Payset's Biggest Milestones in 2023
As we wrap up the biggest year in Payset's history, we wanted to look back on the year's most significant milestones. To do so, we asked five members of our executive team to tell us what they think were the most important advances Payset made for our clients in 2023. Below, you'll find their answers!
It's truly been an amazing year for us. If you're considering Payset for your business, there has truly never been a better time to get onboard!
Here are the biggest milestones we reached in 2023 according to five of our top executives.
Perry Asforis - Managing Director
"From my point of view, the two areas in which we improved our clients' experience the most in 2023 were: We increased our global reach for making and receiving payments and we greatly improved the onboarding process. Improvement is a continuous process. Going forward, listening to our customers and understanding their needs and requirements will help us to provide a better user experience."
Eliad Cohen - VP R&D
"Our two biggest milestones this year were, first, our new onboarding system, which significantly improved the user experience for our customers. Simplifying the onboarding process ensures a smoother and faster entry into our platform, reducing friction and improving overall customer satisfaction.
Second, our cloud-native solutions and strategic banking integration. The successful migration to a cloud-native, more automation-focused solution for our current system, coupled with seamless integration with new banking partners, represented a pivotal moment in our company's growth. This development expanded our payment capabilities and increased our reach within the financial ecosystem. Collaborating with new banking partners also strengthened our network and positioned us as a key player in the industry.
This strategic shift to a more automated, cloud-native architecture not only improves our operational effectiveness but also aligns with industry best practices, proving our dedication to technological innovation in the financial services sector."
Lior Rishti - VP Product
"Though we are still on the last mile of development on our new platform (Payset 2.0), that would definitely be the most significant milestone. It consists of many enhancements "under the hood," which aren't necessarily immediately tangible for the client. However, from a customer perspective, we have a smoother, simpler, more intuitive client interface, which improves our customers' experience using the platform, while also allowing us to add more capabilities and features in a more flexible manner going forward."
Jesper Frantzen - VP Compliance & Risk
"In 2023, we have excelled in handling our massive organic growth in new client applications in a safe, fast and appropriate manner by utilising a risk-based approach – supported by systems - with a clear focus on our risk appetite, regulatory requirements and operational efficiency, to the benefit of our many new clients, while satisfying the expectations of our regulators, auditors and banking partners.
At the same time, we have optimized our execution of transactions, so that client transactions in most cases are instant, and when stopped/queried, they are being cleared/rejected in a close to real time manner for the benefit of our clients, while keeping us on top of our risk."
Ariel Katz - VP Strategy & Growth
"In many ways, 2023 has been a transitional year for Payset.
Our team is laying the foundation for the next stage of growth so we can continue to provide our clients with the best platform and service.
Revenues are growing 2.5X YoY, which is unprecedented in today’s market.
In 2024, we plan on expanding into Europe and further executing our verticalization strategy.
However, there is a responsibility that comes with that growth. We don’t take this responsibility to our clients lightly, and we’re proving it with a new platform and interface, increased global coverage, faster and smoother onboarding, state-of-the-art risk management and safeguarding of client funds, new banking partners that meet all our clients’ needs, optimized transaction execution for faster payments, and much more.
In addition, we assembled a new account management team and equipped them with automation tools so they can continue to provide fast, personalized, and high-quality support to our growing client base.
2023 has been transitional. 2024 will be monumental!"
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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
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