Velwire provides payment infrastructure for emerging economies, enabling real-time electronic payments. Their services focus on building and operating payment applications to facilitate faster and more efficient transactions.
Funding
Funding not disclosed
Founders
Product
Problem
Emerging economies often face challenges with fragmented payment systems, limited interoperability between financial institutions, and a reliance on cash transactions. This can lead to inefficiencies, higher transaction costs, and reduced financial inclusion for individuals and businesses.
Solution
Velwire provides a real-time payment gateway designed to facilitate seamless and interoperable digital transactions within emerging economies. Their platform acts as a central switchboard, connecting various banks, mobile financial service providers, and payment system operators. By enabling instant fund transfers between different accounts and institutions, Velwire aims to accelerate the transition from cash to digital payments, promoting financial inclusion and economic growth. The platform supports virtual ID-based transactions for enhanced security and confidentiality, and integrates with existing legacy systems to minimize disruption.
Target Audience
Velwire targets governments, banks, financial intermediaries, and businesses in emerging economies seeking to modernize their payment infrastructure and promote financial inclusion.
Features
- Real-time clearing for automated transactions subject to net debit cap limits
- Virtual ID-based transactions for secure identification and confidentiality
- Direct pay interoperability for fuss-free fund transfers between different financial institutions
- Request-to-Pay (RTP) functionality to facilitate payment requests between payees and financial institutions
- Transaction validation and record keeping with value limits, user/device restrictions, and 2-Factor authentication
- Dynamic QR code transactions for increased security
- Support for e-commerce transactions between individuals and merchants
- Solutions for government dues and bills payments with tracking and verification
- Bulk transaction capabilities for salary distribution and government fund disbursement
- Automatic VAT payment processing
- Dispute resolution system
- Risk management tools to check and mitigate restricted data/devices and transaction limits
- Interoperable mobile app to facilitate multiple transactions between supported financial institutions