Example: The complexities of SWIFT >
With hyperWALLET, FIs no longer need to collect such details, as beneficiaries control and manage their own remittance preferences. |
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Opportunities for FIs |
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Corporate Payments
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International remittance & FCY accounts
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Merchant payment solutions
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Every year banks lose over $USD 50B in revenue to 3rd party payment networks. This revenue loss is comprised of both fee and net interest margin components.
One key challenge of payments to consumers is heterogeneity. Historically, banks have managed this complexity by treating all beneficiaries the same.
Non-banks (ex. PayPal, Visa, Travelex, Western Union, Vodafone, Octopus, etc.) have taken advantage of this dynamic to provide specialized services, and payment value propositions.
These services were first offered to address a niche need, but have evolved into a competitive threat to traditional banks.
To solve these challenges, hyperWALLET provides FIs both a multilingual, multi-currency platform as well as a payment network that provides local settlement of funds.
Our services are designed to allow any remitter to send money to any beneficiary, across any network, in any country, in any major currency.
FIs can leverage hyperWALLET's prepaid card, mobile payment, corporate payment, international remittance/FCY accounts and merchant payment solutions to deliver new financial services to their customers across multiple channels, worldwide.
With hyperWALLET, beneficiaries control and manage their own remittance preferences.
This revolutionary approach dramatically reduces routing errors; payments can be tracked globally, and the beneficiary is comforted by the fact that their bank details remain private.
FIs can hold funds longer and can accelerate the payment process while reducing costs of remitting funds, as it is the beneficiary’s responsibility to instruct how they would like to settle the payment.
The hyperWALLET platform and services offer FIs a program manager to manage payments across multiple networks and geographies. It does so by providing the beneficiary with tools to manage items such as accounts, currencies, FX, alerts and status.
Similarly, we also provide FIs and corporate clients with tools to manage beneficiary options, thresholds, timing, KYC, and regulatory reporting.
Together, this allows our banking customers to effectively compete in both retail and commercial payments, improving liability balance retention and fee revenue.
Payments are a collaborative business, and at hyperWALLET, we recognize that payments are core to your enterprise.
Our goal is to bring innovation and value to drive incremental payment volume and enable your organization to compete with non-bank service providers.
Whether our platform rests on your network or ours, together we can ensure Financial Institutions remain the key orchestrator in emerging payments.
