- Payall |
- Press Release
- Sep, 2019
Payall Payment Systems Announces SiGMAPP Alpha Release
Cross-border payments used to be costly, slow and risky, but thanks to the new technology provided by Payall, they can become instant, safe and cost effective.
Today, Payall announced the launch of the Alpha version of its Single Shared Global Multicurrency Asset and Payments Platform (SiGMAPP) to enable payments to move globally at the speed of data through banks. Moreover, the company has pioneered a compliance breakthrough called Click-for-KYB™ that delivers authenticated, KYB, source of funds and economic legitimacy of payments such that foreign-initiated payments are safer than domestic payments.
Payall’s platform has taken inspiration from the US Fed Wire system and the TARGET2 in Europe. However, there are material payment handling differences including that the platform is multi-currency, asset label indifferent and liquidity and foreign exchange are managed in a novel way. It also includes a robust suite of microservices required to support a diverse, global client base of financial institutions. Additionally, SiGMAPP includes a modern, mobile-forward, core-like transaction account system for banks and their clients who are making and receiving payments as well as currency and other traders. It enables all participants to control and move their funds in ways that aren’t available through core bank systems or other FinTech companies. Bottom-line is that financial institutions can empower business customers to Pay Anyone, Anywhere™ instantly, 24x7 and offer recipients unmatched control over their money.
While SiGMAPP was inspired by trusted and familiar architecture known as a single shared platform, it’s designed to seamlessly bridge to new technologies and currencies. Specifically, the asset labeling construct supports any currency or asset designation including cryptocurrencies and central bank digital currencies. Also, the design of SiGMAPP’s microservices ensures that they’re interoperable with blockchain and DLT. Moreover, planned use cases for blockchain include supply chain management, fully off-line (no WiFi, no power) payment ecosystems and specialized identification applications in public as well as private permissioned networks and hybrids.
SiGMAPP operates external to a bank’s core but is perpetually balanced and leverages common core system protocols and local payment infrastructure to minimize bank project or technology work. The platform includes proprietary software as well as leverages emerging and traditional domestic connections for last-mile payment options. SiGMAPP has been developed in a way that allows separate platform components to be launched incrementally, as standalone domestic services, in a foreign country, or on a global scale.
Founded in 2018 and based in Miami Beach, Florida, Payall is the world’s first bank processor for cross-border payments. Combining the disciplines of payment processing, banktech and regtech, Payall’s unique technology powers a new paradigm for global correspondent banking-as-a-service. By partnering with Payall, regulated financial institutions around the world can quickly, securely and seamlessly implement and execute cross-border payments—enabling market-specific opportunities for financial institutions to compete with or drive fintech solutions