We are witnessing epic times – the Coronavirus pandemic. This is not necessarily bad for your business if you turn it into your favor. Don’t let the CORONAVIRUS affect your business!

Increased interest in digital assets trading reported by search engines

With a large part of the world population that is now more plugged than ever, and dealing with this uncertainty caused by the global pandemic crisis, it’s not surprising that many have an interest in digital assets. The digital assets market has shown it can be very volatile as traditional ones when the global economy is dealing with a pandemic.

Search engines reported an increased interest of the users in trading digital assets despite the market massacre that started on the 12^th of March 2020 and lasted for a week. Exchanges have registered new traffic records and trading volumes.

This interest may be related to the theory spread over the internet, that a global economic meltdown may lead to growing value for the digital assets.

Where is this increased interest going?

It takes to the point where crypto exchanges and other companies related to the industry have to find fast solutions to support their increased volumes in operations. This leads to more partners, more costs, more work. While their clients are trading higher volumes, they still have to make transactions with fiat, which we all know it’s not that easy as a high-risk business.

PAYTAH to the rescue

The current regulatory environment is more and more strict, so during CORONAVIRUS pandemic crypto businesses are finding even harder opening company account and making transactions. Happily, PAYTAH is here to help these companies to overcome this kind of bottlenecks.

We know that this is exactly the moment when now more than ever high-risk businesses need to partner with a trustworthy financial institution that has the right experience in risk management and in-house technology to manage transactions in the safest possible way.

Here is what PAYTAH can do as a crypto-friendly payment solutions provider:

• Settlement IBAN accounts – Supporting new and existing businesses
• Payment accounts – Fast and reliable SEPA transfers
• Segregated accounts – To meet different needs
• Custom IBAN –  Fitted to your business needs (T&C apply)
• Personal accounts – With respect to individuality
• Instant internal transfers – One click away
• B2B and B2C payments supported – As easy as you say Paytah
• SDK available for automated payments

And many more you can find by reaching out to us at [email protected].

Don’t let the Coronavirus pandemic affect your business. It’s the right time to turn the COVID-19 time into your favor!

COVID-19 – Global Context

In the light of the current global context, Paytah is closely monitoring developments concerning coronavirus pandemic and is taking all necessary measures to ensure the wellbeing of employees, to prevent any potential business impact and to ensure business continuity.

We take care of our team, so we can keep supporting you

As Paytah provides services on a non-face-to-face basis, it’s easy to adopt remote-encouraged policy and stand up for our social responsibility to prevent the virus spreading further, while ensuring the business continuity that supports and enables our clients and the economies we operate in.

We have a fully functional system that enables staff to work remotely. So we are well-equipped to support you and keep Paytah running, even if we can’t make it to the office.

Paytah also has a Business Continuity Management Policy Framework which will escalate if the need arises.

Security First

We are fully set up to continue the business as usual

We have assessed the risk of increased cyber-security related fraud aimed both to customers and our institution, therefore we have proactively strengthened our technologies, infrastructure, and tools.

We can assure and confirm that our Support Agents, Officers and Compliance Officers are monitoring the system and perform their activities remotely via secured channels. 

Maintain a high reliance on our clients is very important and therefore we already designed our system to comply with the best protocols, and services are available under our available resources. 

Always here for you

If you have any concerns or questions, don’t hesitate to address them to [email protected] We will gladly do our best to provide you with our full support.

As a financial institution, Paytah is committed to operating in compliance with laws, standards, and rules and is continually working to meet these standards. As it has mentioned several times by now in its communications, Paytah continues to work on the global ‘know your customer'(KYC) procedures and measures, which emphasize regulatory compliance as the key priority. Paytah’s global compliance program encompasses all client segments leveraging on experiences from the KYC and AML program that started two years ago when it opened the doors for business.

As a gatekeeper of the financial system, Paytah set up a central KYC organization to develop consistent processes, work instructions and responsibilities across all units.

The development and rollout of KYC communication has been supported by the setup of a behavioral risk department that performs risk assessments. Senior leaders spent a considerable amount of time engaging with staff to explain and discuss responsibility as a protector of the financial system. In addition, the compliance department is supported by a team trained to detect high-risk behaviors and intervene when needed.

Culture-driven change is an on-going process, as Paytah is striving to not only improving processes and procedures but are building the right compliance culture.

Everything starts with Paytah’s senior leaders, as Founder Marco Lavanna explains: “We are on a mission to make payments simpler across the banking spectrum, but the main goal is to do it the right way. As a financial institution, we are under the obligation to ensure that our operations meet the highest standards, especially when it comes to preventing individuals from misusing the financial system. This starts with our upper management that makes sure each day to have an impact not only on the minds but also the hearts of the Paytah members.”

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.

Financial institutions operate in a heavily regulated environment. Therefore, it is crucial that we understand and anticipate the impact of regulatory and legislative developments and appraise their impact on our business and our clients.

REGULATORS

The mission of a regulator in the financial industry is to augment public value, amplify the integrity and stability of the local and global market and to promote a fair competitive market environment. Regulators are proactive in monitoring the trends in the financial market and in identifying potential risks and indicators of misconduct at an early stage. They address such risks to the benefit of the general public and the financial market at large.

Regulators have a high supervisory role which makes it crucial to have a risk-based supervisory approach as a key to enhance the effectiveness of its role. Another important responsibility is to keep up with how the market is evolving and ensure that regulations cater to such innovative markets, whilst securing that their approach keeps pace with such changes.

Regulator’s banking supervision is responsible for the oversight of all licensed banking activities which includes non-bank financial institutions (e.g payments institutions). This includes off-site and on-site examinations of all licensed institutions applying a risk-based approach. The goal is to make sure that these licensed institutions comply with all regulations and license conditions and have the necessary corporate governance and control structures in place.

Payment services companies have found solutions that truly offer a better customer experience than those offered by traditional banks. They must comply with the same regulations as applicable to the traditional banks and regulators should ensure that payment institutions are subject to the same rules in important areas such as cybersecurity, privacy and anti-money laundering procedures.

PAYTAH IS A REGULATED FINANCIAL INSTITUTION

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.

WHAT ARE THE BENEFITS OF USING THE SERVICES OF A REGULATED FINANCIAL INSTITUTION?

Consumers that already familiar with using non-banking payment services are feeling safe knowing their provider is duly authorized and registered and is being supervised by the financial authority in the home country of the provider.

A licensed payment institution is following EU regulations, including anti-money laundering, fraud prevention, terrorist financing, etc and is operating in accordance with all applicable laws and regulations. This provides customers the certainty that the provider offers trustworthy solutions and their payments are processed safely and securely.

As a result of a higher competition among all the financial industry, consumers now are entitled to demand greater standards of quality and higher convenience of making transactions.

THE FUTURE

New regulations should contribute to financial stability, supporting an ambitious environment and facilitate the delivery of high standard services to customers and society as a whole. 

In the last 10 years, the exponential growth in the worldwide economy has given the previously excluded individuals traction in the formal economy. Yet, billions of people are not sufficiently provided with banking and payment services – the underserved businesses and individuals who need to get a foothold and to be financially empowered.

In the recent decade, financial inclusion has been top-of-mind among institutions and enterprises through the ongoing development in finance technology. Innovations in online payment services have changed the game, with a diversity of the best payment solutions now available even for individuals and small to medium businesses.

The evolving technology innovations are driving growth across communities, allowing them more time to run their businesses more efficiently. New financial habits and norms are created which now allows individuals to have a more efficient role in managing the financial well being of their businesses.

Paytah Payment Solutions, top payment service providers in Europe, uses cutting edge financial technology applications. Paytah is a participant of the European Payment Council and is a user-friendly, cost-effective and crypto-friendly payment service alternative. It is also the first financial institution to offer IBAN (International Bank Account Numbers) running on blockchain.

Encouraging the crypto revolution is part of Paytah’s core values. It is an important landmark in the company’s quest to taking online banking experience to the next level which even the underserved businesses can now access and appreciate.

New directions in finance technology have influenced the progress in societies where transparency and accessibility to funds were formerly deficient. With the development in finance technology, the underserved companies now have access to digital platforms that provide affordable payment solutions whilst owners have the chance to reshuffle and modernize their company’s activities to further grow their businesses.

For further assistance and information in the opening of an account, don’t hesitate to contact us at [email protected]

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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.

This commitment is for the protection of businesses and its customers

The introduction of online banking has been one of the most accepted technological innovations in the finance sector. The convenience to do transactions through the internet, whether personal or for business purposes, has strengthened the banking industry. The migration to this technology to reduce cost and improve customer experience has been adopted by most of the banking industry.

This digital transformation, however, has paved the way for cybersecurity attacks. The primary challenge for online banking was how to improve and strengthen cybersecurity. This has been a threat to the online banking sector which needed to be addressed.

Paytah Payment Solutions has committed to protecting its business and customers by strengthening its cyberinfrastructure. It is imperative for them that information security policies are implemented such as the use of technology and access management. The need to foster a culture of valuing privacy and security among digital consumers is important. Hence, ethical and responsible management have been put in place.

There are other industries also vulnerable to cybersecurity attacks, such as telecommunications, technology, retail, hospitality, and healthcare. But the finance sector is vulnerable as vital information of businesses and private individuals are at risk.

Reducing the risks, therefore, bridges the gap between the clients and the finance sector, and with this, Paytah believes that the strengthened measures they continue to use are an assurance that this digital innovation is one to be trusted.

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.