The payment institution offers smart financial services

February 2020 – Considered as one of the top payment service providers in Europe, Paytah Payment Solutions (PAYTAH), which uses cutting edge financial technology applications, is also the first finance institution to offer IBAN (International Bank Account Numbers) running on blockchain.

A participant of the European Payment Council, this user-friendly and cost-effective banking service alternative is one of the first crypto-friendly payment service providers. Its services include instant transfers within Paytah accounts, Euro transfers to external accounts via SEPA, Euro deposits through SEPA, International wire and credit card transactions, private encrypted messaging between client/Paytah or client/client.

Designed to ensure payment safety, product quality and data integrity throughout the life cycle of a regulated product, the personalized IBANs and SEPA help facilitate the process of opening a business or individual account less the bureaucracy, thus, a much faster service. This brings Paytah at the forefront of financial innovation and continues to help in the growth of the company.

Paytah Founder and Chairman Marco Lavanna, who has successfully steered the company since late 2018, affirms that “Paytah provides true agility and responsiveness towards the market. We give first class customer experience while transactions are faster, more affordable, and highly safe. We are fully compliant with the European Payment Council, as we have proudly launched the Paytah Wallet, a wallet account application, meticulously developed to be seamless and user-friendly.”

Paytah is committed to finding solutions to challenges in the online finance sector as it expedites growth for companies and individuals.

For more information on Paytah, please log on to www.paytah.com.

ABOUT PAYTAH PAYMENT SOLUTIONS

Paytah Payment Solutions (Phoenix Payments Ltd) is a fully licensed financial institution regulated by the Malta Financial Services Authority (MFSA). It has passported its activity to all 28 EU and EEA member states. PAYTAH operates under the legal framework of the European Payment Services Directive established to provide safer and more innovative payment services across the EU.  

In the heavily regulated world of finance, the fight against money laundering and fraud continues to be a crucial element of the compliance process. We are in a new era, one in which the convergence of technology and data makes it possible for compliance and ethic procedures to pursue radically different ways of operating.

Marco Lavanna mission to fight financial fraud

Efforts to combat financial crime are pulled in different directions by the competing narratives of rapid socio-economic changes and global economic inequality. The rapid advance of technology, is forcing the financial institutions to adapt, innovate and to respond in a coherent way.

Multiple technologies are playing an important role in innovation.
Machine learning, a form of artificial intelligence that relies on mutable algorithms to identify previously unidentified patterns in bulk data, is proving to be one of the most fertile and the development of the field has improved the anti money laundering procedures. The algorithms have been applied to these new, integrated datasets for insight, massively improving the speed of pattern recognition, providing opportunities to better identify anomalous behaviors.

The introduction of new technologies is proving simpler for smaller and younger financial institutions, like Paytah is. We find it very effective and results oriented to work on the configuration of the new technology, partially because we adopt a more agile outlook. These technologies are having a significant positive impact on Customer Due Diligence, KYC and transaction monitoring. We are aware of the competitive implications of this level of development, however the human touch is still the major pillar in taking solid decisions when it comes to identifying fraudulent activities.

Finally, Paytah is designed to ensure payment safety, product quality and data integrity throughout the entire lifecycle of a regulated product. Additionally, in this exciting arena of regulatory compliance, Paytah has positioned itself as a catalyst for change.

The Paytah team invites you for the networking event: CRYPTO REGULATION – Panel Session about The Malta VFA Act .
JUNE 12th ¦ 6PM ¦ @The Network Lounge Bar in San Julian’s.

Paytah welcomes its new CPO, Jesus Perez.

Personalized IBANs and SEPA Instant Credit transfer now available to client accounts.

We are delighted to announce that we are finally live with the integration with CENTROlink of Bank of Lithuania.

This new feature will provide all Paytah’s clients with direct access to the SEPA payment system, with dedicated IBANs, and with faster processing times. The service, which is second to none, will allow Paytah to be on the forefront of innovation and to continuing offer top in class services to its clients.

“We are particularly proud to have reached this significant milestone with the help of the Bank of Lithuania, allowing Paytah to provide direct SEPA payment access to its clients. We are confident that the feature will continue helping the growth of our company” says Marco Lavanna, the founder of Paytah

PERSONALIZED IBANS:

Issuing International Bank Account Numbers in-house facilitates the process of opening a business or an individual account. And radically reduces the bureaucracy involved in the process of on boarding new customers. Clients can expect a faster and more dynamic service from now on.

The new CRM broadens Paytah’s customer centricity capabilities. Creating more assertive ways of connecting with our clients.

Paytah welcomes its new Chief Operations Officer and General Manager, Giovanni Cunti.

PAYTAH NEWS — FASTER AND SAFER FIAT TRANSACTIONS.

The Paytah development team completed the integration tests with the payment system operated by the Bank of Lithuania. The integration makes possible to put in place a state-of-the-art gateway for instant payments within the EEA area.

Paytah is now equipped to offer the best possible service to its clients based on the newest payment technology. Paytah is now positioned among the very top payment service providers in Europe, using cutting edge fintech applications.

Paytah is the first payment institution to offer IBAN accounts running on blockchain. At the beginning of May, the new services will be available to individual and corporate customers. Stay tuned for more!

We are excited to announce that Paytah is now a participant of the European Payments Council.  Paytah is now listed as a SCT participant and additional services like Instant Transfers will be added shortly.

This is an important milestone in our quest on building a user-friendly and cost-effective banking service alternative for our clients. Letting go of old fashion ways and giving room for the implementation of cutting-edge technologies, taking banking experience to the next level.

Supporting the crypto revolution is part of our core value. We are proud to be one of the first crypto-friendly payment service providers and the first finance institution to launch a payment account app running on blockchain

Faster, safer and scalable transactions

Account transactions can now be processed in-house which drastically reduces processing time. Extra layer of security for payment transfers once third parties are eliminated from the workflow and replaced by our proprietary, blockchain based technologies.

We can now issue IBANs

Issuing International Bank Account Numbers in-house facilitates the process of opening a business or an individual account. And radically reduces the bureaucracy involved in the process of onboarding new customers. Clients can expect a faster and more dynamic service from now on.

In the coming months, our team will be focused on further developing banking applications and credit card processing functionalities. We are also upgrading the Anti Money Laundering and KYC procedures, implementing additional automation tools.

Paytah Wallet – Traditional Financial Services empowered by Blockchain Technology.
2018 – 12 – 20

Paytah Payment Solutions announced the release of its new digital platform: The Paytah Wallet – a multicurrency account App running on the blockchain.

The new digital platform was developed in partnership with Heat Ledger. It uses 3^rd generation distributed ledger technology to enhance traditional money services and to add special features related to security, privacy and transparency.

Transactions are faster, cheaper and safer. The Paytah Wallet is linked to a fully functional IBAN and incorporates all the main financial services of a payment account. Services include: Instant transfers within Paytah accounts; Euro transfer to external accounts via SEPA and SWIFT; Euro deposit through SEPA, International wire and Credit card; Private encrypted messaging between client/Paytah or client/client and Additional FIAT currencies (26 different currencies available)

The use of blockchain technology provides a full, unmodifiable audit trail to comply with regulatory requirements. Additionally, client-side encryption of transactions adds an extra layer of security to the system. Blockchain and the Private Key system put the client in control of its assets. Account balances cannot be adjusted, or transactions authorized without the user’s registered device explicitly providing access credentials for every transaction.

Marco Lavanna, Founder says:

“Having an account running on the blockchain eliminates the need of the so-called Trust Factor, and here lies the significance of resorting blockchain technology to improve traditional financial services.

Our App replaces the confirmation payment pass codes usually sent via SMSs and traditional token devices with unique Private Keys. The Private Key puts the account owner in control of their funds, no third party other than the Private Key holder can validate transactions. When authenticating a transaction, the private key triggers an automatic process that cannot be tampered nor interrupted.

The blockchain technology brings to our relationship with the clients a level of transparency otherwise impossible. In the financial world we know, financial transactions are 100% depended on the good intentions of a third party. When moving funds, the person would put its trust on a bank to rightfully make the transfer to the designated beneficiary. No trust is required when you have an account running on the blockchain.”

Add-ins are already under development and account owners will soon be able to hold, send and receive funds as well in cryptocurrencies.

The service is now available to individual and corporate customers. The user interface comprehends a mobile and a desktop version. And it was meticulously developed to be hassle-free and easy to handle.

PAYTAH Payment Solutions (Phoenix Payments Ltd) is a regulated financial institution, licensed by the Malta Financial Authorities (MFSA) to provide payment services across all 28 EU and EEA member states. We operate under the legal framework of the PSD2.

Resources: Visit our website to open an account and start using the Paytah Wallet.