Every year, paper checks use over 674 million gallons of fuel and produce more than 3.6 million tons of greenhouse gases, accounting for 47% of B2B (Business to Business) payments in the US. However, there currently isn't a global payments solution to replace paper checks for small businesses. On top of this, checks are slow, wire payments can take up to 5 days before the funds are credited into the account, real-time payments are limited and rarely available for small businesses.
Fusion PayUp is a global payment portal for sending and requesting payments your way. Whether you want to request a real-time payment from a customer, or make a credit card payment to purchase supplies, PayUp has you covered.
PayUp can plug and play into any online banking solution and integrates with common ERP systems for auto-populating key fields. PayUp harnesses the power of Fusion Global PayPlus via APIs for processing and accessing the different clearing houses. When a business chooses to use Fusion PayUp, they reduce paper checks. When banks leverage PayUp, they are increasing their stickiness with their customers and improving customer services from an end to end payments perspective.
PayUp allows for banks to disrupt the disruptors like e-wallet applications including Venmo and Zelle. And the best part is, they get global real-time payments support, all while being more socially responsible with paper usage.
What it does
Fusion PayUp is a payment initiation and request to pay portal that leverages the APIs for Global PayPlus. PayUp enables all payment types including immediate (settles in less than 10 seconds), mass, high value, international, and cross border. PayUp generates an increase in transactional revenues for our bank customers plus provide them with a competitive advantage over other fintechs that are stealing their customers.
How we built it
Fusion PayUp was prototyped using MintData, a UI development tool with built-in API support. PayUp uses the "Client Information" API to aggregate client accounts. Using those accounts, it calls the "Real-Time Payment Initiation", "Payment Request", and "Payment Request-Pay Now,Pay Later,Reject" APIs hosted by Fusion Global PayPlus to send and request payments.
Challenges we ran into
For the hackathon, we took a risk and leveraged an unknown UI development tool called Mintdata. The tool was powerful and helpful in many ways but there was also a learning curve for our sole developer. We collaborated closely with the Mintdata team in Europe who stayed with us after hours to provide support, allowing Dustin to finish the prototype. Another challenge we faced was the limited data provided by the Client Information API.
Accomplishments that we're proud of
- Diversity of the team
- Collaboration with Mintdata and Texas Capital Bank
- PayUp won the Texas Capital Bank Hackathon challenge
- Promoting and encouraging positive environmental impact
While each of us come from different cultural and educational backgrounds, we all see the value in Fusion PayUp. From banker to small business owner, supplier to individuals, we all pay for things. Fusion PayUp brings those payments to the 21st century and will, finally, make payments great again.