consumer banking and payments like never before


   

Paymency is a consumer finance ecosystem and merchant payment network that removes middlemen and operates outside of payment networks and redefines retail banking. 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 share their “rails” or piggyback on their cards as done by most payment apps, and banks.

What Differentiates Paymency From The Competition?

Our path to profitability and rapid growth differentiates Paymency from most new bank and payment models. Paymency has two primary customer interface methods. Text (SMS) and a merchant payment app. Paymency also has a clearing house that maximizes our flexibility. Banking and payments in China, India and Africa were an inspiration adapted for US banking. 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. The Paymency clearing house allows us to clear our payments fast and at a low cost.

Paymency is at least one generation ahead of today’s Neobanks which are only now matching the BofI model. Now we will make merchants part of the next generation of banking. We accomplish this 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 proprietary Paymency Clearing House. A clearing house has been missing from FinTech. transaction fees in the industry and consumers into digital funds, which has been shown to increase the amount of money customers spend.

In preparation for the future , we make 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.  An Amazon like marketplace for banking and finance.     

Why Build a Clearing House

Why is Paymency building a clearing house to support our network when no one else has? Paymency is led by a Pioneer Internet banker that also worked in the old cash and paper check economy of the early 1970s. His 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. 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, In the meantime, we draw from US Free Banking of the 1850s and we are 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.    

Preparing For 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, consumer finance and consumer financial education.

team

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 1994 as President & CEO at La Jolla Bank, Began banking career in 1971, C-Suite executive since 1975, spent career in traditional and Internet banking

Kellie Damico – Chief of Operations and Compliance - Former head of Operations and Compliance Services with Evans 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, Educational Technology, Leadership Coaching. Current Executive Director of Achievement and Innovation.      

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).