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Optimus Advantage TM Secure Document Management Business Payment Solutions using SAP HANA and AWS. Overview. The Payment Problem The Payment Solution: Optimus Advantage How Optimus Works Payments Processing and Document Management What Optimus Does
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Payments Processing and Document Management
Optimus Business Payment Solutions
The Secure Cloud-Based Payments Solution
Validation by Electronic Signature
There is an unmet need for a mid-market payment solution (between $500 and $10,000) that is easy-to-use, highly reliable, secure and able to route payments globally at a reasonable cost. When asked what are businesses’ biggest cross-border payment challenges, a majority of respondents said (in order of priority):
1. The long time it takes funds to clear,
2. Payment reconciliation,
3. Tracking payment processing, and
4. Lack of foreign exchange fee transparency.
Cross-Border Payments: Unmet Needs Drive Opportunities for New Payment Solutions by Erin McCune, Glenbrook Partners, April 4, 2011.
Optimus will serve this unmet need by targeting small and midsize businesses which engage in international trade. Optimus will target them by licensing the Optimus Business Payment Solution to smaller commercial banks, using established banking relationships as a trusted distribution channel.
The “Transaction Package”
Optimus Advantage will create an easily accessible Transaction Package by combining:
in a secure, cloud-based document management center.
Creating an electronic Transaction Package will accelerate the processing of purchase orders, invoices and electronic payments while simultaneously matching payments with transaction documents, all in a secure environment.
Optimus Advantage will license the solution to banks as a turnkey solution to enable banks to:
An added value of the Optimus business model is that it provides businesses with a trusted online community that can be accessed to improve sourcing and to identify new trading partners.
Buyer Submits Purchase Order
1. Buyer prepares electronic purchase order in general ledger software or at seller website.
2. Buyer accesses Optimus Advantage website and converts purchase order from its original format into a PDF using Optimus RecordTM.
3. Buyer electronically signs purchase order PDF, using Adobe EchoSign™ to verify authenticity.
4. Purchase order PDF is sent via the Optimus website to seller.
5. Purchase order PDF is stored in Optimus Record DatabaseTM, establishinga new Transaction Package.
Seller Submits Invoice
5. All files become part of the Transaction Package. Buyer is notified. The Invoice is added to the Transaction Package. All files of the Transaction Package are stored in the Optimus Record Database™, using SAP HANA and AWS real time processing services.
Buyer Pays Invoice
5. The entire Transaction Package is stored in Optimus Record DatabaseTM and available for review by seller and buyer in the Optimus Record Database supported by SAP HANA and AWS.
Optimus uses the following security measures to prevent fraud:
1. Integration of existing bank security protocols.
2. Security sign on to Optimus website is controlled by a variety of proprietary security solutions.
3. All communication between customer and server uses SSL.
4. Identity authentication through use of Adobe EchoSign™ solutions.
5. Affixing electronic signatures to documents make them subject to an audit trail, enabling verification and authentication.
6. Encryption of all customer electronic documents prevents fraudulent billing.
7. Only outbound ACH payment can be made by account holder. No ACH debit possible.
Optimus has engaged Adobe, Ensemble, ACH Federal, Actimize, and Adobe EchoSign in detailed discussions to coordinate and build the Optimus platform, which will integrate the following established technology solutions:
Electronic Document Management:
Adobe LiveCycle Document Management Software
Adobe EchoSign electronic signatures
SAP HANA and AWS:
Real time RAM processing
Ariba – Targets Fortune 500 business. Document management function, but in Ariba proprietary format only.
Bill.com – Targets small business by providing their accountants discounted membership and access to client records in return for distribution. Document-payment synchronization limited to Quickbooks, Intacct and Peachtree. No international payments.
Earthport – Cost–prohibitive direct payments. Encryption, but no document management solution or tradematching.
Intuit – Order/ invoice solution, but no document management, digital signatures or tradematching.
PayPal – C2C and C2B payment solution, relies on credit card payments system. 4% charge for international payments is the most expensive. No document management solution.
Travelex – No document management, no order/ invoice solution, no digital signatures or tradematching.
Optimus will distinguish itself from all of the above with its secure, low cost domestic and international payments, unique document management solution and escrow service.
Banks typically charge:Optimus will charge:
$25/$12 for incoming/outgoing wire transfers, Optimus Direct CreditTM : $.49 Optimus RecordTM: $2.50
$45 for international wire transfers, $25.00 flat rate for Optimus Currency ConvertTM,
1% of contract price for Letters of Credit, $25.00 flat rate for Optimus EscrowTM,
and offer no document management solution. $100 for annual Record DatabaseTM subscription,
… and share its fee revenue with the Banks.
Checks remain the primary method of business payment; they account for 80% of the payments between businesses. Electronic payments have quickly swept the consumer market and are poised to grow on the business side. Electronic payments consist of wire transfers, credit/debit cards and direct credit/debit. The most secure, cost-effective business payment solution stands to gain the greatest share of this market-in-transition as checks are abandoned.
At the same time, the United States and European marketplaces annually generate over $32 trillion in shipments. This market has a constant need to find new trading partners and make international B2B payments.
CHARLES J. MAGOLSKE – FOUNDING MEMBER
MICHAEL HARRIS – FOUNDER, PRESIDENT AND CHIEF TECHNOLOGY OFFICER
PATRICK VINING – VICE-PRESIDENT BUSINESS DEVELOPMENT AND LEGAL
ELIZABETH MCQUERRY – INTERNATIONAL PAYMENTS CONSULTANT
• Seasoned professional in cross-border payments; well versed in regulatory policy and analysis.
• Extensive experience developing retail cross-border ACH, mobile and debit card solutions and SWIFT.
• Prior positions include: AVP for Retail Payments at the Federal Reserve Bank of Atlanta; SVP
responsible for international payments with a financial services provider facilitating international
payments for global financial institutions.
• Regular author on banking and payment issues in publications including Economic
Review, EconSouth, and Journal of Interamerican Studies and World Affairs.
• Fluent in Spanish and Portuguese.
• Education includes: PhD The University of Texas -- College of Liberal Arts.
Optimus Advantage LLC Investment:
Optimus Advantage LLC is seeking an initial investment to build the Optimus platform. Platform development milestones include:
Optimus will then approach the VC community to staff before licensing to a wider group of banks and enable Optimus to go fully operational.
Optimus Revenue Growth:
It is projected that Optimus will generate up to $74 million in revenue at the end of three years of operation and experience exponential growth thereafter.
Contact: Michael Harris, Manager
Optimus Advantage LLC