PaySett: Expedited Payment Processing for Global and Regional Banks

Benny Cooley, CEO, PaySettBenny Cooley, CEO
Today, sales operations around the world leverage IT to handle large business volumes. With numerous transactions taking place every hour, retail companies are turning to internet banking, electronic wallets, digital currency, and other payment options to streamline the processing of customer transactions in a secure manner. “When processing electronic transactions, financial institutions need to provide better payment tracking and have robust security measures in place to monitor payment operations as they flow through their networks without compromising on speed,” says Benny Cooley, CEO of PaySett, whose firm offers solutions to financial institutions that need faster transactions to gain market share and to increase profitability. With over 15 years of experience in payment processing, PaySett has established in-depth expertise in back-office payments processing for national payment switches as well as for global and regional banks.

The company’s portfolio includes specialized payment software products and consulting services that are centered on the movement of funds between banks, corporations, and individuals. “The focus of our solutions is on the back-office processing of payments and settlement systems where the routing and settlement of payment transactions occur,” says Cooley. The firm’s flagship offerings PaySwitch™, PayBank™and PayExpedite™ facilitate batch and real-time Automatic Clearing House (ACH) transactions processing for clients. The solutions can also carry out payment transactions between financial institutions within a country and have end-to-end encryption using digital certificates to ensure security. Another product from PaySett is the PayExpedite™ solution that offers National Clearing Networks and financial institutions the ability to process transactions in real time. This allows real-time exchange of funds between financial institutions and their clients within a country. “Our product suite spreads across Switch Networks, Banks and Corporations insuring a secure, expedited transaction process flow,” says Cooley.

The focus of our solutions is on the backoffice processing of payments and settlement systems where the routing and settlement of payment transactions occur

PaySett has also teamed up with large global banks to provide regional payment hubs so their clients can consolidate payment processing at their individual banks located in other countries. The PaySwitch Hub and PayBank Hub payment software helps banks create a regional center with the ability to process financial transactions from different countries in one centralized location. “This initiative offers enhanced fraud controls, improved operational controls, reduced costs, and a better environment to perform transactional analysis to understand the customer behavior on a global scale,” says Cooley.

PaySett credits the success of their many solutions to their focus on national payment networks, back-office payments, and settlements processing operations. This has helped them stay ahead in the market by providing a secure solution for processing transactions and having a complete view of the payment cycle within a country. The firm also strives to further innovate and increase the speed of transactions without compromising on security or stability of the payment process. “We have already implemented PayExpedite™ at a national level and this has allowed payments to process at a real time speed throughout the country,” says Cooley.

For the future, PaySett intends to increase implementations of the PayExpedite™ solution to speed up payments for their clients at a national level. In addition, the firm plans to support more Global and Regional banks in embracing regional payment processing by consolidating their payment activity across countries. The company is also intent on assisting their clients with greater analytical capabilities as it relates to the payment transactions they process.