The startup develops a secure and scalable instant payment gateway that facilitates real-time money transfers and integrates seamlessly with the FedNow Service. Its platform includes robust fraud prevention tools and an open API, enabling financial institutions to deliver efficient payment services for both individuals and businesses.
Funding
$4.5M 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 providing real-time payment services due to legacy systems, security concerns, and the need for seamless integration with emerging payment networks like the FedNow Service. Traditional payment methods often lack the speed and efficiency required to meet the demands of modern digital transactions. Account takeover and scam fraud are also significant concerns.
Solution
Payfinia's Instant Payment Xchange™ (IPX) is a secure and scalable gateway that enables financial institutions to offer instant payment and money movement services. IPX facilitates real-time money transfers by securely connecting to a financial institution's core system and the FedNow Service. The platform supports various use cases, including account-to-account (A2A) transfers, peer-to-peer (P2P) payments, bill payments, business-to-consumer (B2C) disbursements, earned wage access, loan payments, and new account funding. Advanced fraud mitigation tools, such as dollar and velocity limits, cool-off periods, dynamic grouping, and trusted device initiation, are incorporated to enhance security and prevent fraudulent activities.
Target Audience
The primary target audience includes credit unions, community banks, and other financial institutions seeking to offer instant payment services to their retail and business account holders.
Features
- Secure connectivity to the FedNow Service for instant payments
- Adaptable to any core system through REST/SOAP APIs, FDX 5.2, or existing digital banking and EFT connectors
- Open API gateway for seamless integration with partners' and customers' digital systems
- Advanced fraud prevention tools including dollar and velocity limits, cool off periods, and trusted device initiation
- Support for various payment use cases: A2A, P2P, B2C, earned wage access, and more
- Real-time money movement capabilities for enhanced cash management and transaction efficiency