- Payall |
- Press Release
- Jul, 2019
Payall Payment Systems Integrates with Transcard
July, 2019 – Payall Payment Systems integrates with Transcard to enable a key component part of its Cross-Border processing engine for banks. This relationship is strategic in that Payall’s US payment capabilities are foundational to the initial product launch and are required to enable foreign banks to make payments in the US.
Transcard was selected because of the following reasons:
- Best-in-Class business payments integrated with 200 +/- US financial institutions. Proprietary and value-added capabilities, such as work-flow automation, accessible for Payall to complement its product vision
- Multi-rail payment capabilities, including regular and same-day ACH, Mastercard Send and later RTP that provide Payall with valuable product flexibility
- Prepaid card issuing processing for specialized B2B and B2C payment needs
Bottom-line, Transcard enables Payall to execute its vision and build differentiated capabilities around an extensive API-library for US payments.
Gary Palmer, CEO of Payall remarked, “we’re delighted to work with the Transcard team and have found a like-minded partner passionate about solving problems with proprietary software and fresh thinking including a shared vision to elevate safety and compliance.”
Payall identified the difficulty facing non-US banks to make payments in the US as a result of system deficiencies in classic correspondent banking. The combination of Payall’s enhanced KYC engine including proprietary software for source of funds and economic legitimacy of payments and the services from Transcard enables the company to safely and completely support this profile of non-US financial institutions. Moreover, US financial institutions and their business payers that require specialized SMS/email messaging services, novel data collection to reduce business payer and bank risks, as well as unique payer APIs, enable Payall to support complex domestic payments as well.
Payall is a new type of banktech and regtech entity, the first-ever Cross-Border Bank Processor that enables money to move globally at the speed of data through banks. The company has pioneered a new paradigm of global correspondent banking-as-a-service. Proprietary software and processes overcome the high-risk nature of cross-border payments such that foreign-initiated payments are safer than domestic payments. Additionally, recipients have diverse and valuable options to control their money. With Payall, banks can offer a safe, innovative and differentiated cross-border payment product to compete with, or power, FinTech.