PaySwyft – a new player in the e-commerce market – has opened its Head Office in Wales where it will launch the first totally integrated web based service in the UK that enables bills to be presented and paid through one portal.
PaySwyft’s core business is electronic bill presentment and payment, which has two sides to the offering.
The first is the electronic presentment of bills on behalf merchants of all kinds, large and small and the second is the linked capacity to settle or pay those bills or invoices electronically by a variety of credit or debit side options. It is all done from a single, easy to use web site.
The company, established in early 2009 by Chief Executive Jon Warner and Chief Financial Officer Faruq Ismail, has an experienced management team.
Dr Warner has a long management career both within large corporations in operational management roles and as a management consultant working in risk and operational change management in the financial services sector.
Faruq Ismail was a key player in the early development of the hugely successful moneybookers.com and was responsible for creating the largest deposit and banking network in the e–money industry.
Chief Operating Officer David Gagie has extensive knowledge of the banking, card and internet payments industries. He is the former MD for LloydsTSB’s cards and lending products CardNet and chairman of MasterCard UK.
PaySwyft is supported by the Welsh Assembly Government through the Single Investment Fund and operating from Technium Springboard in Cwmbran where it plans to create 27 well-paid jobs.
Ieuan Wyn Jones, Minister for the Economy and Transport, said the Assembly Government was keen to support innovative start up companies like PaySwyft offering highly innovative on-line products and processes.
“We are facing challenging times and as the world emerges from recession, I am determined that our economy should be fit for the future and ready to win high value markets. I welcome the decision by PaySwyft to establish their operation in Wales and create high value jobs and the potential to make a significant contribution to the future prosperity of Wales.”
Dr Warner said PaySwyft offered a new, niche product for the UK with direct cost savings to merchants and convenience to consumers.
“The combined expertise of our management team has enabled us to develop and offer a unique service that will benefit merchants and their customers. Our fully integrated web based payment service will enable any trading organisation to present bills and invoices via the Payswyft website and also allow their customers to make secure on line payments that are free of charge.”
Although a number of businesses allow customers to pay on line he said the majority still print and post bills and invoices which was not an environmentally sustainable solution.
“Currently customers that can pay on line have the inconvenience of logging onto the websites of numerous merchants to do this and have to deal with multiple login IDs and passwords.
“PaySwyft allows customers to go onto one single site to pay all their bills. There’s nothing like this available in the UK now. It’s easy to use – one portal – one place that can be used by sole traders or entire government departments. It provides customers with flexibility, enabling them to choose the method of payment, date of payment and the ability to make changes very simply.”
Mr Ismail said the service would be free of charge to customers and offered savings to merchants as well as a green environmentally acceptable alternative solution, reducing the need to print and post bills and invoices but providing an electronic record of all transactions.
“Rapidly changing demographics mean an increasing number of people use on line services and need an integrated service that PaySwyft can offer which will help will drive forward our expansion and offers huge potential.
“We aim to be market leaders in this specialist area of e commerce and will initially roll it out in Wales and the rest of the UK and then expand into Europe. Payswyft offers an effective, efficient and flexible solution for the 21st century e commerce market.”
PaySwyft will be targeting businesses and organisations that provide and charge for services or products and bill customers regularly. These include local authorities, utility companies, telcos, government departments, professional services companies and SMEs.
