The world’s foremost global bill payment hub
About
Applicant name: PayKii
Innovation Name: PayKii – Gateway to Borderless Bill Payments
Innovation Type: Solution
Website: http://www.paykii.com
Mission: The world’s foremost global bill payment hub
Innovation Description: PayKii provides a bill payment platform to money transfer operators (MTOs), banks and mobile money operators that enables their customers in one country to directly pay expenses for their family members back home
Sending cash is a highly-commoditized offering based on a transactional relationship with the sender who in turn can easily use multiple money transfer firms
Our product – international bill pay – transforms this dynamic by building a stickier customer relationship and growing customer lifetime value. With our service, MTOs can actively engage their customers on a more frequent basis and better help them to manage their money
PayKii delivers bill payment to select markets in Asia, LAC and Africa, many of which offer 24/7 real-time balance inquiry and bill payment. Our platform provides MTO’s with a reliable, convenient and efficient solution that:
• Accelerates time-to-market
• Delivers immediate access to multiple markets, one connection
• Simple integration design
• Leverages machine learning to improve service delivery
Status of Innovation: In-market
Innovation Active Since: 03/01/2017
Applicant Type: Private Company
Headquarter City: Arlington, VA
Headquarter Country: USA
Year Founded: 2015
Main Category
Main Category Choice: Remittance Synergies
Why do you think you should win this category?:
Our innovation naturally complements an MTO’s core cash offering. Up to 40% of senders use multiple MTO’s to send money. Sending cash is a highly commoditized offering based on a transactional relationship with customer resulting in high churn. Our platform:
● Enriches customer value proposition
● Deepens customer engagement
● Builds a stickier customer relationship
● Reduces customer churn
Designed for easy adoption. Customer only needs an account/telephone number. We return amount due. Built to engage customers on a recurring basis. MTO’s can notify customers of bills & amount due or setup automatic payment. MTOs gain insight and knowledge into customer spending/usage habits
Individuals send over USD500B in cash remittances home each year with ~USD100B (20%) used to pay basic utility services. Additional opportunities in gov, insurance, healthcare, education and finance bills
Experienced industry veterans with 60+ years in global payments and money transfer
Only truly global bill pay hub with clients in North America, GCC & Asia
Secondary Category
Secondary Category Choice: Remittances For Social Impact
Why do you think you should win this category?
Bill payment is a basic living expense with billions of transactions globally, touching nearly every household, but still heavily cash-based.
Unfortunate reality is gross financial mismanagement occurs when people send cash home placing pressure to send even more. PayKii empowers individuals living abroad with tools to better care for loved ones back home:
• Visibility into spend
• Ability to direct use of funds
• Peace of mind to ensure timely payment
With a largely un/underbanked population in many developing markets, paying a bill typically involves loss productivity due to travel time and costs as well as risk of getting robbed
Better financial management contributes to improving sustainable development goals while helping families avoid falling back into “poverty trap”
A client in UAE found that almost half of balance inquiry transactions for electricity to Pakistan returned PAST DUE response, which suggests cash recipients struggle to stay current with bills
Co-founders have managed walk-in bill pay networks
Team Members
Full Name: Nelson Irizarry
Role: COO
Linkedin: https://www.linkedin.com/in/
Full Name: Fabian Saide
Role: CEO
Link: https://www.linkedin.com/in/
Full Name: Janice Ong
Role: Global Head of Client Success
Link: https://www.linkedin.com/in/
Full Name: Mike Zeleke
Role: CFO
Link: https://www.linkedin.com/in/
Supporting Links
PayKii Corporate Deck: http://docdro.id/PZqIMSb
DUBAI-Al Fardan Exchange L.L.C. and Paykii has signed an agreement to provide utility bill payments in India, Pakistan, Indonesia and the Philippines: http://gulfdailymail.com/2017/
US residents are transferring money internationally most often to pay bills or for living expenses: https://www.bankingtech.com/
Migrants maintain numerous financial links to their home countries such as investments, businesses, and properties: http://www.thedialogue.org/wp-
