Five Questions with Payset CEO, Perry Asforis
This is the third installment 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 evolution with our CEO, Perry Asforis.
Prior to serving as CEO of Payset, Perry gained extensive expertise in the financial services sector, including over 35 years of experience in trading, banking (both digital and retail), and payments. Over the past ten years, he has specialised in the fintech arena.
1. First, could you tell us about the role of CEO at Payset? What is your focus on a daily basis?
As CEO of Payset, I am responsible for the daily management of the company as delegated by the Board of Directors. In particular, that means I’m responsible for sales, product, strategic planning, finance, IT, and HR matters.
Essentially, I provide instructions to each of these teams, make broad decisions, implement policies, and ensure the organisational structure and the corporate and regulatory governance of the company are robust and transparent.
2. As CEO, you oversee building partnerships with banks and other fintech firms around the world. Why are these partnerships so important? Are there any new collaborations you’re particularly excited about?
To be honest, I am excited by all of our partnerships in every aspect of our business. Anyone who truly knows me will tell you that I believe in forging long-term relationships that focus on two-way communication and open dialogue, be that in day-to-day life or in business. Everything is a two-way street. So from banking providers to gateway solution providers, all of our partnerships are important, and all play a major role in our long-term success. So, to our partners reading, I thank you!
3. Payset is making a lot of improvements this year: a new user platform, new banking partners, new services like debit cards, (and more). What do you think is going to improve the service most for the client?
The new user platform is definitely the most exciting current project at Payset. To be able to provide cutting-edge technology to our clients, enabling smooth, efficient, and secure payment solutions has been our main driver and focus from the outset, and we are closer than ever to achieving this.
To be an elite payments solution for SMBs, we need a flexible platform that allows us to build tailored and innovative solutions for our customers. This new technology provides us with the cutting-edge architecture we need to achieve our vision and support our ongoing growth targets.
4. Can you share with us anything about where Payset is going next that people perhaps don’t know about yet? What is the vision for the next few years?
What can I say that hasn't already been said? Our goal is clear, and our vision is shared by everyone on the Payset team. Put simply, the goal is for Payset to become a one-stop-shop financial platform, meaning that with a Payset account, clients will be able to connect to all of their other payment accounts using Open Banking, manage their budget by providing sub-accounts to departments within their business with individual debit cards attached to them, and easily generate financial reports and upload them to the company booking platform.
The idea is not only to provide transaction and exchange services but to help companies manage their payments and budgeting 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.
A few things I’m personally thrilled about are that we’ll soon be allowing clients to accept payments via credit cards, Apple/Google Pay, and other alternative payment methods, AND we will be reducing our fees in the near future to make Payset more affordable to both companies and individuals. (In fact, we’ve just added individual accounts and lowered our fees, and we’ll be doing more of that soon.)
As an all-around payment solution, Payset is here to help our clients and their companies meet ALL their payment needs and goals. This is very important to us, as it makes up who we are and the DNA of Payset.
5. What are the biggest changes you foresee in payments or in fintech in general? Obviously, you think more and more businesses are going to choose services like Payset over traditional banks. Why is this? What do you predict for the coming years?
For most of us, digital innovation has changed and continues to change our everyday lives – and fintech is no exception. Recent digital innovations are having a huge impact on the way people choose to make payments. This changing world offers fantastic opportunities but also potential pitfalls. At Payset, we are always conscious of the fact that the digitisation and globalisation of payments (of which we’re a part) have to work for everyone. Digital innovation should be a force for good for everyone in society.
While arguably 24/7 banking has been with us since the 1960s with the launch of ATMs in the UK, the current wave of innovative technologies is making payments truly around the clock, which enables people to do what they want to do most; get on with their lives and manage their money wherever and whenever convenient.
Technology is a fantastic enabler, but it is also important that we cover the basics – better customer service, transparency, simplicity, and security. These foundations are absolutely key to building long-term relationships with our clients, giving them the service they want and need.
So, technology is a part of the story, but it is arguably no more than a tool to help us build relationships with our customers. The client must have trust in the service provider, and it is up to us to build that trust with each and every Payset client.
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 allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.
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.
Types of Multi-Currency Accounts
Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.