Can you give our readers a summary of what TransCard is and its role within the payments industry?
TransCard is a fintech company that specializes in providing innovative cloud-based payment solutions to financial institutions and corporations. We really see our role as helping to alleviate the time, cost and regulatory burdens many organizations and individuals face when using the traditional payments model. Our goal is to help payers drive efficiencies while still allowing for payee preferences. So far this balance hasn’t really been provided in the payments industry. Paynuver, our recently-launched SaaS funds disbursement and management platform, has really simplified the process for both payers and payees. We work with more than 250 issuing banks and over 1,500 corporate clients across the U.S.
What sets TransCard apart from other issuers and processors in the market?
Under the traditional payment model, payee preferences are rarely (if ever) taken into account, even though regulators have made it clear that giving fund recipients choices is important. With Paynuver, payers can establish a virtual account on behalf of multiple recipients for any payment transaction. After depositing the funds, payers are then able to manage payments from the platform to receive verifications and view transaction history. Once payments are deposited, the work of the issuing institution or organization is done, and because of Paynuver’s built-in technology, regulatory compliance measures are met.
Meanwhile the payee can then login and choose when and how they want to receive their funds. So compared to the ‘point solutions’ approach of the rest of the market, this simplified and innovative process makes us stand out.
The fact that we are both a program manager and an issuing processor also sets us apart.
How do you see the payments industry evolving within the next 5 years?
I think Paynuver really shows the direction things are heading in. The traditional payment model is expensive and inefficient, so that needs to be fixed. We will start to see more solutions coming to market that address this. But at the same time, the regulatory framework is such that consumer choices need to be taken into consideration. No one else is really getting the balance right between payee and payer needs and wants. It has taken us a long time and a lot of hard work to get to this point, but this evolution in the payments industry will likely continue.
What is TransCard doing to stay ahead of the evolution?
We invest heavily in our technology and in our regulatory compliance standards. Innovation is coming fast in the broader fintech industry. That is why, with Paynuver, we have built a platform that is easily adaptable to changes in payee preferences and technology. We have also learned that regulation can have a large impact. When the Dodd-Frank legislation came in, many of our clients faced challenges in changing their operations to meet the new standards. Our approach is to innovate in line with the regulatory framework so that our technology is future-proof.
What are you most excited about seeing come to fruition within the payments industry?
We are eager to see the benefits of a simplified, revolutionized payments model. With fewer time, cost and regulatory headaches, financial institutions and corporations can focus on driving consumer and shareholder outcomes. We are excited to help them grow.