisfaction, loyalty and digital payment acceptance.

Latin America has seen a rapid adoption of digital payments in recent years. What trends do you believe will shape the future of the payments landscape in this region?

Digital payments adoption has been on the rise for many years across Latin America. We have seen a strong increase after the pandemic and in-line with the adoption of smartphones in the region. This is back-ended by the regulators that are driving technology adoption and competition as an effort to fight against the informal economy and the usage of cash. In my view, several key trends will continue to shape the future of the payments landscape in Latin America.

• The continued shift toward more advanced and sophisticated technologies for digital payment acceptance, mobile payments, wallets and contactless technologies will continue to rise as it enhances payment convenience and accessibility for consumers.

• The continued rise of digital wallets and fintech apps that provide new avenues for financial inclusion, enabling more people to participate in the formal economy.

• Integration of value-added services, such as loyalty programs and personalized offers, will enhance the customer experience and drive engagement.

• Increase of interoperability among the ecosystem players in the market, the use of APIs and new emerging technology adoption such as blockchain and AI will help to drive consumer experience as well as increased security, driving a more efficient and consumer oriented digital payment acceptance.

• Last but not least, the continued rise of P2P (peer-to-peer) transactions driven by government-backed instant payment systems, government interoperability initiatives, as well as fintech’s private offers will have an impact. Great examples are PIX in Brazil, SPEI and CODI in Mexico, MACH in Chile, and many other digital e-wallets that provide a convenient, secure and reliable way to send and receive payments.

Security and fraud prevention are critical in the payments industry. How does Castles Technology plan to address these concerns, especially in the context of the Latin American market?

At Castles Technology, security and fraud prevention are top priorities. We are committed to implementing the highest standards of security across our products and services. 

In the Latin American market, we recognize the specific challenges related to security and fraud. To address these, we will work closely with local financial institutions and regulatory bodies to ensure compliance with regional standards. Additionally, we will invest in educating our clients and their customers about best practices for secure payment processing, fostering a culture of security awareness throughout the region.

What role do you see emerging technologies, such as blockchain and artificial intelligence, playing in the evolution of payment systems in Latin America?

Emerging technologies like blockchain and artificial intelligence will play transformative roles in the evolution of payment systems in Latin America. From interoperability, security and efficiency, to customized and tailored capabilities, and cost reductions, these technologies are extremely supportive in the continuous rise of digital payment acceptance.

To give some good examples, blockchain technology, with its decentralized and immutable nature, offers enhanced security, transparency and efficiency in transaction processing. It can significantly reduce the risk of fraud and streamline cross-border payments, making it a valuable asset for the region's financial infrastructure.

Artificial intelligence, on the other hand, has the potential to change customer service, fraud detection and personalized marketing. AI-powered systems can analyze vast amounts of data in real-time to identify suspicious activities, predict customer preferences and provide tailored recommendations.

At Castles Technology innovation and use of new technologies is part of our DNA, aimed to deliver smarter, more secure, and highly personalized experiences for our clients and their customers.

Collaboration and partnerships are often key to success in the fintech sector. Are there any specific strategic partnerships or initiatives that you are particularly excited about in your new role?

Absolutely. Collaboration is crucial in the fintech sector, and I am particularly excited about forging strategic partnerships that can drive innovation and market penetration. We are exploring partnerships with leading banks, fintech startups and technology providers to create comprehensive payment solutions across the multiple countries in the region.

At Castles we are counted on for the necessary flexibility, capacity and experience to drive customized and easy to adapt technologies that support our partners to drive digital payment acceptance in a vast number of verticals and use cases.

What advice would you give to other professionals in the payments industry who are looking to expand their businesses or careers in the Latin American market?

For professionals looking to expand their businesses or careers in Latin America, my advice is to deeply understand the local markets' dynamics and customer needs. Each country in the region has its own unique economic, cultural and regulatory environment. Success requires a tailored approach.

Invest in building strong local teams and partnerships, as they provide invaluable insights and connections. Stay agile and open to innovation, as the fintech landscape is rapidly evolving. Finally, prioritize security and customer trust; these are the foundations of any successful payment solution. By focusing on these areas, professionals can unlock significant opportunities and drive meaningful impact in the Latin American market.

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