Five Questions with Eliad Cohen, CTO and VP of R&D at Payset
This is the second instalment in our new special series allowing readers an opportunity to get to know the team and vision behind Payset and get a sneak peek of what's upcoming. This week, we discussed Payset’s future with our CTO and Vice President of Research and Development, Eliad Cohen.
With over 14 years of prior experience as an Integration Engineer, Software Programmer, and Vice President of R&D, Eliad joined Payset in June of 2022 as our CTO and VP of R&D.
1. First, could you tell us about your role at Payset? What is your focus on a daily basis?
As the CTO and VP of Research and development, my main goal is to ensure our technology strategy is aligned with the company’s goals and objectives. I lead the team ensuring the security and compliance of our systems and processes and lead the R&D department to build a reliable and secure platform using cutting-edge technologies. That involves choosing the right platforms, negotiating partnerships with vendors and suppliers, as well as building new teams, all of which are critical to scaling our company and meeting the growing demands of our customers.
My focus is to understand correctly where the market is going in terms of technology, security, and future-proof digital architectures and to make sure that everyone involved in building the platform meets our high-level requirements.
2. A lot is happening at Payset this year, a new user platform, new banking partners, new services like debit cards, (and more). What are you most excited about? What do you think is going to improve the service most for the client?
I’m most excited about releasing our new payment solution, and I’m using the term “solution” because it involves implementing a whole new infrastructure, including a new user interface and new financial and security features, in addition to the platform that you mention in your question.
As we introduce our new user interface, we are going to be able to deliver an effortless and streamlined flow for our customers so that making any transaction or exchange will feel simple and natural. Additionally, the incorporation of a robust security layer, including transaction rules and multi-signature functionality, is set to instill a new level of confidence and trust in our platform.
3. Can you share with us anything about where Payset is going next? What is the vision for the next few years? Is there anything coming down the pipeline that hasn’t been announced yet?
Our current goal is to deliver our new platform, and then, after the release, we are going to work on integrating debit cards. After that, our backlog is full of new features and ideas, so what’s coming next is a good question. This is a rapidly changing industry, last year's plans may not be relevant this year, so we’re constantly looking at new trends and technologies.
The vision for Payset is to be a one-stop-shop financial platform, meaning that with your Payset account, you will be able to connect to all of your other bank accounts using Open Banking, manage your budget by providing sub-accounts to departments within your business with individual debit cards attached to them, and easily generate financial reports and upload them to the company booking platform. (I’ll tell you a secret–internally, we are already doing this, creating daily reports and uploading them to our account in NetSuite).
The idea is not only to provide transaction and exchange services but to help companies manage their payments and budget on multiple levels. In that way, they can reduce their expenses and focus on the big picture instead of spending time and money manually generating financial reports and tracking expenditures.
4. What do you think makes Payset unique? What are you most proud of?
I believe it all starts and ends with the people. If you have a talented and dedicated team, you can do anything, and we have exactly that.
Our amazing upper management leads the Payset vision, but it’s our support team that helps onboard new clients to the platform, the sales team that shows potential customers how incredible our products and services are, our operations and compliance teams that help our customers to run their business in a secure way, the product team that keeps us in step with where the industry is going, and last but not least our R&D team that helps to make it all happen.
I’m really proud to be part of this team because, in the end, we are humans interacting with humans, and the personal touch that we provide makes all the difference.
5. What do you think is the biggest value that Payset adds for business clients that people don’t necessarily know about?
I think that our one-stop-shop approach to centralising financial operations will bring the most value to our business clients.
Our bread and butter is our transaction processing, but that’s only the beginning. The Payset group is a global organisation that has lots of connections in various domains, and we are leveraging that by partnering with the best services and platforms around the globe.
Because we have an open platform architecture, theoretically speaking, we can integrate anything into the Payset platform. This allows us to bring in the best technologies to secure our future growth and not get stuck on a narrow path.
At the end of the day, we are a client-focused company, meaning that we want to deliver new features that will provide the best value to our clients as fast as possible. We’ve found the best way to do this is by integrating the best technologies out there instead of creating solutions from scratch on our own.
In order to build a state-of-the-art product, my team and I developed the SPRt (Security, Performance, Reliability, Time to market) approach, and to do that we have partnered with the best of the best in each domain.
If you have any questions or would like to connect with Eliad, get in touch via LinkedIn or contact Payset.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
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