PCM Vol.1 - Issue 7

alance between the secure and
insecure elements will take some time
for some financial companies. But we
pay a lot of attention to building trust
and security measures to drive this
innovation.
Are you currently working on any
exciting projects within Paystand?
Over the next twelve months, we will
start selectively thinking about what
other countries can we serve outside
the U.S. Being able to provide and
operate something that works well
in other countries is important to us.
There are vastly different payment
systems in different countries so
that’s why we are pretty excited about
innovative technology like blockchain
that can help to unify the systems.
More recently we are working on
releasing a new feature of our eCheque
product, which is one of our most used
facet of our product platform. This
feature will enable direct bank transfers
to more than 15.000 banks. Today we
serve approximately 80% of all the
banks in the U.S. and with this release
we’ll have direct bank payments to
15.000 banks, which is about 98% of all
banks in the U.S. We are really excited
about this in particular for our eCheque
product because it means that our
direct bank transfer has a lot of the
benefits of card payments. To be more
specific, it allows fast settlement, the
ability to do fund verifications as well as
the option to do identity verifications.
In the U.S. none of those exist on the
traditional ACH payment. Since the
traditional ACH payment system is fairly
antiquated technology. Our eCheque
product can offer the same low cost
structure of a cheque but at the same
time have all the digital advantages of
card payment. Being able to offer this
with almost all the banks in the U.S. is
very exciting for us.
“Get paid faster with the world’s first B2B payment
network designed for today’s Internet”
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