Brokers
Overview
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
A one-time integration of the hyperWALLET platform to a trading and investment management infrastructure, means only minimal work to rollout new retail markets within a single system.
With hyperWALLET, you do not have to build a new system or undertake new solution integration with each new country you enter down the road.
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.
Features
The platform enables global and domestic payments between consumers and businesses across any interbank settlement network.
- 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
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Benefits
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).
- Managed payment services: hyperWALLET allows any Brokerage service firm to focus on their core competency (Investment & Wealth Management Services), while hyperWALLET manages the payments to and from the client investment account.
- Proven payments experience: Brokerages worldwide are buying a payment service from the experts. You can rely on hyperWALLET’s R&D to keep pace with the constant changes in the payments landscape; regulation and innovation. Banks are not payments experts, and don’t offer this service.
- Reduce risk & time to market: hyperWALLET’s platform and operational services dramatically reduce your time to market when growing your book of business with international investors, and removes the un-quantified risk of attempting to do it yourself.
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Access payment operations when you need them most
Simplify global payment initiatives
As a global payment operations company, hyperWALLET removes the payment operations burden, including:
- Transaction and operational reporting
- Reconciliation
- Payment file submissions to various banks
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- Managing pre-authorized debit returns
- Invalid account issues etc
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Integrated payment file management
In addition to the system flagging and reporting on the various types of exception management issues that arise in any consumer-based transaction funding scenario, from an operational perspective hyperWALLET also looks after the ingestion of payment files from the various banks your retail customers will be funding their payments from.
Transaction reporting and adjustments
Depending upon the outcome of these consumer-initiated transactions, hyperWALLET will apply adjusting transactions and account updates within the system (ie. invalid accounts etc).
Based on the transaction outcome, hyperWALLET will update system reports used by operations/customer support staff at OA for handling customer management/payment issues.
