The Saudi-based payment solutions provider known as PayTabs, will be using blockchain technology, cryptocurrencies and artificial intelligence (AI) so as to improve payment processes.
According to its CEO, Abdulaziz Al Jouf, this will improve bank transactions and remittance services for small and medium enterprises (SME).
Its main intention is to provide solutions to the different challenges that SMEs face across the developing world and other Middle East countries. For example,SMEs in Bangladesh, China, India, Nepal, the Philippines, and other countries have troubles to streamline the bank payment process. And this task is even more difficult when a customized payment option is required.
Mr. Al Jouf explained that the company has faster workaround solutions without compromising on compliance and risk. He commented about that:
“The reason we are backdated with payments with banks is that there is a lot of pressure regarding KYC (know your customer), KYB (know your business) and all those regulations. We’re trying to cut that out and do it much faster with more advanced technology.”
The company works with the banks so as to take care of their entire product, becoming the bank concerning payment processing.
At the same time, Al Jouf believes that a significant volume of digital banking is seen to integrate emerging platforms including cryptos and blockchain. He explained that cryptocurrencies are here to stay and that there will be several industries changed.
At the moment, PayTabs is collaborating with different companies to use cryptocurrencies as its fiat channel. Al Jouf has also said that several individuals and investors have been investing in crypto because of the impressive returns they can give to them.
One of the main intentions of PayTabs is to improve the life of people in different developing countries.