- Payall |
- Press Release
- Feb, 2018
Payall Payment Systems Closes Seed Round
Fintech startup Payall raises $2.5M seed capital, highlighting the belief and trust of industry specialists in Payall's Cross-Border Processor for Banks.
Payall Payment Systems is a financial technology company on a mission to make bank-powered cross-border payments safe, instant, easy and modern while removing massive costs from the system. The company has pioneered a new banktech and regtech entity – a Cross-Border Processor for Banks to transform this high-risk, slow and difficult business and will feature global Correspondent Banking-as-a-Service. Seed capital of $1.5M has been received with commitments for an additional $1.0 M subject to achieving milestones.
Payall will enable money to move globally at the speed of data through banks. The foundation for this is a compliance breakthrough that ensures foreign-initiated payments are safer than domestic payments. And, a payments and account management engine, called SiGMAPP (Single Shared Global Multicurrency Asset and Payments Platform), which was modeled after the single shared platforms of the US Fed Wire System and TARGET2 in Europe, that will power 24x7, Instant Global Payments in this $100 T market.
The company will initially target four profiles of financial institutions.
1. Foreign Banks that have the lost their ability to make domestic payments through correspondent banks in the US or other countries
2. Financial Institutions that have typically been unable to offer cross-border payments and want an easy and competitive cross-border product that’s turnkey from end-to-end
3. Financial Institutions that have product expertise and can support API-based core system integrations, but want to offer business payers and recipients greater choice and control
4. Regional or Money Center Banks, or Specialty FIs with extensive foreign bank networks that provide correspondent support to cover and clear domestic/US payments but want to overcome the opaque, high-risk realities of KYB, source of funds and economic legitimacy of payments
Payall was founded by Gary Palmer, Chris Quinlan and Matt Van Meter.
Gary was the co-founder of WildCard Systems – recognized as the pioneer in Visa™ and Mastercard™ prepaid cards (acquired by Efunds in 2005 and Efunds was acquired by FIS) by building the first-ever issuing processor for prepaid cards. He's served as a Vice-chair and Chairman of the Network Branded Prepaid Card Association (now ipa.org) and was a director for the Center for Financial Service Innovations (now FinHealth Network) for 10-years. More recently he was a co-founder and former Chairman of Adaptive Payments which Mastercard acquired in 2015 to become Mastercard Send. Gary has committed substantial capital to the Seed Round.
The family office of Fred Hammer, an icon in the banking industry for nearly 50 years, led the Seed Round. Fred has an illustrious banking career including an early start at Chase Manhattan. He was a previous director on the board of Visa International and was an investor or board member of many cutting-edge FinTech companies like Netspend and JetPay.
Also making a substantial investment in the Seed Round is the Finn Family Office, led by David Finn. The Finn team brings over 50-years of investment experience and a diverse portfolio that includes hedge funds, real estate, commodities and startups. David has a keen eye for the next big thing.
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