Technological cross border solution offering diversified ways to disburse mass payments to third party
Applicant name: WePayOut
Innovation Name: WePayOut
Innovation Type: Solution
Mission: Technological cross border solution offering diversified ways to disburse mass payments to third par
Innovation Description: WePayOut is a Brazilian Fintech specialized in cross border mass payouts to Brazil.
It helps international companies with no presence in Brazil to disburse payments in local
currency through a technological integration via API or dashboard.
The diversified solution includes bank transfers, cash pick up, e-wallet and instant payments (nov 2020). The client define how the final beneficiaries will receive the funds, not the provider! The currency conversion is done in a transparent way, with no hidden fees or costs through one of the financial institutions connected with the WePayOut solution. Redundancy is one of our differentiators! Its features include bank data qualification, dashboard, reconciliation with reporting and customizable payment slips. More information, less beneficiaries enquirers! With extensive industry know-how from professionals with many years of experience in the national and Cross- Border Banking and payment industries, focus on creating the best solution and using agile methodologies made it possible.
Innovation Inspiration: Being a professional in the payments industry for almost a decade I’ve noticed that a more technological and customer centric solution was in need and there was space to act taking advantage of many years on the industry as a client and a provider. The solutions offered had not evolved much in the past years and there were a pricing war instead of healthy service competition. The clients were not being able to access the full potential of the payment solutions the Brazilian market has to offer. With the WePayOut solution, international companies, can disburse payments in Brazil through different channels without the need to set up a local entity. Our solution is complete: we take care of the financial and transacional flow through an API integration while offering transparency through our own built dashboard. The payment statuses are updated in real time. We offer tools like bank account qualification to qualify bank details before the payments are processed and customizable payment slips.
Who benefits from the innovation most? The solution if offered to international companies that do not have presence in Brazil and need to disburse payments in the brazilian territory.
* companies from the GIG economy,
* SMBs from any other industry.
We prospect the whole world having good acceptance from Europe, USA and Asia. Brazilian financial institutions also benefit from partnering with WePayOut as we work as an aggregator and generating new opportunities. We are responsible for the onboarding of new clients that includes the technological integration plus due diligence what gives them speed for accessing new clients and markets.
What are you most proud of about your innovation? The solution is totally transparent and technological.
It offers different solutions for old payment problems. It is a disruptive solution in a very tradicional market. The solution comprises of offering different ways to disburse funds to final beneficiaries. The price is competitive, transparent, with no hidden fees or costs. While there are many challenges specially related to the time the company is on the market and the partners that were used to offer the solutions in an old way, the challenges are being overcome through long term relationships, knowing in deep the regulation, knowledge of the market and the industry, experience as a client and provider and persistence. The main differentiators to international companies is the possibility to have one single integration and one single due diligence, and access a range of different financial institutions. Key points: it is technological with simple and single integration, offers dashboards for transparency, multiple financial institutions through one connection.
Status of Innovation: In-market
Innovation Active Since: 07/01/2019
Applicant Type: Private Company
Headquarter City: Curitiba
Headquarter Country: Brazil
Year Founded: 2019
Main Category Choice: B2B Solution
Why do you think you should win this category?:
WePayOut offers a cross border B2B solution in Brazil, for international companies that do not have presence in the country and need to disburse payments there.
It’s a disruptive and technological solution: offering connection via API or dashboard; aligning currency conversion with mass payments processing in a transparent, real time way while disbursing the funds in a diverse way. Through one single integration, connects the international companies with a range of financial institutions offering the best service guaranteeing redundancy. Our organization impacts the inbound remittance industry in Brazil, serve the companies from the GIG economy, travel, hospitality, gaming or any other international company needing to disburse payments in Brazil. We have a very diverse team with many years of experience in the payments industry, some in the FX market, others in the compliance, operations and development. The team is compound by people of different genders and generations what makes the solution and the company to be very special.
Secondary Category Choice: Remittance Synergies
Why do you think you should win this category?
The technological and diverse solution offered to the cross border payments industry called mass payouts, was adapted to the remittance industry. Before WePayOut, the remittance companies willing to pay Brazilians needed to go through an exhausting and large onboarding process with each of the financial institutions they wanted to connect. With WePayOut, they have only one integration that connects them to a range of financial institutions, only one due diligence process what offers them speed to the market and redundancy.
Full Name: Fernanda Rachel Zago
Full Name: Eginara Nery
Full Name: Matheus Gobato Nunes
Full Name: Mario Augusto Mouro
Role: Business Developer | Domestic & International Payments
Linkedin Page: https://www.linkedin.com/
Brazilian Chamber of Commerce newsletter/linkedin: https://www.linkedin.com/feed/
Full Name: Fernanda Rachel Zago