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How the Fintech payment system works

Blog post by Janis  Martins Berzins, Payments Team Lead at Paypugs.

If you haven’t used a fintech payment system before you may have a few concerns about how it works. It is important to clear up any concerns for customers to feel more confident in the knowledge that their payments are secure.

Speed of payments

At PayPugs we have found that our customers are mainly concerned about how fast their payments can be made and received. 

This depends on a variety of factors such as currency, country, and the type of payment option. We for example, offer the following range of payments: Crypto payments/transactions, PayPugs cards/accounts, IBAN accounts, SWIFT transactions, and more. SEPA, (Single Euro Payment Area), payments are processed in up to ten seconds. 

They are an effortless way to transfer money in the EU and one of the fastest when compared with other transaction types which can take a couple of days to process. And they are one of the easiest and safest ways to transfer funds.

Transparency and security of payments

We find that our customers like the reassurance that their first payment is correct and that it has gone through securely, and they often call us to find out. Once they have our assurance, they happily set up further payments. 

Thanks to the cooperation of SWIFT, they always have proof of payment no matter what transaction option they use. Once their payment has been executed it will be traced using SWIFT GPI, so they have peace of mind knowing it has reached the recipient.

Always remaining compliant

It is vital that fintech companies can identify incoming and outgoing payments for them to provide an efficient and compliant service. We for example, provide separate electronic forms for outgoing and incoming payments for our customers to complete. 

For outgoing payments, we require: the customer’s PayPugs Name and account number, the account details of the account where the funds are being sent to, the amount of the payment, the currency of payment, details of the payment, (the reason, agreement, or invoice for the transaction). 

Customers then electronically attach the invoice and agreement which the transaction is based upon and specify their registered email address. The electronic form for incoming payments is similar.

At Pay Pugs we monitor all the payment transactions of all our customers whether they individuals or companies, for Anti Money Laundering and ‘Know your Customer’ (KYC), purposes. We are always compliant with all regulatory requirements and all transactions made are legally binding.

To find out more about setting up a PayPugs account please click on the link to arrange a call with one of our Business Development Officers. They will be happy to answer any other concerns which we may not have covered here.To find out more about setting up a PayPugs account, arrange a call with one of our Business Development Officers.

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