In the vibrant world of tech innovation, few stories resonate as dynamically as that of SurePay, a pioneering force in financial technology. We had the pleasure of speaking with Friso Schutte, the Chief Technology Officer of SurePay, who brings a rich technical background and multifaceted role to the company.
Having joined SurePay shortly after its inception, Schutte's journey is not just about leading IT teams but also about navigating the complex landscape of tech startups turning into scale-ups. During our conversation, he delved into the genesis of SurePay during his tenure at Rabobank, where an idea to enhance the security of credit transfers evolved into a full-fledged enterprise. Under Schutte’s leadership, SurePay expanded beyond its Dutch origins to make significant inroads in the UK market, scaling operations and adapting to new challenges.
His dual role as a product manager and IT architect provides unique insights into both the technological and business aspects of running a tech company. In this exclusive interview, Schutte shares his experiences and the innovative strides SurePay has made in fraud prevention, transforming how transactions are verified to protect consumers and businesses alike.
From Banking Innovator to Tech Pioneer: Friso Schutte's Journey with SurePay
Friso Schutte has always had a knack for seeing opportunities where others see challenges. His journey began in the trenches of Rabobank’s IT department, where he played a pivotal role in crafting an innovative service that would later evolve into SurePay. He reminisces about those early days, “It started as a moonshot idea among colleagues and morphed into something much bigger than any of us anticipated.” That blend of technical savvy and visionary thinking led him to pivot from a secure banking job to the thrilling uncertainty of a tech startup.
It started as a moonshot idea among colleagues and morphed into something much bigger than any of us anticipated
Friso SchutteCTO at SurePay
Under Friso’s leadership, SurePay transitioned from a promising project within Rabobank to a standalone powerhouse aimed at preventing financial fraud. The leap from internal project to independent company wasn't just a step up for him; it was a dive into the deep end of entrepreneurial spirit. "We were initially backed by Rabobank, which gave us a cushion," Friso explains. "But convincing management to spin us off and then actually succeeding in the market? That was a thrilling challenge." This pivotal moment was marked by strategic shifts and a relentless drive to innovate, laying the groundwork for what SurePay would eventually become.
Today, SurePay is not just a company but a testament to successful scaling across borders, particularly in the UK market. Friso’s ability to wear multiple hats—from IT manager to product architect—has been crucial. His favorite saying captures the essence of his philosophy: "Having your finger in a lot of pies isn’t just about multitasking; it’s about making sure each one turns out perfect." This ethos has driven SurePay’s transformation from a niche service into a key player in financial technology, demonstrating the power of innovation combined with strategic foresight.
Breaking Barriers in Banking: Friso Schutte on SurePay's Pioneering Role in Financial Security
Friso Schutte elaborates on the unique challenges SurePay faced as they ventured beyond their original partnership with Rabobank to secure a foothold in a tightly knit banking ecosystem. He shares, "Navigating the banking industry's tight security and privacy was like walking through a maze of locked doors. We had to convince major banks like ING and ABN AMRO to trust us with sensitive account holding information—a massive hurdle in itself." This strategic maneuver was not just about technology but also involved delicate negotiations and building trust across the financial sector.
As SurePay carved out its niche in the Netherlands, the company's successful model attracted attention from the UK, where the regulatory environment added another layer of complexity. In the UK, unlike the Netherlands’ centralized approach, an authority named Pay UK orchestrates the integration of services like SurePay's with major banks under regulatory mandates. "The UK setup initially posed a challenge, but our track record in the Netherlands gave us a credible platform to replicate our success," Friso notes. This adaptability has been key to SurePay's ability to not just enter but excel in new markets.
The UK setup initially posed a challenge, but our track record in the Netherlands gave us a credible platform to replicate our success
Friso SchutteCTO at SurePay
Reflecting on the technological backbone that supports millions of transactions daily, Friso is proud of SurePay’s cloud-first strategy. Starting from scratch in the cloud allowed them to scale efficiently without the burdens of legacy systems. "Cloud technology was our launching pad, and it allowed us to handle immense transaction volumes with the agility and security that banks demanded," he explains. Friso's favorite revelation about their growth? "Cloud is the magic word. It’s about leveraging this technology to ensure speed and reliability, which are non-negotiable in our line of work." This strategic use of technology underscores SurePay’s commitment to innovation and excellence in the fintech arena.
Navigating the Clouds: Friso Schutte on Building Trust and Innovation at SurePay
As SurePay ventured into the realm of cloud services and secured crucial partnerships with major banks, Friso Schutte faced significant challenges, particularly around data security and privacy. He recalls the early skepticism about cloud technology, noting, "It was a bit scary initially, ensuring that sensitive information was securely handled in the cloud." Convincing some of the largest banks like the Netwest Group in the UK required not just technological prowess but also a solid demonstration of compliance and security measures. The successful onboarding of such high-profile customers proved to be a game-changer, establishing SurePay as a trusted partner in the banking sector.
It was a bit scary initially, ensuring that sensitive information was securely handled in the cloud
Friso SchutteCTO at SurePay
This trust has propelled SurePay into new markets, especially as regulations evolve and more banks are mandated to adopt similar verification technologies. Friso points out, "Once you have a major player on board, others follow. It’s about doing things right and keeping up with high standards." He emphasizes the continuous need to innovate and stay ahead of technological shifts to maintain their leadership position. Adopting cutting-edge cloud technologies and maintaining rigorous security standards are not just part of the business strategy but are essential to their operational integrity.
Looking to the future, Friso is focused on scaling operations across Europe in response to new regulatory demands for payment verification systems. He shares insights into the strategic planning at SurePay, "We’re gearing up for a significant scale-up, given the new European mandates requiring bank name verification systems." This preparation involves refining operational efficiencies and leveraging their current technological infrastructure to meet upcoming demands. For Friso, the journey is about balancing the roles of technology leader and strategic visionary, ensuring that SurePay not only meets but exceeds the expectations of their partners and the industry.
From Coding Games to Leading Tech: Friso Schutte's Creative Journey to CTO
Friso Schutte has always been a creator at heart, a trait that propelled him from programming games as a youngster to architecting complex banking solutions as an adult. Reflecting on his rise, Friso shares, "I started with creating my own games and now guide teams to build sophisticated systems. It’s about evolving from individual contributions to impactful leadership." This shift from hands-on coding to strategic oversight marked his transition into roles that shaped the technological backbone of major projects, ultimately leading him to his current role as CTO at SurePay.
The path wasn’t linear or wholly intentional; Friso admits that his ascent to the CTO position involved a mix of serendipity and strategic career moves across various IT roles. "Becoming CTO was a bit of coincidence, not something I actively sought. But now, it feels like nurturing my own startup," he comments. This blend of technical acumen and leadership has allowed Friso to keep his finger on the pulse of emerging technologies like AI, ensuring that SurePay remains at the forefront of innovation. He views his role as a balance between managing teams and diving deep into content and architecture, where his real passion lies.
Becoming CTO was a bit of coincidence, not something I actively sought. But now, it feels like nurturing my own startup
Friso SchutteCTO at SurePay
As SurePay explores AI and other advanced technologies, Friso's approach is both cautious and enthusiastic. "We're taking baby steps towards integrating AI, starting with understanding its potential and integrating feedback from the industry," he explains. His leadership philosophy emphasizes staying informed and adaptable, qualities that enable him to harness technological trends effectively. "AI will change every company; it’s about figuring out how to best use it," Friso believes. His story is not just about technical expertise but also about inspiring his team and driving innovation in a fast-evolving landscape.
