Recognizing that the International market required a more modern payment software product, easier to implement and more cost effective at moving payments between organizations, Benny took the responsibility to provide one. Benny Cooley, Founder of PaySett Corporation worked in banking and electronic payment software companies prior to founding PaySett.
PaySett Corporation was founded in 2001 as a company focused on payment and settlement processing for financial entities. PaySett Corporation is a well capitalized, highly profitable company with no debt, operating in 13 countries and committed to changing “The Way Money Moves®”.
Innovating New Ways of Payment
PaySett offers a complete suite of products designed for the movement of money between financial institutions, corporations and individuals. At the National level PaySett offers both batch (PaySwitch®) and real-time payment systems (PayExpedite®) for the movement of money between financial institutions. At the individual bank level, PaySett offers a complete payment engine (PayBank® and PayExpedite®) for the processing of internal payments for the global and the regional banks across their entire organization. Providing the financial institutions a product called PayCorp® which allows for the seamless integration of corporate payments into the banks internal and global payment channels. PaySett also offers the financial institutions PayNow® which allows for the real-time processing of payments for consumers making online purchases and bill payments.
In addition to all the above services, PaySett also provides a range of supporting products such as PayCheque® for the processing of cheque images and PayAnalysis® for the data analysis of payments for fraud controls and marketing purposes.
Meeting the Needs of the Clients
PaySett offers a range of products and services for both real-time and batch processing of electronic payments. These products and services are offered for National payment switches, large global financial institutions, Central Banks and corporations. At a national payment switch level, PaySett products connect all the banks within a country into a real-time and batch environment that allows for the movement of money between the banks in the most secure, efficient and cost effective manner possible. Transactions requiring immediate processing flow over a real time network and transactions whose time sensitivity is less critical flow over a batch network at a more cost effective price. This gives the financial institutions and their customers the options to move money at the speed and cost that best meet their specific business requirements.
PaySett also offers a full range of products for providing a global payments cloud for global banks. These products and services allow a Global bank to operate across borders between their regional offices providing for the movement of money in both the real time and batch environments similar to what occurs at the national level. The benefits for the global bank are: Consistency and Control in the movement of money throughout their organization while Insuring funds are moved at the speed, and Cost necessary for their organization. This allows the bank to create additional products and services on top of their payment infrastructure for the global market to meet the needs of their corporate and consumer clients.
Effective, Secure and Cost Effective Services
All along with products and services, the clients of PaySett are benefited in many ways. For instance, the national payment system allows an entire country to benefit by the movement of money out of paper based systems (cheques, cash) into electronic payments. Electronic payments offer reduced costs, increased speed of transactions, more security and more transparency of the movement of money within a country. These benefits allow the country to be more competitive in the area of eCommerce.
For the Global bank customers the standardization of the movement of money across their entire organization allows them better insight into their payment processing needs of their customers. These institutions have a better platform on which they can add new products and services for their clients and insure that those transactions are processed efficiently, securely and cost effectively.
Succeeding all over the World
PaySett provides support and software products for clients in the USA, Latin America, Caribbean and Asia. Some of these are among the largest most trusted financial institutions in the world. Organizations such as ABN Amro, Royal Bank of Canada, CIBC, Barclays and Scotiabank depend on PaySett for their Payment processing needs. In addition to this, Paysett provides electronic payment, clearing products and services to 8 National payment networks in Latin America, Caribbean and Asia.
PaySett is currently investing in the area of digital ledger systems to enhance the movement of money within a country at a national level. Digital ledgers offer a potential increase in the speed of settlement of transactions for the movement of money. PaySett believes that the financial institutions will struggle with the concept of open access digital ledgers/blockchain, however, they will be more aligned to pursue private digital ledgers/blockchain systems. Benny adds, “There are payment inefficiencies that can be eliminated in our client’s core banking and national network switches by the use of private/permissioned digital ledgers.”