PaySway provides APIs and SDKs that validate and enrich bank payment instructions, ensuring successful transfers while minimizing maintenance efforts. By enhancing payment preparation and conducting extensive validations, PaySway improves straight-through processing rates and reduces engineering resource allocation for businesses.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses face challenges in ensuring successful bank payments due to issues with payment instructions, varying validation requirements across different payment schemes, and a lack of transparency in transfer timelines and fees. This leads to delayed or failed transactions, increased support queries, and the need for extensive engineering resources to manage payment integrations.
Solution
PaySway offers a suite of APIs and SDKs designed to validate, enrich, and optimize bank payment instructions, improving straight-through processing rates and reducing operational overhead. The platform provides real-time validation against hundreds of rules, ensuring payment details are accurate and complete. PaySway also enriches payment instructions by structuring unstructured data like postal addresses, recommending additional inputs to prevent false positive compliance alerts, and providing estimated time of arrival (ETA) predictions and intermediary fee estimations. A user portal allows clients to monitor payment processes, track issues, and run A/B tests to optimize payment routes.
Target Audience
PaySway targets businesses, enterprises, and financial institutions that manage bank payments and seek to reduce failures, improve efficiency, and enhance the user experience.
Features
- Real-time validation of payment instructions, including IBANs, bank identifiers, and account numbers, against hundreds of rules.
- Enrichment engine that structures unstructured postal addresses and transforms bank and account details into the correct format.
- ETA predictions based on payment schemes, routing paths, holidays, and cut-offs.
- Intermediary fee estimation to provide transparency on the full cost of transactions.
- API for penny testing to predict transfer success through validations and past credit verifications.
- User portal for monitoring payment issues, viewing statistics, and running A/B tests on payment routes.
- Integration with sanctions lists to identify potential matches and provide recommendations to prevent false positive compliance alerts.
- Embedded forms to streamline beneficiary details collection.