Gary Palmer, Co-Founder, Chairman, & CEO
"Ten dollars! Spending ten dollars to pay 25 Euros is absurd," said the Chief Financial Officer of an online survey service provider. The U.S.-based company was in charge of a platform that allowed consumers to give feedback on their experience with a European business. As a part of their service, participants in the market research were to be paid 25 Euros each through check. This was expensive, and the complications associated with transferring the money—from checks that are lost, late, damaged or mishandled—snowballed into a headache for the American company. Things were more complicated at the recipient side. Often, European banks do not accept American checks and those who accept them take several weeks to process it. On top of that, recipients were required to pay an additional fee of five Euros to receive their payment.
This is an all-too-common scenario for companies that try to process overseas payments. In today's globalized business environment that demands faster B2B and B2C payments —both cross-border and in-country—such complexities continue to be a major concern for enterprises. Serving this global need with a powerful solution that can seamlessly assist both the sender and the receiver is Payall Payment Systems, a Florida-based financial technology firm.
Payall's single shared multi-currency platform as well as flexible first-mile flexibility for small businesses as well as enterprises, and last-mile options for recipients radically simplifies how businesses pay individuals and other businesses in the U.S. and around the world while removing up to 90 percent of costs. For the above mentioned American online survey service provider, Payall successfully reduced the transaction expenditure to just two dollars, with similar benefits offered to the recipients as well.
"We help banks enable their business customers make payments internationally better, easier, faster, cheaper and more securely," says Gary Palmer, Co-Founder, Chairman, and CEO of Payall. "What we offer is a revolutionary value proposition that gives banks a turnkey cross-border payment product that exceeds the expectations of modern-day users without disturbing the bank’s Core.”
Banks Compete and Win Against FinTech
Payall embraces banks as ideal partners to white-label its platform so that the company can easily extend the solution to commercial entities and business payers. For their bank partners, the company delivers a three-pronged benefit.
The first benefit is a new product that’s better than FinTech competitors. Banks can support businesses making cross-border payments quickly and easily with Payall and not have a big, expensive and long-term software project. Moreover, the product is exactly what enterprises want – the ability to automate previously manual, error-prone and expensive manual processes into a company’s systems with enterprise-class APIs and access Payments-as-a-Service or PaaS. With only the name of recipient, email, mobile phone number and payment amount required. For smaller business payers, a bank-branded web presence is offered. The company also reduces recipient fear and frustration, as well as the risk of data mishandling by eliminating the need for the business payer to have bank account details of those they pay.
The second benefit is an in-place global bank partner network. These like-minded bank partners represent a new form of correspondent banking model. Around the world, but especially in the U.S., banks are experiencing the reduction of foreign correspondent bank support for cross-border payments. A primary reason is the opaqueness of “source of funds” and the inconsistency or absence of documentation regarding the economic legitimacy of payments as well as KYB or KYC details of the ultimate benefit owner of companies.
Payall's "payments as a service" (PaaS) engine radically simplifies how businesses pay individuals and other businesses in the U.S. and around the world while removing up to 90 percent of costs
These vital details have been invisible to the correspondent bank- until now. Payall’s bank partners have adopted business practices and easy-to-deploy specialized technology that deliver end-to-end transparency with a “double-click” on any payment."We address issues at the very beginning to avoid malicious activities such as terror financing, money laundering, bribery, or other illicit activities; we do this on behalf of our bank partners and regulators," adds Palmer.
And the third benefit is improved results. Businesses are delighted to have access to a modern, world-class product for instant payments from the banks they know and trust. Not only are bank customers happy, the bank earns attractive, high-margin fee income without balance sheet risk.
The bottom-line result is payment automation at businesses and banks, systemic and communally shared data for compliance, and Payall’s global single shared multi-currency platform to make instant payments with fees up to 90 percent less than SWIFT, Fed Wires, and checks. Designed to eliminate multiple challenges in the payment space, the end-to-end platform integrates operations from the first-mile to the last. With
PayAll's PaaS engine, enterprises can facilitate B2B and B2C payments to anyone, anywhere across the globe.
Recipient Choice; New Last-Mile Options
Payall goes beyond the first-mile and applies expertise to the last-mile. Gary was a co-founder of WildCard Systems, which pioneered prepaid cards to become the largest global processor of these cards. And, Palmer co-founded Adaptive Payments, which Mastercard acquired and was the essence of Mastercard Send. Both of these companies repurposed existing payment infrastructure to create new products – Payall applies this same approach to last-mile of payments by harmonizing, integrating and repurposing local payment network and new forms of payments globally.
The mission is to give recipients desired choices for how they access their money.Valuable options such as transacting with an instantly issued prepaid Visa, Mastercard or UPI card, transferring funds instantly to their local bank account, sharing or paying others in real-time, funding wallets such as AliPay as well as even enabling the purchase of cryptocurrency. With Payall, recipients enjoy unmatched and never-before offered choices for how to use their money.
Re-imagining Cross Border Payments
Payall adopts novel techniques and a systematic approach to make these payments happen. From the first-mile to the last-mile, banks are able to quickly, easily and without disturbing their Core systems, offer a global product that allows businesses to pay anyone, anywhere, instantly.
Payall smartly dissects and integrates disparate, complex environmental conditions and elegantly enables a new product. Externalizing a complete technology solution from the Core, yet synchronizing balances and developing specialized software to automated and improve manual processes is just part of the solution. The company integrates with and enhances services like MasterCard Send and Visa Direct, as well as re-purposes payment infrastructure across the globe. Their PaaS engine is connected to networks, payment processors, gateways, domestic debit networks, closed network systems, and crypto account operators, among others, to enable the most diverse range of channels and payment methods.
While having these integrations on one side, the firm adds mission-critical modules such as compliance (KYB, KYC) tools, system monitoring, and SMS/email messaging into their platform. This reduces manual costs, eliminates the probabilities of human errors, and enables businesses to pay anyone, anywhere, instantly..
The Payall Way of Business Payments
"We work with regulated entities around the world to ensure funds' security and compliance; we embrace all regulations in concert with bank partners" asserts Palmer. For example, in Europe, Payall has regulated entities that sponsor them into the Single Euro Payments Area (SEPA), and transactions are facilitated under the supervision and partnership of these regulated entities.
With a long standing experience in the payment space, Palmer notes that traditional money transfer methods and the B2B or B2C payment products offered by banks don't align well with the ever-growing needs of businesses today. As these tools are not built to integrate into an enterprise ecosystem, payments often becomes a labor-intensive process. Surpassing these hurdles, Payall's platform can integrate into a company's existing systems via modern, safe, and easy-to-use APIs. The engine helps businesses to automate workflow, and use their systems to instantly pay anyone, anywhere while giving recipients multiple options to save, share, hedge, transfer, or transact. Businesses can also ensure an ideal payment experience for a wide range of use cases with advanced user-engagement options.
Extended Markets, Wider Opportunities
Along with serving the multi-trillion-dollar market of the U.S. companies making international B2C and B2B payments, Payall also supports the domestic U.S. market, allowing 24x7 instant payments within the country. Businesses across many industries, including real estate, insurance, marketplaces, MLM/network marketing, and utilities, have gleaned the benefits of Payall's robust solution for fulfilling their ever-increasing payment needs. Companies in the utilities industry, for example, are leveraging Payall's solution to streamline the deposit refund process.
"We help banks compete and win against FinTech companies for cross-border B2B and B2C payments"
To put this into perspective, houses and apartments in the U.S. will have some utility services—gas, water, electricity, or telephone—that come with a deposit. And whenever an individual's payment history reaches a reliable point, or he moves his place of residence, the utility company needs to refund that deposit. However, often times, people forget to give their new address and the check is often returned to the utility company.
Payall has redefined its solution in tune with such needs of the utilities industry. Payall's solution will gather information about the person—email, address, or phone number—who is qualified for the refund. The customer will be then informed about his eligibility for the refund, and he can choose the method of payment—check, prepaid card or instant payment to their bank account.
Conquering the Global Market
Established by Palmer, an experienced industry veteran, Payall today possesses strong leadership and technical expertise to develop value-bound solutions for its global clients. The company also has a powerful R&D team led by Dr. Steve Bishop.
Payall combines this expertise with their customer-centric approach to climb the steps of success. As a testament to their customer-first approach, the company continually reprioritizes payment corridors and last-mile options according to customers' needs.
Envisioning a bright future, Payall is prepping up to offer its services in all corners of the world. As a company that is constantly sweeping up novel applications into its portfolio, Payall has no plans of slowing down. "We’re educating banks and businesses about our instant, safe and fully compliant alternative as well as integrating new channels of payment options recipients prefer," concludes Palmer.