2023 in Review: Celebrating Milestones and Triumphs - Part 2
As the year comes to a close, Paramount Commerce reflects on significant milestones and game-changing achievements. Amidst the dynamic landscape of the Canadian payments industry, Paramount Commerce stood at the forefront of innovation, marking several key accomplishments that reshaped the company’s trajectory and the industry’s future.
Launching One-Click Repeat Deposits
Early in the year, Paramount Commerce launched its groundbreaking One-Click Repeat Deposits feature. This innovative addition to their Instant Bank Transfer payment solution redefined the traditional payment experience. With just a single click, consumers can make repeat deposits without the hassle of re-entering their bank account details. This feature not only streamlined transactions but also bolstered consumer loyalty and significantly improved conversion rates, solidifying Paramount Commerce’s reputation as an industry pioneer.
Utilizing Machine Learning for Risk Management
Paramount Commerce integrated machine learning into its already robust risk management system. This strategic decision along with the treasure trove of data they’ve accumulated over two decades of operating, cemented their position as one of the leaders in the Canadian payments space. The implementation of machine learning brought forth a lot of advantages such as heightened accuracy in risk prediction, substantial cost savings by mitigating fraudulent activities, improved customer retention rates, and a competitive edge in decision-making. The remarkable results achieved through this integration, within a short period, underscored the effectiveness of this cutting-edge technology in reducing return rates and fortifying Paramount Commerce’s risk management excellence.
Completion of SOC 2 Type 2 Audit
Paramount Commerce completed the SOC 2 Type 2 audit this year, a testament to their unwavering dedication to data security and privacy. This achievement reaffirmed the company’s standing as a trusted partner for businesses and consumers. The audit, which involved thorough assessments, detailed documentation of security controls, and ongoing monitoring to ensure that security measures remained effective over time, validated Paramount Commerce’s stringent security measures, data privacy compliance, and commitment to continuous improvement.
Paramount Commerce Acquires Clik2Pay
Paramount Commerce capped off the year with a game-changing move as they expanded into new markets through the strategic acquisition of Clik2pay, a cutting-edge real-time e-billing and collection payment platform. The acquisition marked a pivotal moment for Paramount Commerce. This strategic maneuver enabled Paramount Commerce to broaden its range of alternative payment solutions significantly. Clik2pay’s innovative payment platform catered to diverse sectors such as e-billing, collections, eCommerce, and small businesses, offering versatile payment options and data-rich functionalities. Paramount Commerce anticipates a positive ripple effect, promising enhanced features and capabilities for their existing merchants and millions of engaged consumers through the integration of Clik2pay’s offerings.
As Paramount Commerce bids farewell to 2023, these achievements pave the way for an even more promising future. The company’s pursuit of innovation, commitment to excellence, and unwavering focus on security and customer satisfaction continue to solidify its position as Canada’s leading bank-account-based payment partner. Paramount Commerce remains dedicated to shaping the landscape of the Canadian fintech industry.
