Abdul Naushad, Buckzy Payments CEO and Founder: “Our mission is to enable customers to send money globally, in real time, and through a safe, secure and convenient payments ecosystem”

Buckzy Payments, Inc is a leading real-time cross-border payment and global financial services platform. The Buckzy proposition offers financial institutions, neobanks, other fintechs, small to medium-sized enterprises and ecommerce marketplaces a highly customizable real-time cross-border payment network. Buckzy also provides access to its platform as a white label solution for those organizations who wish to offer this to their own customers. With global economies becoming increasingly connected, there is growing demand for a fast, secure, and efficient cross-border payments system. But this trillion-dollar market is being shaken to its foundations by a rush of new entrants that promise to solve long-standing pain points for businesses and consumers alike. This includes a lack of transparency, long settlement periods, high transaction costs, and limited accessibility.

In recent years the digitalization and automation of the B2B payments system have turbo-charged demand among businesses looking to connect with suppliers, wholesalers, and retailers globally. Being in the cross-border payments business for the last 15 years, CEO of Buckzy Payments Abdul Naushad is well-acquainted with the challenges financial institutions and corporate customers face in making faster settlements and tracking their international payments. He realized that while governments around the world are progressively pushing real-time cross-country settlements to increase the velocity of trade, there was no such initiative for cross-border settlements. The breakthrough moment was when Naushad came up with the idea to transpose real-time settlement capabilities on cross-border payments – an idea that has predictably generated tremendous interest with financial institutions looking to transition to a faster payment settlement model.

Cutting-edge solutions with robust security 

Buckzy Payments offers a real-time cross-border payment platform with two main products – the pay-out network and the pay-in network. The pay-out network allows Buckzy to push payments into bank accounts, digital wallets, and debit or prepaid cards across the globe. The pay-in option enables Buckzy to collect payments in domestic currencies on behalf of clients in different countries in accordance with domestic payment rates and collection schemes and move them to customers’ accounts. The most recent addition to Buckzy’s product portfolio is Banking-as-a-Service*, which offers multicurrency bank accounts, FX and Liquidity Management, Digital Ledger and even Treasury-as-a-Service.

Cyber security is the top priority of any financial services company. Being the custodian of other people’s money is a monumental responsibility; this drives Buckzy to maintain a robust and hardened platform with significant security measures balanced with usability and functionality. At Buckzy, its security stack is highly optimized and automated, with a significant emphasis on shifting its Cyber Security protection left. To not impact the customers, Buckzy continuously scans for vulnerabilities and known exploits in its deployment pipelines.

Coupled with industry-leading security-heavy development practices, the company’s platform is always available and hardened. With a secure and hardened production environment, Buckzy now concentrates its efforts on ensuring transactions are authorized by using the latest in biometrics, multi-factor authentication, and continuous monitoring for anomalies. Responding quickly to events is paramount to maintaining the security of the platform.

Vision and upcoming plans of Buckzy Payments

Speed / Cost / Transparency are the three major requirements for any payments customer. Buckzy’s vision of establishing direct connectivity into the payment rails helps it to alleviate these problems; Cost is reduced because there are no intermediaries / Speed is enhanced as you control the throughput / Transparency is attained as Buckzy Payments has read directly into the data. In order to improve its Straight Through Processing, Buckzy Payments also conducts robust data validation where it verifies all the data elements as part of the payment order (address verification /account validation / sanction screening, etc.) so that there are no blockages at the underlying corresponding banking partner/payment rail.

When the TSR asked Abdul Naushad about the upcoming services and future of Buckzy Payments, he stated, “Our next product launch will be focused on our Request to Pay offering, which gives businesses the ability to securely request and receive payment using our real-time cross border payments network. This unique solution will support faster payment of invoices, improve cash management and decrease user error throughout the payment process, making it easier, less expensive, and faster to receive funds through cross-border means. This will be released later this year.” He added, “Our growth strategy is focused on expanding our network to ensure complete coverage for our customers, as well as building out our product offering to provide new/innovative functionality that maximizes the use of our network.”

Meet the leader behind the success of Buckzy Payments

CEO and Founder, Abdul Naushad was previously the CEO at another leading global fintech platform delivering B2B payment SaaS software, helping to modernize technology for the cross-border payment space. Prior to that, he served as the President of Fusion Software Technologies Inc, a global financial technology systems integrator. A developer/programmer at his start, Naushad has more than 25 years of experience in the FinTech space with deep expertise in global payments. He completed and received his Executive Master of Business Administration degree from Penn State University in 2009.

“We provide a real-time cross border payments network and Banking-as-a-Service on an embedded finance platform that is secure, scalable, modular and compliant.”

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Please visit www.buckzy.net for details.