A streamlined and rapid movement of money is crucial for banks and other financial institutions. As these entities work toward speeding up the processing of payments, many back office functions such as reconciliation, settlement, and fraud prevention that often slacken the flow of financial processes need to be expedited too. PaySett, an Atlanta-based company, helps such banks and financial institutions in accelerating the processing of payments as well as other back-office operations with its payment switching software and global bank payment systems. “We assist our clients in managing ‘The Way Money Moves®’ in and out of their organizations,” says Benny Cooley, CEO of PaySett. The firm also ensures a secure operational environment by protecting these entities against all types of fraudulent activities.
PaySett offers a wide range of solutions and services to some of the largest banks in the world to fulfill various payment processing needs. In order to seamlessly move money around the world, the company offers switching software—PayExpedite® and PaySwitch®—to financial enterprises for both real-time and batch processing of payments. These solutions help route payments at regional, national, as well as global levels among banks. PaySett also simplifies the back-office processing of payments with its banking software, PayBank®, which serves as a gateway to various payment systems within a banking institution and connects them with both internal and external networks.
We assist our clients in managing ‘The Way Money Moves®’ in and out of their organizations
These software solutions collectively enable large global banks to process enormous amounts of transactions internally, in addition to reducing their cost and reliance on non-bank external networks.
Armed with such a comprehensive range of solutions, PaySett assists financial institutions in processing all types of transactions. While PaySett’s corporate software solution—PayCorp®—assists with the management of corporate payments within financial organizations, PayNow®, which is the company’s consumer offering, allows them to use existing low-cost interbank networks to make real-time payments for retail purchases. Furthermore, the firm’s PayAnalysis® is a data warehouse banking software that performs real-time and historical analysis of transactions to detect fraud, making PaySett a preferred technology partner for financial institutions. The company’s software solutions and services not only allow banks to offer innovative and profitable services to their clients but also give them an edge over fintech competitors.
Over the years, PaySett has associated with a vast client base comprising some of the largest financial institutions. One of these partnerships that best exemplifies the effectiveness of PaySett’s offerings is with a financial organization that needed assistance for processing payments across nine countries. To address the varying formats of payment processing in these countries, PaySett employed PayCloud that facilitates the use of PayBank® and PayCorp® in software as a service (SaaS) model. PayCloud also enabled the client to manage settlements and reconciliations more efficiently. By centralizing all payments in one location using PaySett’s cloud solution, the client significantly improved its payment processing efficiency and fraud detection capability along with streamlining infrastructure costs and consolidating contingency planning sites.
Such outcomes have motivated the company to further invest in research initiatives to explore the use of blockchain technology and enhance its PS Ledger® solution with regard to reconciliation and settlement of payment transactions. “PaySett is focused on continuously enhancing its solutions to provide the latest functionality and features for the payment industry,” concludes Cooley.