PayServices provides organizations with access to an open banking API. This allows organizations to offer financial products and services in a standarized and secure manner to a new array of customers.
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Traditionally, financial instituions such as banks and lenders, depend on third party providers for the technological aspect of their operations because technology is not their core business.
PayServices has a different approach. PayServices is first and foremost a financial technology company that offers infrastructure financial solutions with a limited number of financial products.
This approach allows PayServices to empower and enable other financial institutions that offer a variety of financial products and services not covered by PayServices. PayServices complement existing entities with powerful infrastructure and realtime information.
PayServices' open banking API has the ability to share in realtime the full details of transactions and account balances.
Whereas traditionally lenders only see total credit available and total moneys owed with a delay, PayServices is capable to provide in a timely manner the full granularity of the account with a complete breakdown of movements in realtime.
PayServices has invested significantly in perfecting its AML (Anti Money Laundering) / KYC (Know Your Customer) / GRC (Governance Risk Compliance) processes to establish a standard to gather and share on a secure exchange the compliance information between the customers and financial institutions taking part in a transaction.
With the open banking API, it is now possible to lawfully licensed financial institutions and financial services companies to get access and join the global trade market. Therefore, providing a significant new revenue stream by focusing on the core business of the institution (e.g. lending, insurance, guarantees, etc.).
The PayServices secure browser offers an array of API to allow your organization for example to feed results in the search engine and auto-suggest system.
In other words: we allow your company to connect its existing ERP systems to the secure browser for search results but also for Single-Sign-On capabilities. Visit our developers page for more information or contact us to discuss a special purpose products.
PayServices' compliance engine does not rely only on one source of sanctions lists but on a broad scope including OFAC in the USA, equivalent agencies in Australia, Israel, the UK and Europe.
The compliance reports may also include past operational history that will help predict future behavior. The reports are enhanced with Artificial Intelligence (AI).
The PayServices API is standard, however the business case for each new service or product being offered will vary. For this reason, you are invited to contact our team of professionals to discuss your business case and learn how we can mutually benefit from this new product and service in a revenue sharing model.
