FinTech pioneers Trusek have unveiled their vision for a new payments structure at last week’s Payments International conference.

Speaking at two of the Shark Tank events at the conference, co-founder Steve Hatton outlined Trusek’s proposal for the future of payments.

Mr Hatton said: “Our Universal Payment System provides a solution for banks at a time when the existing networks they are using are beginning to show their age.

“We are proposing a radical re-think of interbank payments and we firmly believe that this new system will put the banks in control of their own destinies.”

Mr Hatton and co-director Chris Brown founded Trusek in 2015 after a World Bank Report was published outlining the cost of excessive fees for migrant workers. The idea for the business was to simplify the cost and process for payments by providing fintech’s an easy-to-use solution.

The key problems they identify with the existing payments infrastructure include the costs of fighting fraud; and of processing, settlement and reconciliation; the lack of visibility in liquidity and transaction pricing; and the high cost of joining and maintaining the different payment networks.

Despite new payments technology coming onto the market, the Trusek team consider these unlikely to help traditional banks.

The team believe that whilst recent solutions have sought to use new technology such as Blockchain, their solution can solve all of the problems being encountered on a regular basis.

Mr Hatton added: “We have designed and built a Universal Payments System that will eventually allow any two financial institutions, anywhere in the world, to send real-time payments with real-time settlement between each other.

“We have based the system on clean and modern APIs and IT standards to aid integration.”

One of the main features of their innovative new system is the aiding of KYC and AML, while also allowing banks to apply their own rules or those of their regulators.

Summarising, Mr Hatton said: “We believe we have the product for the future of banking, but we cannot do this alone.

“We need banks to use the system and our pitches to the Shark Tank’s at last week’s conference have provided us with the ideal springboard for this.”

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We are a 10 strong UK-based team of engineers and technology specialists with a 12 year track record of developing and delivering software and technology to the Fintech and Payments sectors. We have worked with some of the most exciting start-ups to deliver new kinds of challenger financial technology.
We deliver a flexible, collaborative approach which creates the right technology solution to support financial business via a flexible, modular SaaS-enabled application platform. It gives you access to a proven suite of modern banking and financial services technology at a fraction of the cost, and in a fraction of the time it takes to create an in-house solution.
Trusek modular software and platform infrastructure is used by marketplaces, lenders, banks, bank-tech providers, e-money companies, remitters/forex brokers, charities and communities – it can provide a major boost for any organisation that needs to accept, manage and send value. It enables them to scale up from today’s needs with a rich functionality that supports:
Payments Received – from multiple inbound sources
Payments Management – multiple currency; reconciliation and reporting; interfaces, card to card transfer
Payments Out – payroll; foreign exchange settlement; bank transfer capability
Third-party integrations – acquirers, processors, compliance
This allows customers to create and manage propositions that accept and make payments including:
e-Wallets and current, deposit, credit accounts
Full loan facility including managing multiple products and lending sources
International value transfer
Payroll management
Funds disbursal
Prepaid and other cards and vouchers