Industry Firsts

 

Continued leading-edge payments innovation

 

hyperWALLET has been at the forefront of payments innovation since our inception in 2000. 10 years on, we continue to challenge conventional wisdom for cost-effective, convenient, and compliant global payment services.  

 

 

2000: First bank-based online Shopping Application

In 2000, internet banking was used by less than 15% of households, and credit cards were the only way to conduct online commerce. 

 

hyperWALLET’s founders saw a need in the market for an open-standards based service which could link online merchants with consumers who preferred to shop securely and privately using their own money.    The company was launched in March of 2000 and less than 6 months later the first eCommerce ecosystem based on “good funds” was launched in Canada.

 

 

 

2004: First Fully-Compliant Prepaid Benefit Card in Canada

hyperWALLET’s payment platform was adopted by the burgeoning USA prepaid payroll card market in 2003, which required more advanced functionality for payroll administrators, and easy-to-use online applications for employees receiving cards. 

 

After working with several Prepaid deployments in the US, hyperWALLET adapted its technology to meet Canadian regulatory requirements, and launched the Paylution service for First Nations Governments.    This service slashed the cost of benefit distribution in remote communities and reduced reliance on cheque cashing services.

 

 

 

2006 – today and beyond: First Global Direct Deposit Service

In 2006, hyperWALLET surveyed a number of its largest corporate customers and realized that cheques still dominated their payables landscape for international disbursements under $5,000.00 – there simply was no cost-effective and compliant alternative. 

 

hyperWALLET extended its internetworking technology and invested in the development of a cross-jurisdictional compliance regime to support the expansion of direct deposit to any ACH-like clearing network.    The service was immediately and enthusiastically adopted by multinational corporates thus dramatically reducing cost, complexity, and settlement latency.  Service has since been extended to reach unbanked and mobile beneficiaries, and is still expanding today.

 

 

 

2010 and beyond: First SMS Consumer Remittance Service

 

Immigrants supporting family in their homelands send more than 400 Billion USD across country borders each year. 

 

The payment size is small (averaging about $300 per transfer); however, the cost to send is very high (averaging about $35 per transaction).

It is time for the talk to stop and the revolution in remittances to come. 

 

In October 2010 hyperWALLET introduced the world’s first compliant, cross-border remittance service using a combination of web and mobile technologies, cutting the cost of sending money to well under $10 per item.   We intend to learn from the feedback of our beta corridor users and expand the service to individuals around the globe in the years ahead.