Money2020_2016_special
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startup spotlight<br />
technology we think a number of financial<br />
services can be more efficient than a lot<br />
of the existing legacy infrastructures. So<br />
we want to apply the new technology<br />
in such ways to enable businesses to<br />
pay each other, so that their fi nancial<br />
systems can settle to each other and<br />
ultimately make the system more open<br />
and more effi cient. However, fi nding<br />
the appropriate balance between the<br />
secure and insecure elements will take<br />
some time for some financial companies.<br />
But we pay a lot of attention to building<br />
trust and security measures to drive this<br />
innovation.<br />
Are you currently working on any<br />
exciting projects within Paystand?<br />
Over the next twelve months, we will<br />
start selectively thinking about what<br />
other countries can we serve outside<br />
the U.S. Being able to provide and<br />
operate something that works well in<br />
other countries is important to us. There<br />
are vastly different payment systems<br />
in different countries so that’s why we<br />
are pretty excited about innovative<br />
technology like blockchain that can help<br />
to unify the systems.<br />
More recently we are working on<br />
releasing a new feature of our eCheque<br />
product, which is one of our most used<br />
facet of our product platform. This<br />
feature will enable direct bank transfers<br />
to more than 15.000 banks. Today we<br />
serve approximately 80% of all the banks<br />
in the U.S. and with this release we’ll<br />
have direct bank payments to 15.000<br />
banks, which is about 98% of all banks in<br />
the U.S. We are really excited about this<br />
in particular for our eCheque product<br />
because it means that our direct bank<br />
transfer has a lot of the benefits of card<br />
payments. To be more specific, it allows<br />
fast settlement, the ability to do fund<br />
verifications as well as the option to do<br />
identity verifi cations. In the U.S. none<br />
of those exist on the traditional ACH<br />
payment.<br />
Since the traditional ACH payment<br />
system is fairly antiquated technology.<br />
Our eCheque product can offer the<br />
same low cost structure of a cheque<br />
but at the same time have all the digital<br />
advantages of card payment. Being able<br />
to offer this with almost all the banks in<br />
the U.S. is very exciting for us.<br />
“Get paid faster with the world’s first B2B payment<br />
network designed for today’s Internet”
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