- Payall |
- Press Release
- Sep, 2020
Payall Payment Systems Announces SiGMAPP Alpha Release
September, 2019 – Payall launches the Alpha version of its Single Shared Global Multicurrency Asset and Payments Platform (SiGMAPP) to enable payments to move globally at the speed of data through banks. Moreover, the company has pioneered a compliance breakthrough called Click-for-KYB™ that delivers authenticated, KYB, source of funds and economic legitimacy of payments such that foreign-initiated payments are safer than domestic payments.
Payall’s platform has taken inspiration from the US Fed Wire system and the TARGET2 in Europe. However, there are material payment handling differences including that the platform is multi-currency, asset label indifferent and liquidity and foreign exchange are managed in a novel way. It also includes a robust suite of microservices required to support a diverse, global client base of financial institutions. Additionally, SiGMAPP includes a modern, mobile-forward, core-like transaction account system for banks and their clients who are making and receiving payments as well as currency and other traders. It enables all participants to control and move their funds in ways that aren’t available through core bank systems or other FinTech companies. Bottom-line is that financial institutions can empower business customers to Pay Anyone, Anywhere™ instantly, 24x7 and offer recipients unmatched control over their money.
While SiGMAPP was inspired by trusted and familiar architecture known as a single shared platform, it’s designed to seamlessly bridge to new technologies and currencies. Specifically, the asset labeling construct supports any currency or asset designation including cryptocurrencies and central bank digital currencies. Also, the design of SiGMAPP’s microservices ensures that they’re interoperable with blockchain and DLT. Moreover, planned use cases for blockchain include supply chain management, fully off-line (no WiFi, no power) payment ecosystems and specialized identification applications in public as well as private permissioned networks and hybrids.
SiGMAPP operates external to a bank’s core but is perpetually balanced and leverages common core system protocols and local payment infrastructure to minimize bank project or technology work. The platform includes proprietary software as well as leverages emerging and traditional domestic connections for last-mile payment options. SiGMAPP has been developed in a way that allows separate platform components to be launched incrementally, as standalone domestic services, in a foreign country, or on a global scale.
Payall is a new type of banktech and regtech entity, the first-ever Cross-Border Bank Processor that enables money to move globally at the speed of data through banks. The company has pioneered a new paradigm of global correspondent banking-as-a-service. Proprietary software and processes overcome the high-risk nature of cross-border payments such that foreign-initiated payments are safer than domestic payments. Additionally, recipients have diverse and valuable options to control their money. With Payall, banks can offer a safe, innovative and differentiated cross-border payment product to compete with, or power, FinTech.
Marketing & Communications Director