Acies AI Ltd. was established in 2020 in Toronto, Canada, with the goal of bringing business intelligence to the payments industry. Acies co-founders Richard Kapustin, chief executive officer, and Jonathan Keebler, chief technology officer, designed and built an AI platform that uses proprietary machine learning to answer pressing business questions.
"Jonathan and I spent years in big companies," Kapustin said. "Each [of our former companies] spent millions on BI products and struggled to do basic charts and graphs. We realized that they needed two main things: ease of getting there and a reason to do it." Large organizations that warehouse data with multiple vendors must find ways to integrate it, Kapustin stated. Acies works directly with middlemen that have the data, thereby saving companies from time-consuming and costly warehousing, fees and technical integrations commonly associated with business intelligence initiatives.
Few businesses have the budget to invest in meaningful BI, Kapustin noted. Acies solves this challenge by allowing businesses to monetize their data. He added that Acies can be sold under existing merchant service agreements, making it easy for channel partners to sign up new merchants.
"We believe business intelligence is essential for operating a business of any size," Kapustin said, adding that Acies can easily integrate into payment gateways without exporting data to a third party because data never leaves a customer's environment. He noted that the platform can be customized to match customer environments and is compliant with security requirements.
Kapustin went on to say that merchant feedback has been positive. Merchants who are using the platform appreciate the cost savings and improved efficiencies. They no longer have to collect their own data and store it in a data lake. They can derive essential business insights without the encumbrance of in-house systems, per-store licensing fees and outside data specialists, he stated.
Kapustin pointed out that managing BI can become complicated and time-consuming process for growing companies, as risk will increase proportionately with all of the disparate data and systems in play. Escalating data consumption and management can rapidly turn a business intelligence initiative into a money pit.
Acies is a cost-effective alternative to legacy data management systems and requires neither data scientists nor technical aptitude, Kapustin stated. Merchants can use the dashboard to customize reports without going to separate POS vendors to collect data and they can see all of their payment transactions on the gateway and BI tool.
"Acies AI works closely with some of the world’s top payment gateways, offering a turn-key business intelligence platform fueled by your payment data," Kapustin said. "The Acies platform arms you with answers to your most pressing business questions, even the ones you haven’t had time to consider."
Kapustin described Acies as a lean, processor-neutral company powered by a 10-member team that hit the ground running, signing its first channel partner in September 2020 and launching its customer segmentation engine in December 2020. The company's advisory board includes Diane Faro, president and partner at National Benefit Programs and former CEO at JetPay; Audrey Blackmon, senior vice president, business development at Verrency; and Michael A. Peters, who served as executive vice president and president of TSYS Merchant Solutions.
"In Spring 2021 we will be launching with two new channel partners in the U.S. market," Kapustin said, adding that the company will continue to use real-world data to train its unique AI technology and expand its capabilities.
"We want to be descriptive and prescriptive; that's what increases the value of what we’re selling exponentially and differentiates us in the market," Kapustin said. "We can tell you if you're meeting your business goals and what you can do about it. And if you’re going to miss your targets, we'll tell you before your boss finds out."
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Chief Executive Officer
Company Profile originally appeared in
The Green Sheet Issue 210301
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140301 - Meritus Payment Solutions
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131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
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130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
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130202 - Layered Technologies Inc.
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121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
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111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems