“At the NACHA PAYMENTS 2017 conference earlier this year, FinTech solutions provider SwapsTech announced its plans to develop a new payment network (described as the “Mother of All Payments” by the company) that will use unique payment address solutions instead of sensitive bank information such as bank account or credit card numbers.”
ZillPAY™ is A Highly Secure, Convenient, Ubiquitous, Faster Payment network
Austin, Texas, April 24, 2017 – SwapsTech, leading provider of powerful financial technology solutions, participating in NACHA Faster Payments Conference, today announced that it is establishing a payment network ZillPay™, touted as “Mother of All Payments™”, connecting domestic and global financial institutions with businesses, merchants, and consumers, offering convenient, secure, transparent, ubiquitous and faster payments.
“Bank accounts and credit cards have no defense from insecure solutions which are exposed to hackers leading to unauthorized transactions, increased cost and loss of trust on the financial system. These outdated systems limit functionality and it is time to stop patching the old systems and create a revolutionary solution without restrictions.” stated Booshan Rengachari, CEO of SwapsTech.
ZillPay™ will use more secure “Unique Payment Address (UPA)”, which could be used in place of bank account numbers, credit card, and other payment account numbers. Businesses and Merchants can use their UPA in their invoices and get paid without asking for exposed account numbers. Individuals can pay and receive funds in real time using UPA. Financial Institutions can also buy and sell foreign currencies, receive instant settlements, and deliver the currency to their customers in real time.
UPA is linked to a bank account, but is transferrable to any financial institution, eliminating the need to update the parties using the UPA.
“We continue to use outdated and insecure method of payments, such as checks, debit authorizations, credit and debit cards, and also share these numbers online, while hoping that our accounts will never get hacked or stolen. The industry relied on these insecure systems for decades and continued to patch the issues with minor changes, warranties, and hollow promises. Consumers, Businesses, and Merchants are frustrated with the insecurity, inconvenience, and increased cost of transactions. ZillPay™ addresses these issues excellently and efficiently, without overhauling existing banking systems. UPA is a firewall which stops the bad guys from knowing or touching your account. Your account and your money are finally safe and secure at your bank.” explained Rithesh George, Director of Payment Technology at SwapsTech.
UPA can be used to send money, pay invoices, request money, and print them on invoices to get paid. ZillPay™ network orchestrates the secure movement of money from the payer’s account to receiver’s account upon payer authorization.
Global transactions will be faster and more efficient, as Financial Institutions participating in the network can buy and sell currencies, receive instant settlements, and instruct the delivery of currency to the beneficiary on real time.
“SwapsTech’s proprietary plug & play technology will make it easier for the financial institutions to adopt, connect to ZillPay™, and go to market faster. At SwapsTech, we are committed to bringing the advancements in technology to the financial industry, to bring efficiency, save time, and make the consumers feel safe and convenient.” added Murthy Balusu, CTO of SwapsTech.
Learn more about ZillPAY from the short video below
SwapsTech is the leading Foreign Exchange system developer and emerging banking technology solutions provider. Financial Institutions use many outdated technologies and systems, and fill the gaps with additional humans, excel sheets and paperwork, leading to costly human errors, compliance issues, and penalties. SwapsTech’s foundational philosophy is to bring the technology used in Silicon Valley to the financial industry, bring convenience to customers and give a better life to the people providing the financial services. Unlike legacy technology platforms that are expensive to maintain and prevent agile response to market conditions, SwapsTech’ clients take back control of their business by quickly implementing, extending, and digitizing the processes. SwapsTech’s plug and play technology enable faster development, and the hyper-scalable architecture allows large scale implementation. SwapsTech was founded in 2012 and is based in Charlotte, North Carolina.
Steve O’ Brien, Senior Director of Sales
SwapsTech today announced that it has signed a Software Services Agreement to provide the bank its cloud-based, end-to-end foreign exchange global payment platform, multi-currency accounts, and loan processing system. SwapsTech will deliver leading-edge solutions to Manufacturers Bank customers looking to leverage the new foreign exchange global payments technology.
About the Solution
SwapsTech will provide full-service implementation and software hosting to address Manufacturers Bank’s Capital Markets Trading, Risk Management, Post-Trade Processing while complying with Regulatory Requirements. This solution is a cutting-edge cloud service that digitizes the workflow to optimize controls, and increase efficiency while providing straight through processing. The solution leverages some powerful, cutting edge technologies, and includes the foreign exchange trading and risk management system FX STAR™ Desk, post trade processing system FX STAR™ Office, client facing portal FX STAR™ Web, multicurrency accounting system MCA STAR™, and multi-currency loan processing system LOAN STAR™, all of which will run on a private cloud platform for Manufacturers Bank. Keep on reading!
SwapsTech, the fastest growing Capital Markets and Banking Solutions provider and the new leader in Foreign Exchange solutions, today announced that it has signed a Software Services Agreement to provide Inter National Bank its cloud-based, end-to-end foreign exchange platform. Inter National Bank will use the FX STAR™ suite of products to digitize the operational processes, improve efficiencies, and enable electronic access to both branches and online customers.
About the Solution
SwapsTech will provide the full-service implementation and software hosting to address Inter National Bank’s Foreign Exchange Sales, Trading, Risk Management, and Post-Trade Processing of International Wires while complying with Regulatory Requirements. FX STAR™ will digitize the wire process, optimize controls, and increase efficiency while providing straight through processing. The solution leverages some powerful cutting edge technologies including Robotic softbots to automate repeatable manual processes, reducing human errors and improving efficiency. It includes the foreign exchange trading and risk management system – FX STAR™ Desk, post trade processing system – FX STAR™ Office, client facing portal – FX STAR™ Web and branch network – FX STAR™ Branch, all of which will run on an SSAE16-certified private cloud platform for Inter National Bank. Keep on reading!
SwapsTech, the leading Foreign Exchange software solution provider, today announced the release of FX Sales & Trading softbot – a software robot that automatically captures market rates, adjust for volatility, add sales commission and intelligently covers the risk without manual intervention.
“Human mind is a very powerful system and it always seeks a challenge. When the tipping point of repetitive activity leads to clerical errors due to lack of focus, it is time to automate these tasks through the use of a decision making Robot. Creating the proper workflows allows for people to be engaged in the decision making process but not when the answer can be systematically obtained through the Robot. The result is that careless errors are removed, processes are streamlined and operational, regulatory, compliance and reputational risks are removed” said Booshan Rengachari, Founder & CEO of SwapsTech. Keep on reading!