Payment modernization for financial institutions in the USA is experiencing an escalation. According to Payments Modernization: The Big Survey of 2024, 66% of North American banks planned to modernize their payment systems within six months to a year. However, 35% of banks reported being inadequately prepared in delivering cost-effective ISO 20022 compliance. From credit risk to settlement risks, the payment system in the USA encounters various challenges.
As a part of modernizing financial businesses, Paymentsongo was born with the idea of becoming a trustworthy ally to businesses, making them adaptable to the present and the future digital era. The company is transforming financial institutions to better integrate into various payment and collection services with the best payment platforms.
The Genesis
Paymentsongo was incepted in Mexico in July 2020, with over 30 years of experience in the national and international financial industry. It focuses on disrupting technology, processes, solutions, and people through consulting, strategy, and compliance services, specializing in payment and collection systems solutions and customer communication management. Paymentsongo obtains its fundamental objectives by depending on the following value propositions:
- An experienced and recognized team provides consulting and advisory services to help financial institutions modernize, transform, and ensure compliance for their products and services through executive strategies, architecture assessments, product recommendations, regulatory compliance, and implementation of the best global and local practices.
- Unique, open, modular, flexible, and best-in-class Banking Platforms for financial institutions.
- Partnership with key technology players to ensure end-to-end solutions and integration of the best talented people in implementations.
A One-Stop Solution for All Payment Needs
Paymentsongo leverages its deep financial sector expertise to help institutions adapt to the rapidly changing digital landscape. The company delivers practical solutions without the high costs often associated with large consulting firms. Paymentsongo also offers specialized local market knowledge and financial expertise at a more affordable price than many larger competitors.
Gustavo Origel, CEO of the company, proudly shared, “We have the best payment platform on the market, built with cutting-edge technology and a unique architectural design that allows financial institutions to easily integrate the different payment and collection services configured in the platform through APIs, Web services, or TCP/IP protocols directly into the institution’s Core Banking systems or applications.” The platform provides preconfigured services that align with national and international standards, regulatory requirements, and top security protocols. These include SWIFT transfers, interbank transactions, tax processing, payroll, payment hubs, and credit card systems.
The solution is completely modular and flexible with powerful tools for workflow, business rules, and connectors. On the one hand, these capabilities accelerate low-cost implementation, and on the other, they optimize the process and payment products and services. Paymentsongo handles reusing services, reducing the time to market, and maximizing the efficiency of computing resources utilized.
Service Lines of the Business
Paymentsongo has two main lines of business: the first is the consulting services that provide financial institutions with the best recommendations regarding their processes, technology, resources, and organization. This includes:
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Review of Technology and Business Strategies
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Definition and Evaluation of Systems Architectures
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IT due diligence
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Specialized development of technological solutions
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Test Automation and Regulatory Compliance services
The second line of business includes platform solutions for Payments and Collections, Customer Communication, and Call Center operations. The company leverages the PayGlobal360®™ platform to streamline payments and collections with a user-friendly and unified framework across back-office, technology, and business functions. Robust controls ensure compliance with security entitlements and require validation by designated operators and supervisors.
Company services include national and international interbank transfers (SWIFT), utility payments, payroll, third-party payments, taxes, payment orders, e-wallets, Payment Hub, Open Banking, Electronic Wallets, Acquirer System, Switch, and Card payments. “We also have a robust solution called Customer Communication Management (CCM) that takes care of all of the communications and e-interactions of the Financial Institution with their customers,” shared Origel. Paymentsongo also has a new intelligent ChatBot as an authentic Agentic AI-based solution that optimizes customer service, fraud management, product and service sales, and acts as a personalized financial advisor.
Competitive Strategies
Paymentsongo has three fundamental pillars in its corporate strategy:
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Keeping customers at the centre of its actions
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Bringing and maintaining the best technology in its products and services through local and global best practices
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Ensuring that all its practices are sustainable and seek to connect with and care for the environment and society in which it operates
Crafting Innovative Payment Solutions
The Payment Hub concept accelerates the digital transformation of financial institutions’ payment systems in an agile and modular manner. The Hub enables integration and communication of new services with existing ones, creating the best synergy and minimizing migration risks. Cloud, hybrid, or traditional technology implementations help clients select the best technology based on each institution’s strategies. The AI-incorporated solutions of the firm offer the best technological advances to modernize and transform financial institutions.
Participatory Influence
Although Paymentsongo does not participate directly in some of the regulatory groups that define standards, it does participate in various forums where these types of important topics are discussed at the national and international levels, including AIFOD (Artificial Intelligence for Developing Countries) and the Mexican Academy of Engineering.
Strategizing the Future
Paymentsongo’s idea is to continuously grow organically. This will consolidate its presence in the domestic financial sector and expand into other markets in the region. The company will follow the roadmap to incorporate new technologies, functionalities, payment methods, and solutions that integrate Artificial Intelligence into all its services. It will continue strengthening its ESG commitments and remain at the forefront of all its products and services.
