Product: Wafi Inc.
Company: Wafi.cash
Wafi Inc., a payment processing provider for banks, launched Wafi.cash. The new offering is an ecommerce payment processing platform designed to facilitate fast, secure and cost-effective processing of pay-by-bank transactions through a simple API, according to Victor Umunze, founder and CEO of Wafi.
"Despite the advancements in technology and payment processing I helped build while at Plaid, we still continue to see fraud, identity theft, high fees and inconsistent user experiences plague both businesses and consumers," he said. "At Wafi, we believe that there is a significant opportunity for improvement in this space."
Noting that Wafi.cash opens businesses to new payment opportunities, Umunze stated that cash remains a popular payment option for consumers, both online and offline. Wafi.cash enables merchants to meet customers where they shop and support their preferred payment methods while providing a fast, secure and cost-effective solution, he said.
Umunze further noted that the platform eliminates redundant entities in payment processing flows, which translates to cost savings and profitability for merchants. Participating ecommerce businesses that use Wafi can reduce payment processing fees by over 50 percent, and their customers can earn up to 0.75 percent cash back on every purchase, which benefits merchants and consumers alike, he added. Umunze said that Wafi has been shown to reduce fees and payment failures while increasing conversion rates by capably managing multiple payment scenarios. The Wafi.cash platform uses automated workflows and smart fallbacks to reduce costs and mitigate failures, but more importantly, he stated, the platform's advanced security features are a true differentiator.
Wafi.cash uses multilayered security, which includes bank-grade encryption, proprietary fraud detection and smart two-factor authentication, Umunze pointed out, adding that these always-on monitoring, detection and fraud mitigation capabilities help businesses reduce fraud and effectively identify end-user customers who transact on the platform.
The Wafi.cash platform consists of three new products: Wafi Checkout, Wafi Pay and Wafi Connect. They are available through a single API and described by the company as follows:
Wafi Connect: Businesses can quickly and reliably send and receive payments by using Wafi Connect to verify customers' bank account information.
Wafi Checkout: Businesses can accept bank payments in a fast, secure, and cost-effective way with this fast and simple checkout stream.
Wafi Pay: Businesses can facilitate bank account payments that reward customers with cash back incentives each time they choose the pay-by-bank option.
Umunze noted that Wafi.cash setup and deployments are also fast and simple. Merchants, for example, will not need to change banks to implement the system and API documents are backed by expert support. Wafi's goal, he stated, is to get customers up and running quickly. He added that it approves payments in real time and directs users to merchants' order confirmation pages, and on payment approval, Wafi takes on any settlement risks on merchants' behalf.
Users can select the Pay with Wafi option at checkout, and those already in the network can check out with a single click, company representatives noted. First-time users can connect their bank account information in a secure way, using the platform's 256 bit AES encryption and smart 2FA technology. Once a transaction has been processed, they added, users will receive a loyalty cash back reward sponsored by the merchant or Wafi, and users earn cash back every time they pay with Wafi.
"Wafi Inc. is a fast and secure way for consumers to pay with their bank account and earn cash back every time," Umunze said. "Our revolutionary payment processing platform addresses the issues of high fees, payment failures, and fraud while providing a fast, secure, and cost-effective solution for ecommerce businesses of all sizes." 
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