- Payall |
- Press Release
- Aug, 2021
Christopher Ortega Joins Payall to Head Product and Strategic Initiatives for World’s First Cross-Border Payment Platform
Newest Payall executive to focus on developing tools and relationships to put cross-border payments within reach of every regulated financial institution worldwide.
Miami, FL. - Cross-border payments platform Payall continues to expand the bench strength of its executive team with the appointment of Christopher Ortega as vice president of product and strategic initiatives. Chris brings a deep background in IT to his new role, as well as extensive experience in client engagement and executive leadership. Earlier this year, Payall added bank compliance and risk expert Julia Marina and payment tech guru Chuck Hutchinson to its growing leadership team.
The Payall platform offers regulated financial institutions operating anywhere in the world a turnkey, white-label solution to power global money movement for their business clients and P2P payments. Its proprietary technology and specialized services automate standard operating procedures and compliance requirements and engage novel tools. These reduce the risks of unlawful cross-border payments and enable financial institutions to pay anyone, anywhere efficiently and in near real time. In addition, payments recipients have unprecedented options to receive their money, including bank transfers, prepaid cards, mobile money and more.
Commenting on the newest addition to Payall’s executive team, Founder and CEO Gary Palmer says: “Chris’ mission is to double down on our efforts to expand products and enhance features for Payall’s financial institution clients, focusing on making it even easier for them to participate safely and efficiently in the nearly $150 trillion cross-border payment opportunity and successfully compete with fintechs.”
He adds: “I’ve watched Chris’ professional development over the past 15 years during which time he’s accumulated an outstanding skillset to guide our product roadmap as well as head implementation of strategic initiatives.”
“What most excites me about joining Payall is its total reimagination of cross-border payments,” says Chris, who first worked with Gary in the early 2000s at WildCard Systems. “Payall solves the pain points that have excluded many, if not most, financial institutions from participating in cross-border payments, as correspondent banking relationships have been shuttered due to systemic defects resulting from the absence of systems to automate SOPs and compliance on both sides of a transaction,” he continues. “Traditional correspondent banking has failed financial institutions because of the isolation and opaqueness of critical data points and the need for specialized software to collect, analyze and act on data to reduce cross-border payment risk and protect financial institutions.”
Payall addresses these pain points with proprietary software and business processes that collect new, data-rich artifacts that overcome the high risk of cross-border payments and offer unprecedented transparency to protect financial institutions and payment networks on both sides of the transaction.
Chris explains: “Payall’s global, single shared platform is similar to architecture used by many central banks, but it includes highly specialized, unique capabilities, including robust, dynamic end-to-end compliance automation; results-based proprietary risk capabilities; digital engagement tools for payers and recipients; turnkey, white-label web services with single sign-on capabilities; and ‘new rails’ for cross-border payments.
“With Payall, regulated financial institutions don’t need to sit on the cross-border payments sidelines or be intimidated by fintechs making a play in the cross-border arena,” he adds. “Payall offers financial institutions a sustainable competitive advantage that benefits their organization, the businesses they serve and those they pay globally.”
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