The startup Wafi, which was founded by the former head of the Plaid product department Viktor Umunze, has launched its payment processing platform.

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The new platform is intended for e-commerce enterprises. Wafi.cash will provide online merchants with a simple API to ensure fast, secure, and cost-effective processing of bank payments.

The purpose of the functioning of this platform is to reduce the number of objects involved in the processing of payments, but not essential to the process. This solution will reduce the cost of payment processing services by more than 50%. Wafi also reports that users who use the new platform will receive a cashback of up to 0.75%.

When developing a new payment processing system, Wafi also paid attention to ensuring a high level of protection for customers from attacks on money by fraudsters and reducing the number of failures in the payment processing process. These goals were achieved through the use of 2FA technology and an algorithm for determining the reliability of the actions performed.

The platform was created using bank-level encryption to protect data at rest and during transmission.

Wafi provides access to a real-time payment system (RTP), which allows one to make bank operations within a few seconds.

Victor Umunze says that the new platform represents a space of expanded opportunities in the field of payments. He also noted that Wafi offers an economical, fast and secure solution that allows it to respond to changes in customer behavior.

This startup was founded in 2021. The officially declared mission of Wafi is a set of goals. One of the main tasks of a startup is to create incentives for the development of global trade. Wafi also aims to provide users with the ability to make payments anywhere in the world. Another goal of the company is to ensure the maximum level of security when making payments.

As we have reported earlier, Universal Digital Payments Network Launches at Davos.