A New FinTech Ecosystem, consumer banking And payments like never before

The public face of Paymency is payments, but that is just the tip of the iceberg. Paymency changes payments to the core. Should Visa, MasterCard, Discover and AMEX close tomorrow, Paymency would only benefit because we don’t piggyback on their cards as done by most FinTech payment apps and banks. We help merchants break away from high cost credit card networks.

We use technology and merchants to create a new way for people to think of banking. and merchant payments. We give consumers a better way to hold, spend and manage their money as we drive merchant cost to others out of payments. Paymency makes payments merchant centric, as they were before BankAmericard and MasterCharge reached the tipping point in adoption in the 1970s. 

Merchant acceptance of credit cards had a very slow adoption because of cost. Card cost and card rewards are even higher today. Merchants hate card fees and rewards that benefit other merchants.

Merchants will use Paymency Merchant Payment App Network and rewards to wean Paymency Buttoncustomers away from high cost bank cards, increase customer loyalty, sales and profits. We do this with 1) A new cloud based payment network 2) a new clearing house 3) SMS payments for the unbanked 4) a Merchant Payment App network.

 

What Differentiates Paymency From The Competition?

Paymency will meet market needs by empowering others with the technology and processing. needed. Paymency facilitates selected merchants, cities and others to function like a bank. We define a subset of merchants as sponsor merchants. Sponsor merchants are a bank alternative that opens accounts, holds the funds and share in our low transaction fees. Evans is an approvable Bank CEO, but to solve market needs this time we had to pass on a bank charter. Banking and payments in China, and India were an inspiration adapted for the US. In China, it is fair to say that everyone uses a payment app and many consumers use the payment app as an alternative to a bank checking account.

Paymency will be the low cost provider, and all consumers will be free, including the unbanked, and Paymency is unique in giving merchants a way to transition away from the high cost networks. If Paymency didn't do this we estimate at least 10 years before another group would attempt to replicate our model that removes the middleman, banking and high fees as known.

Paymency CEO Evans has nearly 30 years experience in FinTech and Internet banking and even more time in building start-up and near start-up banks. He creates opportunities, and he is not a follower. After leading two successful Internet bank design and builds, Paymency is the logical next step. This time Paymency will bank the unbanked and turn merchants into the core of a new merchant app payment network.

We turn merchants, cities, Tribal Communities, and non-profits into consumer banking sponsors that integrate into the payment network.  To accomplish this, Paymency has two primary consumer to merchant interface methods: 1) Text (SMS); and 2) Merchant payment apps. Paymency is also unique in owning a clearing house that maximizes our flexibility.

Paymency will make merchants part of the next generation of banking by turning merchant apps into payment apps. For many people, the merchant app will become an alternative checking account. This is made possible by our Paymency Clearing House. A clearing house has been missing from FinTech.  The last clearing house was ACH in 1974.

 

The Unifying Paymency Ecosystem

  • Banking the unbanked in America – including Native American Communities
  • Saves merchants 50% to 90% of card fees
  • Turns your favorite city, charity, merchant, tribe, or FinTech into your banking partner
  • Is a source of financial education and products
  • Consumers are always free; this includes the unbanked and underbanked
  • Closing the digital divide in consumer digital payments


Accomplished with

  • A new cloud-based payment network – First since Discover Card in 1985
  • A new clearing house – First since ACH in 1974
  • A Text (SMS)  mobile payments for the unbanked - Similar to what is done in India
  • A Merchant payment apps – like China payment apps that serve over 2 Billion people
  • No high cost merchant hardware required, any Internet enabled devise can be used
  • A marketplace platform (like Amazon) for finance and banking - Includes low income consumer assisted access

     

    Why Build a Clearing House?

    Why is Paymency building a clearing house to support our payment network when most see a new clearing house as off limit? Paymency is led by a Pioneer Internet banker that also worked in the old cash and paper check economy of the early 1970s.

    Evans first bank project outside of daily activities was analyzing an electronic check sorter to lower cost and increase bank efficiency. The last step in clearing was sorting paper checks to hand stuff into customers monthly bank statements. Evans understands clearing and how today’s technology creates the opportunity to build a clearing house to drive a new payment network. The value of operating independently is undeniable. Eventually, other FinTechs and banks will be able to use our payment network.

     

    Deployment and Profitability

    The Paymency SaaS and API Ecosystem has no paper, no plastic, and almost no cost per transaction. Paymency can only benefit from open banking when it comes to the US but we don't see a need to wait. In the meantime, we draw from US Free Banking of the 1850s and we will be a leader in US digital currency.

    We chose a B2B2C distribution model because the merchants have the most to gain from our low-cost model and they have direct access to consumers. Payments are ubiquitous, and we are designed to reach the largest addressable market (95% of population) with the lowest cost full featured merchant payment product. We estimate annual revenue of $12 to $48 per year, per consumer.  

     

    The Financial Marketplace Of The Future

    In preparation for the open banking future, and to meet consumer needs, Paymency makes available all consumer financial products that we don’t offer directly.  Paymency will start populating what some would call a modern monopoly on our first of its kind, Financial Marketplace Platform that is built to support the seamless movement of money and confidential data between consumer accounts. This is an Amazon-like marketplace but for consumer banking and consumer finance.

    Any FinTech, financial company or bank that markets on Bank Rate, Yahoo, Lending Tree and elsewhere, will be welcome to sell on our marketplace free of any fee from Paymency. We will encourage financial participants to provide consumer financial education as a marketing tool.

     

    Key Team members

    Gary Lewis Evans – Chairman, President & CEO of Paymency, always an Innovator, a Founder, Model Designer & Original CEO Bank of Internet (BofI), Internet banking and FinTech Pioneer in 1994 as President & CEO of La Jolla Bank. Began banking career in 1971, C-Suite Executive since 1975, Positioned BofI perfectly for the great recession. Came out of the recession strong, In Dec.2019 BofI (Now AXOS) was selected by The Motley Fool as both a Top 5 FinTech and Top 5 Financial business for the decade.  Evans knows banking fundamentals, enjoys designing a "better way" and then training staff in a new approach.

    Kellie Damico – Chief of Operations and Compliance - Former head of Operations and Compliance Services at Bank of Internet (BofI).

    Nathan Ziebart – CTO, Software Engineer & Database Architect

    Advisors

    Mike J. Berengolts – Technology Strategy Consultant – Founding CTO with Evans at Bank of Internet (BofI)

    David Damico – Public Education, Organizational Development, Education Technology, Leadership Coaching. Current Executive Director of Information Technology for a California school district.

    Sai Huda – Industry-leading risk, cyber security and compliance expert. Former Founder, Chairman & CEO, Compliance Coach. Sold to FIS. Then was GM at FIS, attained number 1 ranking in RiskTech100. Author of best-selling book, Next Level Cyber security.

    Mark J Riedy PHD – Mark has served on nine public and private company boards, including Fannie Mae, Pan Pacific Retail Properties, BioMed Realty Trust and American Residential Mortgage Corporation, and meets Audit committee financial expert (Sarbanes-Oxley) requirements. Mark has served as president of Fannie Mae and as executive vice president of the Mortgage Bankers Association. Early in his career Mark was an economist for the Federal Home Loan Bank of San Francisco. Mark earned his PhD at the University of Michigan.

    Sandeep Shah – An entrepreneur and Amazon Web Services transformation strategy consultant. Sandeep is a technologist with experience in Blockchain and big data science (AI/ML) currently works with auto industry and autonomous vehicle (AV).




 
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