Wayerz Launches Global Payment Network to Bring Transparency to Bank Wires

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, security and confidentially.”