Five questions with Payset Co-Founder Rudi Reager
We're starting a new special series that will allow you to get to know the team and vision behind Payset and get an inside look into what's upcoming for our services. For our first installment, we interviewed Payset Co-Founder Rudi Reager.
An entrepreneur with wide-ranging e-commerce and marketing experience, Rudi Reager developed the vision for Payset after collaborating on numerous digital banking and financial technology ventures.
1. How did the idea for Payset come about? Whose idea was it?
Payset started with a cryptocurrency technology our company built for a client back in 2017. When we saw it take off, we quickly realized that services offering a combination of crypto and fiat payments were going to be explosive and we went after our own licenses, technology, and operations. We’re now working on being able to offer crypto in some regions in the near future.
2. And it’s been two years since Payset started? How do you think it has gone? Has the company evolved the way you envisioned it? What surprised you? What was most difficult? What has really worked out well?
Yes, Payset has been operational for 2 years (though the work started at least a year before that.) We started with a staff of 12 and have grown to 64 employees. In that time, we’ve learned so much about payments, the fintech industry, payment networks, and how money really flows around the world.
I don't think anything was more difficult than we predicted. It just took time to position ourselves properly and gain the trust both of clients and banking partners. Being new in an industry is tough, but I think we’ve done exceptionally well. Payset's biggest success is that we have an incredible team and loyal clients.
3. What would you say is the biggest reason for Payset’s success? What does it offer that other services don’t?
I think Payset’s success is due to a combination of our efficient development & product teams, our superb compliance, sales, operations, and onboarding teams, and our finance team led by Perry Asforis, our CEO. We’ve been super lucky to have such good personnel.
At the client end, we offer our clients a personal touch you don't get with any of the big names in the industry, and we are committed to keeping it that way while we scale up. Our clients get to know us. I think that goes a long way.
4. 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?
The new user platform is by far the most exciting news at Payset. We’ve already released the first portion, which is our self-serve onboarding process, which has dramatically increased the number of new daily accounts because it’s so much easier to sign up. That’s huge for us.
When the rest of the new platform launches, it’s going to set us apart from the competition because we’re going to be able to provide financial services as they should be: secure, fast, and easy to use.
Clients are going to find an intuitive, feature-rich platform to manage their money efficiently with less need for interactions with the compliance team, which was slowing us down before.
5. What are the biggest changes you foresee in payments or in banking 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?
More and more businesses and individuals are already using services like Payset and will continue to do so. Banks are slow, their systems are old, and they provide limited functionality. We have a chance to join this revolution in digital payments. Everything is changing super quickly with the new financial technologies we have access to now.
We’re finding we can offer our own version of how we think payments should be done - secure, cost-effective, fast, and intuitive – all things that traditional banks are falling behind on.
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.