PayAll Payment Systems provides a purpose-built banking infrastructure that automates compliance and risk management for cross-border payments, enabling financial institutions to execute complex, multicurrency transactions efficiently. The platform addresses the challenges of liquidity and late payments faced by SMEs by allowing users to send money using only a recipient's name, email, or phone number, even to unbanked individuals.
Funding
$32.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face challenges in cross-border payments, including complex compliance requirements, risk management, and operational inefficiencies. SMEs often struggle with liquidity and late payments due to these complexities. Existing correspondent banking models can be costly and slow, leading to customer dissatisfaction.
Solution
Payall provides a banking infrastructure designed to automate compliance, risk management, and operational tasks for cross-border payments. The platform enables financial institutions, payment channels, and central banks to orchestrate complex, multicurrency transactions efficiently. Payall's solution allows users to send money using only a recipient's name, email, or phone number, even to unbanked individuals, facilitating payments to local digital wallets, mobile money accounts, or cash pickup locations. The platform's lightweight technical integration is backward compatible with existing systems, reducing red tape and enabling fast deployment. By automating data and document collection and applying risk rules, Payall ensures safer cross-border payments than domestic transactions.
Target Audience
Payall targets financial institutions, including originating institutions, clearing institutions, payment channels, and central banks, as well as SMEs struggling with cross-border payment complexities.
Features
- Automated data and document collection for compliance and risk management
- Real-time Know Your Transaction (KYT) execution with pre-transaction smart decisioning
- Support for payments to unbanked individuals via digital wallets, mobile money, and cash pickup
- Mass payment capabilities via API or Excel upload
- Integration with Mastercard Cross-Border Services and other payment channels
- White-label end-user apps for a branded payment experience
- XB Universal Payment Account (UPA) for flexible fund management
- Backward compatibility with existing payment infrastructures