The Brokerage Services Payments Dilemma
Brokerage service firms with retail customer bases spanning the globe face continual challenges accessing operationally efficient and customer-friendly global payment service options for their retail customers.
- Most firms today lack a single global payments technology infrastructure and operational expertise that can facilitate incoming and outgoing payment services directly with customer bank accounts, or over online bill payment networks.
- Brokerage firms would not have this problem if every retail customer banked with the same bank and that bank was in every market its customers resided in; unfortunately that’s not the case.
- Every country in the world has its own unique currencies, inter-bank settlement networks that process payments, different (foreign) languages, banking system error codes for indicating transaction exceptions, as well as Compliance requirements for Pre-Authorized Debit (PAD) transactions.
The hyperWALLET Solution
Single Platform, Global Payments Access
With hyperWALLET, a brokerage firm does not have to build a new payment system or undertake new solution integration with each new country they wish to enter.
Instead, by leveraging the hyperWALLET platform to make B2C payments to their retail clients, significant cost and time savings can be achieved.
Brokerage service firms taking a “build” approach would need to undertake major investment in payment processing capabilities to do what hyperWALLET already does, out-of-the-box.
The platform enables global and domestic payments from a brokerage business to their payees with minimal integration.
- Global payments : The platform can settle both low and high value payments
- Multi-channel: hyperWALLET opens up efficient, electronic payment channels and is a replacement for checks and wires
- Single integration: Integrate once to hyperWALLET, as we are already integrated into different country settlement networks
- Customizable: Rich set of APIs for core payment functions such as create account, close account, bank account debits/credits
hyperWALLET’s global payments platform, network connectivity, and operational services provide the following key benefits:
- Unify payment operations : hyperWALLET’s single global system is easier to deploy and maintain than having a myriad of different in-house solutions in each country (ie, 1 is better than 5 or 10).
- Proven payments experience: Brokerages can rely on hyperWALLET’s R&D to keep pace with the constant changes in the payments landscape, including regulation and innovation.
- Reduce risk & time to market: Leverage hyperWALLET's platform to quickly launch new payment services for your clients worldwide.