Behind the idea: FYST | Fintech Times

In today’s rapidly developing e-commerce landscape, businesses face a significant challenge when it comes to cross-border payments. The complexities of managing international transactions, navigating regulatory compliance and optimizing payment flows pose a major obstacle for merchants looking to expand their global reach.

With a decade of consulting experience from the payment and banking industry, Ryta Zasiekina fled her Ukrainian homeland to Riga, Latvia, in the spring of 2022, where she started FAST — a one-stop payment consultant for e-commerce and fintech companies.

The launch of FYST comes as e-commerce businesses move beyond simply offering digital payment options to embrace 360-degree advice, support and first-hand market insights to help them unlock new opportunities in the rapidly evolving e-commerce space.

Tell us more about your company and its offer

FYST is a one-stop payment consultancy for e-commerce firms that aims to empower merchants by offering a unique combination of agile digital payment capabilities, banking and payment technology guidance, regulatory compliance and AML advisory services from its team of industry professionals.

FYST brings together leading payments and fintech innovators under one brand to help businesses across all sectors navigate the fast-growing cross-border e-commerce market, combining unmatched technical ingenuity, in-depth tailored advice to help start-ups scale up with success and ease. access to more than 70 global payment methods.

What problem was your company set up to solve?

With its revenue-centric ethos, FYST promises to take the complexity out of cross-border payments and support its customers’ growth. We assist e-commerce companies to connect with smart purchasing and processing services, manage relationships with international payment systems and navigate a plethora of global banking relationships to ensure fast, flexible and cost-effective cross-border payments.

How has your business evolved since launch?

With the value of cross-border payments expected to reach $250 trillion by 2027, many e-commerce businesses are now seeking full 360-degree advice and support, as well as first-hand market insights. As such, FYST has evolved to help these businesses unlock new opportunities in the rapidly evolving e-commerce space. Through our exclusive processing agreements and channels, we enable merchants to simplify and optimize payment flows across borders, minimize operational risk and serve customers worldwide by providing access to locally used payment methods.

What has been the biggest challenge or the most “tough moment” to overcome?

February 24, 2022 marked the first day of the war in Ukraine. In the following months, I, along with around 8.1 million people – corresponding to around 20 percent of the total Ukrainian population – have been displaced to Europe.

While I currently live in Riga, Latvia, my family is still in Ukraine. Building a business from the ground up is no mean feat – especially when you consider the turmoil of migration and the testing circumstances that continue to directly affect many of my friends and family. However, Ukrainians are a strong and determined people, and we will continue to defy the odds.

What are your biggest achievements or “proudest moments” so far?

FYST boasts a diverse group of successful industry pioneers who understand not only the important role of payments, but also how to put people at the heart of business development. Our consulting team brings together payments, banking and fintech specialists to provide an unrivaled wealth of knowledge, friendly and practical advice and first-hand scaling experience to help businesses go beyond just handling payments; instead, we reimagine money to make it flow seamlessly.

How would you describe the culture in your company?

We are young and ambitious, we love challenges and have gathered the skills and experience to handle them – we are not afraid to take on tasks no matter how complex they may be. We actively try to motivate young people to get involved in our industry and help shape it. We love and appreciate people who want to learn and develop.

What is in store for the future?

We recognize that developing software to meet the changing needs of our customers is a critical component of our business. As a result, we assembled a team of the industry’s best specialists and developers, compiled a list of client requirements and pain points, to create a solution that, in our opinion, can meet these needs. There are many existing products that satisfy many of these special requirements, but our goal is to bring a complete solution to the market.