Payall, the first-ever cross-border infrastructure provider of end-to-end modular software for the cross-border ecosystem, backed by prestigious venture capital firms and strategic investors, joined forces with Huntli, a leading Latvian regtech to accelerate breakthrough transaction monitoring and fraud prevention capabilities for banks, central banks, domestic payment networks, EMIs, PIs and other financial institutions.
Established in 2021, Huntli rapidly distinguished itself as a leader in the regtech sector by safeguarding customers that process over 100 million transactions internationally from fraud and other malicious actors. The combination of Huntli and Payall will enable customers of both Hunti and Payall to have even great fraud and risk mitigation capabilities and new breakthrough software will be available for Huntli customers to automate slow, costly, and error-prone manual tasks related to applicant due diligence and boarding, specialized compliance and risk mitigation regarding Know Your Transaction and access to new paradigms for making cross-border payments versus correspondent banking alone. And later in 2024, Payall will roll-out unprecedented risk, compliance and process automation capabilities based on the integration of Huntli, Payall and AI for the benefit of banks, fintechs, central banks, domestic payment networks and other financial institutions. With cross-border payments projected to reach $160 trillion this year and exceed $250 trillion by 2030, the market is well-served by the combination of Huntli and Payall.
A getaway to European market
Payall decision to expand its already extensive presence in Europe with the Huntli team in Latvia underscores its view that the pioneering nature of EMIs, PIs banks, central banks and fintech in the Baltic region need breakthrough capabilities in international fund transfers that ensure cross-border payments are safe, efficient (fast and low cost), transparent and inclusive. This move also demonstrates confidence in the strategic direction Latvia has put in place to safely develop the fintech sector, ensuring a strong foundation to secure payments to promote growth and innovation, effective and efficient regulation, and access to payments across the broader European as well as global markets.
People driven innovation
Latvia is home to a growing fintech ecosystem, supported by a strong IT infrastructure and a tech-savvy population, specifically well-educated, multilingual workforce with strong technical skills, particularly in IT and engineering. Moreover, people are at the core of Payall. The Huntli team reflects values and character dimensions that are consistent with Payall’s overachiever mindset.
Gary Palmer, the Founder and CEO of Payall, has always held that “people” are the foundation for any great company and stated, “The cornerstone of Payall’s success is the collective spirit and ingenuity of our team. Now that the Huntli team is part of the Payall team, we’re experiencing a force multiplier from the fusion of shared visions and values aimed at revolutionizing the cross-border landscape. Moreover, our strategic expansion into the Latvian banking and fintech ecosystem, rooted in protecting the safety and soundness of payments, underscores our commitment to bolstering Latvia’s position as a fintech hub in the region and beyond.”
Lev Bass, Co-founder and Chief Business Development Officer at Huntli, adds: “Our combination with Payall, a leader in innovation and excellence in cross-border payments, marks a significant milestone for Huntli. We are profoundly impressed by Payall technology, their extraordinary vision for their products and the approach to the business – these were the key factors that led us to mutual agreement and this collaboration. We deeply appreciate the fairness and transparency throughout the merging process of both companies. The innovations and state-of-the-art tech we will bring to the international banking sector are unmatched by anything available in the market today – we are creating the future right now.”
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