You would imagine that by 2022, everyone will have access to mobile banking applications, virtual cards, and money transfers. In reality, only a tiny part of the global population has access to straightforward, affordable payments, despite the growth of the fintech and banking sectors. Although banks ask applicants to wait without a promise of approval and need evidence that is hard to get, leading fintech platforms only operate in select locations. Yet, things could soon become better as alternative platforms start to solve the issues that the giants miss.
Give us some background about you and your banking experience.
I’ve been working in banking and finance since the 1990s, so I’ve been in these industries for more than 20 years. I’ve been in the industry for a long time, so I can see that it’s not evolving as swiftly as other sectors. Consider the following contrasts between smartphones now and those from the late 1990s: Before then, they might weigh up to 3 kg and only have two functions, but modern computers are compact and fully functional. The process of opening an account and receiving a plastic card from many banks still involves people visiting offline locations and standing in lengthy queues for hours. This is what drew me to WeavePay. The idea was straightforward: The industry has to be upgraded right now; there is no time to wait for reform.
Who are your target markets, and what is the goal of the UK-based fintech startup WeavePay?
As far as I can tell, banks still favor opening accounts for people who are “reliable,” which is to say, they make a lot of money, have steady jobs, have good credit scores, and run a successful companies. On the other hand, many small- and medium business owners are unable to meet that threshold. Even if they reside in a rich nation with a large income, they will have to wait weeks for their cards to be approved and pay expensive fees for services and transactions.
For companies of all sizes with sites in the UK and the EU, we aim to make international business payments simpler. We want to be more efficient, flexible, and cost-effective than traditional banks. Because of how much time firms spend on paperwork and how it slows down operations, we are going to make a permanent change. Technology shouldn’t make doing business more difficult. We work together with businesses in logistics, e-commerce, marketing, and other relevant fields. I’m also happy to report that we are one of the top three currency exchange services accessible.
Can you describe the WeavePay platform, its features, and the specific services you provided?
Weavepay is a payment service established in the UK that provides personal, company, and merchant accounts in many currencies, Visa debit and credit cards, as well as services for money exchange. Every size company may easily keep, transfer, or receive money from personnel, clients, or suppliers anywhere in the globe thanks to our services.
Now, there are three types of accounts: personal, business, and retail. It is simple to follow the path.
- Choose the kind of account you need.
- Please leave your contact information (email, phone number, and password) blank.
- To ensure the safety and security of your payments, complete the Know Your Customer (KYC) verification procedure that is required of all users.
- About 15 and 20 minutes will pass.
Just a legitimate ID or residency permit and proof of address are needed for verification (only the first page of the lease is sent). Your information will be verified for correctness within a few hours to a day. If everything goes as planned, your account will be created and you will have the option to remove it. If you have any inquiries, get in touch with technical support or your manager, who will be assigned to you as soon as your account is authorized. All of the aforementioned processes are simple to execute on our website, weave-pay.com.
What major payment problems did SMEs have before WeavePay, and how are you resolving them now?
The biggest issue Businesses have is opening bank accounts. Most conventional banks will only open business accounts for organizations with a track record of solid financial success. Yet, for SMEs to generate adequate financial results, they need an account that they are unable to create. The majority of fintech sites will also provide business owners from a small number of rich countries an account at the same time. We are attempting to solve this conundrum.
What sets you apart from other initiatives and traditional banks, and what are the key benefits of the WeavePay platform?
Customers may speak to a live manager at any time, seven days a week, regardless of how complex their inquiries are, thanks to WeavePay’s 100% non-chatbot assistance. If you just don’t understand how to make a transfer or want to double-check your activities, you can always get in touch with us through email, phone, or live chat, and our support staff will react within 20 minutes. As we are aware that many dislike speaking to machines, we will assist you one-on-one.
The prospects available to self-employed individuals and proprietors of small and medium-sized enterprises, two groups who are underrepresented by conventional financial institutions and fintech platforms, are also greatly increased by WeavePay.
You only need to provide us with a valid ID and proof of residence to get your IBAN and get a real or virtual card. Your card and our approval won’t take weeks to arrive. Our verification process is simple and quick. If problems do occur, you will also be able to fix them remotely.
A multi-currency personal, company or merchant account may be upgraded with premium features. Business owners will also like the availability of all essential financial technologies on our platform, such as SEPA, SWIFT, and Faster Payments.
Please explain why, given the present status of the economy, a more inclusive and user-friendly payment system may be a great way to support independent workers and small enterprises.
People are presently trying to build new job possibilities, such as founding their firms or working as freelancers, as a consequence of the economy’s continual change. It will be easier for them if we postpone account creation or raise account maintenance fees to help rather than complicate things.
Clients, acquaintances, and friends allege that banks often change the game’s rules. For instance, it has lately become quite difficult for IT or marketing organizations to create an account in various countries. As a consequence, business owners feel more stress. Why is it required, especially in such a dangerous environment?
Thus, it is the responsibility of financial platforms like ours to provide a simple fix. If potential enterprises and individual entrepreneurs are unable to continuously enhance alternative payment methods and application interfaces, then doing so is unwise. Fintech needs to be linked with dependability and effectiveness. It’s important to support a variety of companies, not simply those that seem to have a proven track record.
Everyone who has a legitimate ID and proof of residence may open the account they need right away on our site. Individuals who contact us have a right to an immediate answer; they shouldn’t have to wait longer than a month.
How can sustainability help operations that are safer for end users in terms of Fintech and ESG?
The elimination of paperwork, which might improve user data security, is a great example of how ESG is used in fintech. Compared to encrypted data, paper documents are simpler to lose or steal. It is less likely that a bank employee would misplace other important papers like our client’s card or account information or that scammers will find it.
Another green trend that is now in use is the usage of virtual cards. We are happy to see that more and more of our clients choose virtual cards over physical ones since even a little decrease in the use of plastic may have a big effect.
Is the ability to send and receive money internationally swiftly and securely still seen as a luxury rather than a right?
I emphasized at the outset of our chat that the industry has a long way to go before making payments easy for everyone. Quick and simple transactions continue to be a luxury. Due to their continued reliance on paperwork and offline processes, small and medium-sized enterprises and the rising number of freelancers simply do not have access to conventional banks.
Leading fintech platforms are only available in a small number of countries, which restricts chances for citizens of non-UK and non-EU countries. Since many individuals struggle to complete simple transactions, we cannot focus on enhancing bank apps or QR code payments. They must first get a plastic card, and we must help them create accounts without any additional expenses.
Do you have any joint ventures or investment possibilities at WeavePay? Can you provide us with more information right away?
The collaborative list will soon be released, which we are actively preparing. We’ll subsequently make the details available on our social media sites. When it comes to investment prospects, we are more focused on the basic factors, including optimizing processes for both corporate and individual customers; nevertheless, we will, of course, disclose any developments as soon as we get them.
Visit weave-pay.com for more information.