Opus Consulting Solutions Inc.
THE EPITOME OF INNOVATION AND TECHNOLOGY
R. Williams has quoted once, “Trust is the easiest thing in the world to lose, and the hardest thing in the world to get back.” In the business world, trust is considered a crucial aspect of gaining sustainable clients. It cannot be built in moments rather it takes a lot of dedication and honesty towards the business and a prime focus on product quality. The team of Innovative Zone has been an active witness of such business ventures that are leading their respective industry with great offerings. This time, we kept our prime focus on those companies who are trustworthy and dedicated to their job.
Our editorial team had an interesting and joyful session with the leadership panel of Opus Consulting Solutions Inc. and the CEO of the company, T.M. Praveen who shared numerous unknown facts about the business journey and multiple valuable nuggets for the budding entrepreneurs that we are keen to share here. Their tremendous tale and inspiring journey highly influenced us and made us feature them in our exclusive edition- “The Most Trusted Companies to watch in 2022”. We truly hope and desire that this fascinating read will motivate all the inspiring leaders out there and will add some extra value to their lives as well.
Opus Consulting Solutions Inc. is one of the successful ventures of the business realm offering its services across the globe in the domain of digital payments. The company is relentlessly providing effective and highly outcome-driven payment strategies to the clientele and creating a better and safe society for the future via Opus Group’s CSR arm. Backed by the expertise and experience of more than 25 years in the respective realm, the company is scaling the success ladder by using the latest technology and upgraded solutions.
The leader further asserts, “We help leading global organizations build Payment solutions for the future using next-gen technologies. Our experience spans across the entire spectrum of payments in the banking and commerce space. We are helping our clients to adopt the best-in-class payment systems and are playing a pivotal role in driving the shift towards next-gen technologies, including Digital Wallets, Checkout Experience, Buy Now, Pay Later, Real-Time Payments, Cross-border Payments, Payment Gateways, 3D Secure Implementation, Card Management Platforms, Merchant Management, POS Management, Contactless Payments, Cloud, Data Analytics, EFT Switch, and PayFac Platform to name a few.
Also, we address the market with focused practices such as payment consulting, transaction processing, digital, and technology practices. Our specialization lies in technical excellence and relentless execution focus. We have a solid track record with tier-one payment providers. With PCI DSS certification and ISO 27001 compliance, our teams have successfully taken on largescale transformations of monolithic architecture, owing to that we have an impressive history of managing and executing projects on a grand scale within demanding timelines.
The company has spread its roots across North America, Canada, UK, and India by creating and developing numerous card authorization systems and vast payment gateways. Over the years, they have built a team of global payment professionals who come with unmatched domain expertise and technology capabilities that is critical in accelerating the modernization of payments solutions.
Trust and respect are two major elemental forces that the team of Opus has built the foundation of their venture on. This is one of the crucial aspects that has helped in building relationships in the workplace. And this further cultivates a sense of belonging where people feel safe working together. The members and the management as a whole have noticed that with trust and respect in the backdrop, employees are more comfortable engaging in open conversations. All this has helped improve efficiency, enhance job performance, and build a more committed workforce.
Mr. Praveen further adds, “To help our clients tap into emerging digital payment trends, we have key alliances with leading industry players such as MuleSoft, Google Cloud, Amazon Web Services, Microsoft Azure, WSO2, Apigee, and Noname Security. These strategic alliances help us to offer the best-of-breed payments technology and industry-leading infrastructure to our clients. As our vision is to be the strategic digital transformation partner to the most innovative brands in the payments industry, we are revolutionizing payments for a digital future.
With a vision to simplify payments, we’re committed to building innovative solutions that push payments forward in a way best suited to serve the shifting customer demands. At present, we are at the forefront of modernizing payment platforms, and we have a remarkable track record of helping marquee clients tap into the trillion-dollar market of global payments.”
ORGANIZATIONAL CULTURE
Our curious team asked the management team about the overall organizational environment of the company in response to which, the CEO, T.M. Praveen spilled numerous facts with us. He further shared some strategic principles for the upcoming business leaders that we have listed here:
- Be an advocate for innovative thinking and inspire productivity
- Seize responsibilities and exercise ownership in everything that you do
- Don’t shy away from taking calculated risks
- Break down silos and promote collaboration
- Don’t just pass the buck rather delegate effectively
- Stay curious and never stop learning
- Trust your gut, don’t be afraid to stand for what you believe in
- Encourage inclusive and experiential learning spaces
- Create an environment that accepts failure
- Attract diverse talents that will transform the organization
We all are aware of the fact that it takes a lot of positivity and courage to overcome hurdles and build a productive working environment for the workforce of an organization. The CEO says, “The way leaders in an organization respond to change can have a significant impact on the employees. There’s no escaping change, it is disruptive and at times even unsettling.
Having said that, adopting a positive and inclusive approach to change has proved to be rewarding in more ways than one.” Also, he explains that all the courage and determination come by creating and structuring a better work culture throughout the organization that should be rich in diversity and inclusion. There should be proper trust and respect among the employees and the management team as a whole.
BRIGHT FUTURE OF TECH-DRIVEN PAYMENTS
The company is looking forward to utilizing its strengths and expertise by implementing agile operations along with improving and transforming the digital scenario and leveraging the latest technologies. They are also actively collaborating with emerging business ventures that are investing in innovative solutions, with an aim to provide exceptional payment experiences to its clientele. The company believes that the below key drivers will carve a better future for payments technology in the coming years:
- 1.1T Non-cash transactions by 2023
- 4B Digital wallet users by 2024
- $50B NFC-based payment by 2024
- $4T B2B virtual card transactions by 2025
- 47% of users use conversational commerce
Along with this, the team also shared a few innovation and tech-driven ideas that will definitely boost and raise the standard of the payments world.
REAL-TIME PAYMENTS
The Opus team is working on various solutions around the massive shift from batch to RealTime Payments (RTP). They claim that with time, the rising demand for a faster payments network has carved the straight road for the deployment of real-time payment rails in 56+ countries. RTP’s surge in the last few months stands as a testament to the immense value that this payment model brings to merchants, businesses, and banks.
BUY NOW, PAY LATER
Deferred payment flexibility, simpler checkout processes, faster approvals, and zero-interest options are just some of the many benefits that BNPL offers. The CEO affirms, “As per reports, 3% of global eCommerce revenue is expected to come from BNPL by 2023. While there may be hidden risks that merchants and BNPL providers need to be wary of, the growth trajectory of this trend has been impressive, to say the least.”
CROSS-BORDER E-COMMERCE
The global E-commerce market is all set to reach $1 trillion by the year 2025. With a glaring need to make cross-border payments frictionless — players in the financial industry need to push further ahead in making cross-border payment fast, secure, and transparent.
B2B PAYMENTS
Digital adoption in the B2B payments sector has proved to be immensely beneficial for businesses, whether it is a big firm or a small venture. The digitization of accounts payable and accounts receivable for one, has brought in much-needed workflow automation. On the other hand, manual processes that kill productivity have been replaced, which in turn has reduced labor costs and human errors, significantly!
CONTACTLESS PAYMENTS
Undeniably, the adoption of contactless payments has gained prominence as a response to health concerns brought about by the pandemic. However, the proliferation will not end here. The convenience and ease of these payments have ensured that this tap-and-pay trend is here to stay!
SYNCHRONIZATION WITH TECHNOLOGY
“The great growling engine of change is technology.” – Alvin Toffler. The leadership team of Opus Consulting Solutions Inc. believes that the adoption of the latest technology is extremely important for any business venture, which is looking forward to sustaining in the market. “When you’re up against a rapidly changing financial landscape, you need to be agile to respond effectively and innovate in new ways. Today, most organizations are still working on that one ‘Aha!’ moment that they had right at the genesis of it all. Strategic foresight is missing from most boardroom discussions.
Teams are looking to meet deadlines day in and out while putting out fires along the way – leaving them no time for futuristic thinking. Innovation in the workplace not only promotes growth but is an important factor to accelerate an organization’s pace of change. Innovation must be a top-down initiative. A leadership team that is invested in futuristic thinking is the cornerstone for building a culture that is big on innovation.”-T.M. Praveen. Mr. Praveen further explained that the sooner one realizes that innovation is not something that springs in and out of fashion, the better it is for all.
Also, fostering innovation in the workplace makes employees feel that their opinions are valued and builds a culture of trust. With extensive expertise in the financial domain, the company has partnered with a diverse global client base that comprises of stalwarts of the financial services industry including the top 5 largest banks, FinTechs, and major payment companies — all focused on driving digital transformation and innovation in payments. Opus Consulting Solutions Inc. has a growing footprint in the US and offers a perfect mix of digital transformation and innovation to the payments ecosystem.
A GLIMPSE OF THE GROWTH
- Year 1997 – Incepted a journey to build solutions for retail payments and securities.
- Year 1998 – Pioneered a leading cross-border remittance solution.
- Year 2005 – Electra Card Services got established with a focus on acquiring and processing.
- Year 2014 – Pioneered ATM networks and payment gateways
- Year 2017 – Focused on driving digital transformation in North America
- Year 2022 – On the path of expansion, client acquisition, partnership, and talent growth.
CULMINATION
The company is scaling the success ladder at a brisk pace and is not ready to stop the journey yet at any cost. The team is all set to go beyond limits with a detailed plan for the same. They have recently adopted a solution-centered approach as they have true faith in it. They believe that it will be a crucial step for the organization as a whole in raising the value chain across the field of payments.
At last, before signing off, the CEO conveys a strong message to all the budding leaders out there by saying, “We now see a seismic change across the payment ecosystem – from buying behaviors, spending habits to payment preferences. To be able to thrive and remain competitive, organizations must work towards treating customers to superior digital experiences. When it comes to building your workforce, work towards building trust with your employees. This way, you will not only benefit from an engaged workforce, but you will also notice how your teams are willing to come together and work towards the same organizational goals.”
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