Artificial Intelligence (AI) and digital currencies are not just reshaping the payments infrastructure, they’re revolutionizing the way entrepreneurs, startups, and freelancers operate in financial ecosystems. Violetta Bonenkamp, a serial entrepreneur and deeptech expert known for her multidisciplinary approach, offers a unique perspective on how these technologies can be leveraged to create competitive advantages while avoiding common pitfalls. As someone with decades of experience across multiple industries, her insights are particularly valuable for business owners navigating the rapidly evolving tech landscape.
The Transformation of Payments Infrastructure: What You Need to Know
The payments industry is undergoing a seismic shift. On the one hand, the increasing integration of AI promises unprecedented security, efficiency, and personalization. On the other, digital currencies are pushing central banks and private institutions alike to rethink how transactions and settlements are carried out. Here's why this matters:
- AI-driven Fraud Detection and Prevention: AI is enhancing security systems, intercepting fraud before it occurs, and reducing false positives. Startups using AI-based fraud detection capabilities report a 25% reduction in costs related to security breaches over conventional systems.
- Efficiency and Automation: AI automates repetitive processes like payment routing, reconciliation, and exception handling, improving transaction speed and precision. Real-time monitoring allows small businesses to handle large transaction volumes seamlessly, especially during peak periods.
- Central Bank Digital Currencies (CBDCs): Governments and central banks are exploring CBDCs to modernize payment systems. For example, China's Digital Currency Electronic Payment (DCEP) has already processed billions of dollars in digital transactions, demonstrating high efficiency and transparency.
Entrepreneurs need to embrace these changes proactively to stay competitive in an increasingly digitalized economy or risk falling behind.
How AI and Digital Currencies Can Help Entrepreneurs
Bonenkamp emphasizes that the adoption of these technologies isn't just an upgrade, it’s a necessity. Entrepreneurs, particularly those in micro-businesses or startups, can benefit by:
-
Speeding Up Transactions
AI-driven instant payments and the use of stablecoins or CBDCs significantly reduce settlement times. This is critical for freelancers and small business owners who rely on quick access to cash flow. Faster payments mean better liquidity management, something every startup founder understands as a lifeline. -
Personalizing Customer Experience
AI analyzes customer behavior in real-time, enabling hyper-personalized experiences. For example, e-commerce platforms utilizing AI can offer customized payment options tailored to preferences, increasing conversion rates by as much as 30%, according to Tipalti. -
Cross-border Payments Simplified
Digital currencies enable low-cost international transactions, bypassing the complicated fee structures of traditional banking systems. This is ideal for startups aiming to scale globally, a trend that’s particularly relevant following the rise of remote and distributed teams. -
Reducing Operational Costs
AI automates routine tasks like transaction forecasting and liquidity management, freeing up entrepreneurs to focus on strategic growth rather than mundane processes.
Common Mistakes Entrepreneurs Should Avoid
While these technologies are transformative, Bonenkamp warns against making several common errors:
- Overestimating Automation: While AI can simplify many aspects of payments infrastructure, entrepreneurs must maintain oversight to catch anomalies AI might miss. Think of AI as a collaborator, not an entity to delegate everything to.
- Neglecting Compliance: Digital currencies and AI tools often come with regulatory complexities. Entrepreneurs should closely follow frameworks like DORA (Digital Operational Resilience Act) and work with financial experts to ensure compliance.
- Ignoring Scalability Options: Some embrace AI and crypto solutions tailored to their current needs while failing to consider scalability. These technologies must align with future growth plans.
- Failing to Educate Stakeholders: Whether it’s your team or customers, the transformative impact of digital currencies and AI calls for awareness initiatives. Misunderstanding can create more friction than necessary.
A Step-by-Step Guide for Entrepreneurs: How to Leverage AI and Digital Currencies
Bonenkamp offers practical guidance for entrepreneurs aiming to integrate these technologies:
Step 1: Understand Your Needs
Assess your financial workflows and identify areas prone to bottlenecks. Whether it’s fraud detection, transaction speed, or liquidity management, clarity is key before adopting tools.
Step 2: Implement a Scalable Payment System
Look for platforms that integrate AI with payment capabilities. For instance, Fiserv’s AI-driven payment operations focuses on efficiency, security, and customer-driven insights.
Step 3: Explore Digital Currencies
Evaluate the benefits of stablecoins or CBDCs depending on your operational scope. For startups engaging in international trades, these digital alternatives reduce costs and transaction delays significantly.
Step 4: Choose the Right Tools
Red Hat, Visa, and Trend Research offer solutions designed to modernize payment infrastructures. Visa’s Generative AI technology is one example to consider for automating processes and transforming customer experiences.
Step 5: Build Partnerships
Work with fintech providers or payment integrators that specialize in both AI and digital currencies. Collaboration opens the door to shared innovation and seamless scaling.
Statistics that Speak Volumes
- Digital Payments Growth: The digital payments market is set to grow to $10 trillion by 2030, according to McKinsey. AI and digital currencies are key drivers behind this growth.
- AI Adoption in Payments: Financial institutions adopting AI report a 3x improvement in fraud detection and resolution, as highlighted in Volante Technologies research.
- CBDC Implementation: Over 105 countries are actively researching or piloting CBDCs, including Nigeria, China, and Sweden (Source: Atlantic Council).
Conclusion: Bonenkamp’s Vision for Entrepreneurs
AI and digital currencies provide immense opportunities for efficiency, expansion, and innovation in the payments infrastructure. Entrepreneurs who embrace these technologies now, guided by multidisciplinary applications like Bonenkamp’s unique methodologies, will not only survive but thrive in the digital-first economy. Her advice? “Think long-term; focus on scalability, compliance, and education while treating AI as an enabler, not a replacement.”
The blending of AI and digital currencies is a paradigm shift. Entrepreneurs who act now will get ahead of the curve and unlock new potential in their business models. “The future of payments is here, don't wait for it to knock harder,” Bonenkamp concludes.
For further examples of how banks are integrating AI with cross-border payments, check out McKinsey’s Stablecoins Infrastructure.
FAQ
1. How are AI and digital currencies transforming the payment infrastructure?
AI enhances security through fraud detection, streamlines operations, and enables personalized customer experiences, while digital currencies like CBDCs modernize payment systems for efficient transactions. Learn more about payment modernization with AI
2. What role does AI play in fraud detection within payment systems?
AI intercepts fraudulent activities in real-time, reduces false positives, and strengthens security, providing a 3x improvement in fraud detection for financial institutions. Discover AI’s impact on fraud prevention
3. What are Central Bank Digital Currencies (CBDCs), and why are they significant?
CBDCs are state-backed digital currencies that enhance transaction transparency, reduce costs, and modernize payment systems. Countries like China have processed billions in CBDC transactions. Explore CBDC research and global adoption
4. How can entrepreneurs use AI to improve transaction efficiency?
Entrepreneurs can use AI for real-time payment routing, eliminating bottlenecks and reducing settlement times, crucial for managing liquidity in startups. Learn how AI simplifies transactions for businesses
5. What advantages do digital currencies provide for cross-border payments?
Digital currencies reduce fees and transaction delays associated with traditional banking systems, making international payments faster and more cost-effective. Learn more about digital currencies and cross-border transactions
6. How does personalization enabled by AI benefit customer payment experiences?
AI analyzes customer behavior to offer tailored payment options, increasing conversion rates and boosting customer engagement. Explore personalized payment solutions
7. What are some common mistakes to avoid when adopting AI and digital currencies?
Entrepreneurs should avoid over-reliance on automation, neglecting compliance requirements, and failing to consider scalability for future growth. Understand pitfalls in technology adoption
8. What steps can entrepreneurs take to integrate these technologies into their businesses?
Entrepreneurs should assess workflows, adopt scalable platforms, explore stablecoins or CBDCs, and collaborate with fintech providers for seamless implementation. Find platforms for payment integration
9. Are there global trends in CBDC and stablecoin adoption?
Over 105 countries are researching or piloting CBDCs, demonstrating their potential as a financial innovation to transform payments globally. See global CBDC and stablecoin trends
10. Why is AI considered essential for modernizing payment operations?
AI drives operational efficiency by automating repetitive tasks, enhancing fraud prevention, and enabling scalable payment systems for financial institutions. Learn more about AI in payment operations
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
