Silverleap: Pathway to Next-Gen Payments

The company designs end-to-end private payment schemes inclusive of hardware components for specific verticals such as canteens, food-courts, automatic fare collection, among others. Its suite of pre-built services includes Quick Response (QR) code payment and online and offline integration with contactless cards on the same wallet.

Silverleap understands customer’s security concerns and therefore has introduced military-grade security systems to ensure that every transaction is carried out seamlessly and securely. Being born out of an NFC technology project for public transport, the team consists of advanced NFC, and cryptographic key management developers with specialist skill sets catering to all security-related requirements of the banks.

Silverleap’s differentiation is through agility, time to market, and a service-oriented solution approach. Their long-term vision allows them to engage in risk sharing through transaction-based revenues enabling the reduced up-front cost of enabling services in exchange for a share in the longer-term benefits of the system. The company participates in a variety of ways from operational support to hosting and logistics.

Thillaivasan cites a success story that sheds light on the proficiency of Silverleap. A large local bank was in a dire need of implementing a locally mandated cashless payment scheme swiftly. At this juncture, Silverleap was able to cater to the bank’s innovation requirements by successfully implementing their tokenization engine and service platform in less than six months. Likewise, in the Philippines, Silverleap implemented a complete ‘virtual banking’ system by employing its eWallet accounts system to leverage the complete suite of contactless card payments, mobile QR, utility payment, and an array of innovative services to create an improved end-user banking experience.

Going forward, Silverleap is all set to benefit from the myriad of emerging technologies such as artificial intelligence, machine learning, blockchain cryptocurrencies and more, to improve customer experience, increase revenues for merchants, and lower risks for banks. According to Thillaivasan, a ‘reverse leapfrog’ effect is at play where the team can bring emerging market-driven innovation to mature western markets that struggle to meet their innovation targets. Moreover, Open Banking and developer communities can drive new innovation in B2B markets across Asia and Africa. “Silverleap intends to lead in this space,” concludes Thillaivasan.