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SwapsTech ZillPAY™ : Mother of All Payments™ for global domination….?

This is not a joke. SwapsTech, leading provider of powerful financial technology solutions, participating in NACHA Faster Payments Conference, have announced that, “It is establishing a payment network ZillPay™, touted as “Mother of All Payments™”, for connecting domestic and global financial institutions with businesses, merchants, and consumers, offering convenient, secure, transparent, ubiquitous and faster payments.” 

Source & Copyright©2017 - SwapsTech 

SwapsTech are able to make this bold claim because they have already developed new technologies for FX - end-to-end foreign exchange trading, payment and risk management, trade finance, trade finance, money market and collateral management. Out of these technologies they have developed their new payments platform.

Use UPA NOT bank account numbers

ZillPay™ will use more secure “Unique Payment Address (UPA)”, which could be used in place of bank account numbers, credit card, and other payment account numbers. Businesses and Merchants can use their UPA in their invoices and get paid without asking for exposed account numbers. Individuals can pay and receive funds in real time using UPA. Financial Institutions can also buy and sell foreign currencies, receive instant settlements, and deliver the currency to their customers in real time. 

UPA is linked to a bank account, but is transferrable to any financial institution, eliminating the need to update the parties using the UPA.

UPA can be used to send money, pay invoices, request money, and print them on invoices to get paid. ZillPay™ network orchestrates the secure movement of money from the payer’s account to receiver’s account upon payer authorization.

The justification for using UPA:

  • Booshan Rengachari, CEO of SwapsTech believes that: “Bank accounts and credit cards have no defense from insecure solutions which are exposed to hackers leading to unauthorized transactions, increased cost and loss of trust on the financial system. These outdated systems limit functionality and it is time to stop patching the old systems and create a revolutionary solution without restrictions.” .
  • Rithesh George, Director of Payment Technology at SwapsTech explained “We continue to use outdated and insecure method of payments, such as checks, debit authorizations, credit and debit cards, and also share these numbers online, while hoping that our accounts will never get hacked or stolen. The industry relied on these insecure systems for decades and continued to patch the issues with minor changes, warranties, and hollow promises. Consumers, Businesses, and Merchants are frustrated with the insecurity, inconvenience, and increased cost of transactions. ZillPay™ addresses these issues excellently and efficiently, without overhauling existing banking systems. UPA is a firewall which stops the bad guys from knowing or touching your account. Your account and your money are finally safe and secure at your bank.”

SwapsTech have prepared a video to explain how important it is to replace bank accounts numbers by UTA, see here. The video is a bit naff, but it does show the concept.

Possible impacts

SwapsTech’s Press Release  claims that, “Global transactions will be faster and more efficient, as Financial Institutions participating in the network can buy and sell currencies, receive instant settlements, and instruct the delivery of currency to the beneficiary on real time.” 

While Murthy Balusu, CTO of SwapsTech feels that, “SwapsTech’s proprietary plug & play technology will make it easier for the financial institutions to adopt, connect to ZillPay™, and go to market faster. At SwapsTech, we are committed to bringing the advancements in technology to the financial industry, to bring efficiency, save time, and make the consumers feel safe and convenient.”

CTMfile take: These extravagant claims are based on some sound reasoning: plug & play technology is essential in any new initiative, and the open use of bank account numbers is asking for trouble (the banks and payment systems have got it big time), however, it is not clear how the SwapsTech’s technologies can takeover payment systems world-wide.

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