Benny Cooley, CEO
While electronic payments have become faster and more reliable, one of their aspects is still inefficient, which is the reconciliation and settlement of the payment transactions. Hence, banks must have additional processes in place to ensure that payments are updated appropriately to streamline the transfer of funds and provide an accurate audit trail. These processes need to be managed securely, preventing the exposure of a bank’s data to outside parties, and this is an area where blockchain technology is proving significant. The banking sector is thus leveraging blockchain to revamp the payment landscape as the movement of payments across the blockchain environment can potentially bring transparency into the transactions along with providing the required data for real-time settlement and reconciliation. PaySett Corporation is among the very few companies that employ blockchain and permissioned distributed ledgers to allow the integration of settlement and reconciliation systems across banks and financial institutions. The espousal of such a technology enables PaySett to empower financial institutions in changing the way money moves.
“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.
Till date, the company has developed and implemented both real-time and batch payment systems as well as executed fully integrated processes for settlement and reconciliation purposes. PaySett brings a comprehensive portfolio of payment products and services, and with a combination of both, it has created unique solutions that have helped the company gain competitive advantages in the payments processing environment.
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®.”