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 These outdated systems limit functionality and it is time to stop patching the old systems and create a revolutionary solution without restrictions.”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“We continue to use outdated and insecure method of payments, such as checks, debit authorizations, credit and debit cards, and also share these numbers online, while hoping that our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.
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.