Aiming to be the GPS of bank to bank transfers, fintech startup Wayerz is developing technology to track wire transfers and detect the best routes for the overall transaction. Coming to market with its solution, Wayerz announced the launch of its Global Payment Network (GPN) today.
Operating as an integrated solution, the GPN platform connects directly with a bank’s existing payment transfer system without the need for firms to update to new technology. According to Wayerz, the solution is similar to that of tracking a package of mail with banks and their enterprise clients able to track international wire payments and receive real-time updates. Also included are tools to examine customer activity with the data available to be integrated to third party analysis tools.
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With its platform, Wayerz aims to solve inefficiency of wire payments, where individual transfers are often composed of multiple levels of smaller bank to bank transactions and reconciliation of data between them. On this problem, Menny Shalom, CEO of Wayerz, commented: “The lack of transparency in bank-based payments makes both banks and their customers consider alternative solutions.”
Shalom added: “With our Global Payment Network, banks and clients will finally gain transparency into their international wire payments by being able to access and monitor their transactions in real-time through a central and secure platform. We’re providing banks with a practical enhancement to simplify their clients’ payment processes while meeting the strict banking guidelines of regulation, security and confidentially.”