DIGITALL introduced the open standard for P2P payments – the Lightning Network at the event.
Sofia, Bulgaria, October 2, 2021
DIGITALL participated as a partner in the 4th DIGI PAY conference, the financial industry event for digital payments in Bulgaria. During the Digital Payments and Identification panel, Radoy Stoyanov, Vice President Financial Services Industry at DIGITALL, presented the open standard for P2P payments – the Lightning Network.
DIGI PAY is a popular event for secure and accessible digital payments in Bulgaria and is organized by ACFE Bulgaria, a branch of the international organization The Association of Certified Fraud Examiners (ACFE) based in the USA. The fourth conference was held in Sofia, Bulgaria on October 1, 2021, and was streamed live. It brought together C-level executives, fintech leaders, regulators, and experts in digital payments, security, risk, online fraud, privacy, etc. from the financial and banking sectors to discuss the latest threats and challenges in the industry and introduce the most effective practices and solutions.
What is Lightning Network
This year’s hybrid event featured five panels, each addressing the challenges of open banking, payments and identification, customer experience, fraud prevention, as well as live demonstrations.
As part of his talk, Radoy Stoyanov explored the topic of how the Lightning Network as a global open standard for P2P payments on the Internet is already starting to challenge traditional card and bank payment rails. Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. It offers the benefits of fast payments, scalability, low costs and cross-blockchain transactions.
“Lightning is a revolutionary technology when compared to traditional payment rails, as it is built using the same paradigms as the Internet itself – as an open network allowing any actor to join and transact. Due to its blockchain nature, most people mistakenly think that it is limited to payments in bitcoin and cryptocurrency only. However, it enables the transmission of value globally in any currency, as many new fintech companies are already demonstrating in their digital wallet offerings. ” says Radoy Stoyanov.
DIGITALL’s business approach
In the course of his professional career, Radoy has gained а solid expertise in financial technology. He brings more than 10 years in banking as a senior executive in IT, operations, marketing and innovations, and another 10 years as a software engineer and consultant. A proven innovator, Radoy has been successful in optimizing customer experiences and business processes of financial institutions, resulting in higher quality of the services offered and more satisfied clients.
Radoy’s trusted approach to every project is to combine the business aspect with technological knowledge. This principle is also integrated in DIGITALL’s strategy in order to provide greater added value to its customers. With this goal in mind, DIGITALL’s Financial Services & Insurance portfolio focuses on four pillars of modern banking, that drive the effectiveness and competitiveness of financial organizations:
- Digital journeys: Provide superior experience along the customer journey to better understand customer needs and enhance loyalty
- Automation: Automate banking processes to increase efficiency and lower costs
- Integration and operation: Integrate and operate data and processes to take your decision-making to the next level, from core banking integration to the implementation of agile BI
- Compliance and governance: Ensure the company is always up to date with increasing regulations.
Find out more about our Financial Services & Insurance portfolio.
About DIGITALL
We are DIGITALL – a digital leader born from two technology and business-driven consulting companies with more than 20 years of success and experience on the global market. By joining forces, we deliver the next generation Digital Transformation & Digital Cloud Experience to enterprises. We digitalize and protect customers, employees, and data. Our customers rely on us to transform their core business processes in a secure way in the digital world.
DIGITALL operates on a global scale with over 1,400 employees across 26 offices in 12 countries located in Europe and North America.
In addition to building a competitive portfolio, our team of expert employees has established strong relationships with strategic technology partners, including Salesforce, Microsoft, IBM, SAP, Oracle, Cisco, Snowflake, Zuora etc.