- Connecting a global financial market to a private banking network
- A cloud-based financial platform for trading & settlement of depositary accounts
- Using blockchain technology to deliver secure financial transactions
Banking has come a long way from the time when moneychangers set up their tables in the marketplace. The technology then was minimal: paper records of bills of exchange and letters of credit. Today, technology dominates banking. More than a quarter (about 9,000) of Goldman Sachs’ 33,000 full-time employees are engineers and programmers, by one account (http://dtn.fm/dX51Z). Its CEO is on record as saying that Goldman Sachs (NYSE: GS) is a technology firm, a pointed indication of the extent to which information technologies have permeated modern banking. To serve this growing fintech market, California-based Global Payout, Inc. (OTC: GOHE) is rapidly developing a variety of innovative products. The company is offering state-of-the-art software solutions to fintech companies involved in processing money remittances, wire transfers, bill payments, business-to-business (B2B) payments, currency exchange, eWallet payments and other types of financial transactions.
Since its inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. The company was founded by Jim Hancock, who has guided its evolution from a program management and consulting services company offering prepaid debit cards and electronic wallet products to the global, full-service payment platform it is today. Hancock is Global Payout’s current CEO and chairman. His 30 years of experience range over a variety of industries and include senior positions in investment banking, mergers and acquisitions, payment processing and telecommunications. For the last 14 years, he has successfully managed close to 40 custom-designed prepaid debit card programs. Hancock intends to leverage his vast array of contacts and in-depth knowledge of the payment industry in executing Global Payout’s new initiatives.
These began in 2014, when the company introduced its first online payment platform, called the Consolidated Payment Gateway (CPG). CPG allows its enterprise clients the capability to transfer money to international bank accounts, mobile accounts, and prepaid card accounts. The development of the CPG became the foundation for the introduction of the company’s present, state-of-the-art fintech payment system in 2016, which both expands the range of financial services available to clients and offers them reduced transaction costs.
In January 2017, Global Payout announced a licensing agreement with First American Electronic Payment Solutions, Inc., producer of an innovative software system for companies wishing to process money remittances, wire transfers, bill payments, B2B transactions, eWallet payments and transfers, currency exchanges and other types of financial transactions. This collaboration provides the backbone infrastructure that supports the company’s recently introduced Global Reserve Platform (GRP), a customizable, “banking-in-a-box” web-based platform. GRP offers the capability to execute the front-to-back office processing requirements of domestic/foreign exchange and international payment service providers and is expected to improve work flow, operational efficiencies, and global financial management for enterprises operating across the globe.
Global Payout is connecting this worldwide cloud-based financial services platform to traditional banking. The company holds majority control of ISBC Holdings, Ltd., the sole domestic and international management company for the International Sovereign Banking Corporation (ISBC). ISBC is a privately-owned sovereign nation bank to be held on the sovereign tribal land of the Wakpamni Lake Community, Oglala Sioux Tribe located at the Pine Ridge Tribal Reservation in South Dakota.
With such a spectrum of services, Global Payout can offer traditional banking and products to businesses that cannot access those services. For example, last year, the company announced that Marijuana Company of America (OTC: MCOA) had selected Global Payout as its financial solutions provider (http://dtn.fm/bM1ZE). Global Payout’s CPG and MoneyTrac prepaid solutions will enable MCOA to process membership fees and pay vendors, employees, and affiliates. MCOA members will be able to make purchases using an MCOA-branded prepaid card, reducing cash transactions and enabling online and mobile purchases. This significantly reduces the risk associated with operating a cash-only cannabis business and the legal perils associated with the substance.
For more information, visit the company’s website at www.GlobalPayout.com
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