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“Just as we can track the path and progress of a package sent through the courier service, banks must be able to provide transparency to their clients into payments as they flow around the world,” explains Benny Cooley, CEO, PaySett. An originator and receiver of payments should be able to, at any point, know the location and status of an initiated payment. PaySett provides such capabilities through its products and services to offer in-depth knowledge of the payment cycle to clients.
Georgia-based PaySett is a payment software company with over 20 years of experience in the payment processing domain. It caters to national payment networks, global financial institutions, internal payment networks, payment switches, central banks, multi-national corporations, and government entities.
PaySett’s portfolio encompasses PayExpedite®, PayAnalysis®, PayBank®, PaySwitch® among other products along with services including payment origination, bank processing, clearing, and settlement. The company’s products are embedded with advanced security and audit capabilities to ensure fast, secure, and efficient payments. These products significantly enhanced the payment methodologies of a global financial institution that wanted to consolidate their payment processes across multiple countries and carry out their transactions in a cloud-based environment. Employing PaySett’s portfolio of products, the institution could consolidate their payment processes in the cloud and manage their security, infrastructure, and staff requirements to support their payment processes across the globe. Other than banks and financial institutions, PaySett’s products such as PayExpedite® have been implemented by several national payment networks to improve their inter-bank transactions in realtime. It helps in reducing payment risks and speeding up the payments for merchants and consumers.
“Our competitive edge lies in our time-to-market capabilities, in-depth knowledge of banking, and the ability to alter our products and services to benefit each customer uniquely,” says Cooley. Financial institutions often face a competitive threat from fintech to disintermediate them from their customers through the payment processing environment. PaySett assists banks in reducing the number of intermediaries required so that the payment flows more quickly, efficiently with lesser costs and greater transparency.
PaySett has expanded its analytical processing capabilities with PayAnalysis® and is also upgrading other products to operate in a cloud environment. The company will continue to leverage blockchain technology for settlement and reconciliation processes to assure secure payments in real time. With its comprehensive portfolio and in-depth knowledge of working closely with some of the largest financial institutions in the world, PaySett will ensure that its products support “The Way Money moves®.”