Payyd is a financial technology platform that enables SMEs and freelancers to create personalized payment links for direct local bank-to-bank transactions, eliminating the need for international money transfers and associated fees. By facilitating quick payment processing and instant local currency withdrawals, Payyd addresses the challenges of high transaction costs and lengthy payment delays in cross-border trade.
Funding
Funding not disclosed
Founders
Product
Problem
Small and medium-sized enterprises (SMEs) and freelancers face challenges with high transaction costs and delayed payments when dealing with international clients due to reliance on traditional international money transfers. These methods often involve currency conversion fees and lengthy processing times, impacting cash flow and profitability.
Solution
Payyd is a fintech platform that enables SMEs and freelancers to receive payments directly from their international clients' local bank accounts, bypassing traditional wire transfers and FX markups. The platform facilitates the creation of personalized payment links that clients can use to pay in their local currency. Payyd then credits the seller's account in USD, which can be withdrawn to a local bank account. This approach reduces transaction fees, accelerates payment processing, and provides transparent, real-time exchange rates. Payyd offers solutions for sellers, buyers, and B2B platforms, streamlining international payments and improving cash flow management.
Target Audience
Payyd targets SMEs, individual freelancers, exporters, importers, and B2B platform companies that require efficient and cost-effective solutions for international payments.
Features
- Personalized payment links for quick and easy payment requests
- Multi-currency support, allowing clients to pay in their local currency
- Direct local bank-to-bank transfers, eliminating international wire transfer fees
- Real-time FX rates with no hidden markups
- Fast withdrawals to local bank accounts, typically within 15 minutes
- Mobile app for iOS and Android to manage payments on the go
- Web application for desktop access and payment tracking
- Escrow support for scheduled payment releases
- API for seamless integration with B2B platforms