Juan Ortí (CEO of American Express): "Spain has one of the most advanced payment infrastructures in the world"

• Ranking.These are the best companies to work for in 2019

He was born in the United States 170 years ago, and not as a means of payment company. It was dedicated to the transport of goods. "In our DNA is the permanent reinvention," explains Juan Ortí, CEO of American Express in Spain. That philosophy explains that the multinational, which last year billed 40,338 million dollars (more than 36,000 million euros), will go from loading luggage to organizing trips and then moving money.

To speak of American Express is to make it of the first travel checks, which allowed paying abroad when very few had credit cards, a product that would later become its highest value. Present in 133 countries, the firm currently manages more than 100 million cards worldwide and a trillion transactions a year.

He leads the ranking of the Best Companies to Work for in Economic News just when he has just placed Spain as one of its strategic markets. In just 20 months it has multiplied its workforce in the country by 50%, to around 600 employees.

The main cause: the fear of the consequences of brexit, which led them to change the legal headquarters of the company in continental Europe from the United Kingdom to Spain last March. "Following its possible exit from the European Union (EU) we decided to move it, because if brexit occurs we could not operate in many countries of the continent with English permits," he explains.

Before the question of why Spain ?, Ortí makes it clear that they opted for the country after making a ranking in which the rest of the EU member states participated "objectively." Spain was chosen because it has a flexible talent and trained to do this type of work, favorable legal and regulatory conditions and other issues such as efficiency or legal certainty, "emphasizes the manager.

There are other reasons that have also contributed to the growth of the workforce, such as the creation of a hub of commercial excellence in Madrid, from which they sell products to the rest of Europe. Also, that the capital is the headquarters of Accertify, a company 100% owned by American Express that is dedicated to fighting fraud on the network.

The company celebrated last year the 40th anniversary of the launch of its first credit card in our country, but its presence dates back to the end of the 19th century, when the first commercial agents arrived. "We are the second world tourist destination, with more than 80 million visitors a year and many are users of our services. If we want to provide the best customer experience in the world, we have to do it wherever they go," said Ortí. Hence, increasing its network of affiliated businesses is precisely one of the main objectives of the firm, in addition to increasing its business among private customers and companies.

Although Ortí does not want to talk about market shares, he emphasizes that neither Visa nor Mastercard are its competitors. While these two companies represent an open payment scheme in which it is the banks that issue the cards, American Express operates in a closed circuit. It issues its own cards, has a direct relationship with the customer and the merchant and is "issuer and acquirer of the transaction". This allows them to analyze the data of the operations to offer personalized services.

competition

For Ortí, the means of payment have lately been commoditized. However, the American Express user (of a more premium profile) "expects more added value, not only to charge and pay with his card, and in many cases he is willing to pay a little more for it."

The company also differs from other companies in its sector by its points system (each euro disbursed becomes redeemable points to pay on different platforms) and by offering a program of experiences "that money cannot pay." Thus, it organizes exclusive events for members who recommend their cards to a friend. From showcookings conducted by star chefs, to private recitals at the Teatro Real or special performances of the Circo del Sol.

With digitalization and open banking as the main challenges, Ortí also does not consider fintech (that is, the start-up of the financial sector) to be the enemy, but rather an ally with whom they are "forced to cooperate." Above all, after the arrival of the new European regulation of digital payment services, better known as PSD2. In their opinion, fintech represents agility and disruption, but they are "complementary" to experienced players like American Express, "who provide security, experience, risk management and a consolidated brand," principles that in the media sector Payment are priority for the customer. "The question is: Are fintech good for the customer? And the answer is flatly yes," he adds.

He describes the acceptance of mobile payment in Spain as "relevant", but acknowledges that the use of cards and cash remains the majority for the time being. Remember that, according to the Bank of Spain, 40% of the money that Spaniards use to pay is cash extracted from bank cards, still far from countries like Sweden, where the use of cash is less than 1% of their GDP. In any case, Ortí emphasizes that the country would be perfectly prepared for a future without cash. "Spain enjoys, and is an advantage of the country, one of the most advanced payment infrastructures in the world, which will allow adapting new technologies more efficiently than in other markets in Europe."

Although by company policy he prefers not to pronounce on current issues, he does recognize that there are "signs of a certain slowdown" in the world economy that could be worrisome. Last August, 203,000 jobs were destroyed (the most negative figure since 2010) and the economic predictions are not promising.

The Savings Banks Foundation (Funcas) has lowered a tenth (up to 2.2%) of the forecast of Spanish GDP growth for 2019. And the trend will not improve in 2020, when the expected growth is 1.9% .

"We have absolutely armed containment plans to deal with these circumstances [in reference to a hypothetical recession] depending on how deep they are," says the CEO. Also take the opportunity to remember that, during its 170 years of history, American Express has survived multiple crises: from the crack of 29 to the bankruptcy of Lehman Brothers and the subsequent financial earthquake of 2008.

With offices in 130 countries, the firm's values ​​are international, but there are differences between working in New York headquarters or doing so in Madrid. Change schedules, food or some policies for employees. "We also adapt to what the competition does in certain markets. For example, in Spain it is common to give restaurant tickets, but in other countries not so much."

In any case, Ortí says that "Spain is a great country to be visited, but also to work in it" and do business, so "you don't have many things to envy" to the United States. In his opinion, Spanish talent has gained "competitiveness, training and resilience" in recent years, but it lacks "believe it more", self-esteem to sell better. "There are Spanish executives and companies triumphing over the world and that is because there is plenty of capacity here," he concludes.

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