The world of financial technology has long grappled with the challenge of redefining the payment experience. In an era of rapid digitization, where payments are no longer confined to traditional banking institutions, the need for innovative solutions that seamlessly connect payments to the broader financial ecosystem has become apparent. Zūm Rails, a pioneering company founded in 2019, has embarked on a mission to address this very problem.
Payments are often viewed as a mere transfer of funds from one account to another. However, Zūm Rails believes that this perspective is overly simplistic. They understand that payments should be an integral part of the overall financial interaction, enhancing not only the speed and security but also the intelligence and user-friendliness of the process.
With a vision grounded in over 15 years of industry expertise, the company strives to create a novel payment gateway with open banking elements. The goal is to provide a comprehensive, off-the-shelf solution that caters to the diverse needs of businesses and individuals. The company has set out to revolutionize the Know Your Customer (KYC) and onboarding processes, aiming to make financial transactions more intuitive and integrated into everyday life.
Founded in 2019 and headquartered in the vibrant city of Montreal, Canada, Zūm Rails has emerged as a trailblazer in the world of payment solutions. What sets this innovative fintech company apart is its embrace of the remote work culture, a move that has allowed it to assemble a team of industry veterans and specialists working from homes spread across Canada and the US. This unique approach not only promotes diversity but also fosters a collaborative environment where fresh ideas flourish.
At the heart of the company’s visionary approach is a product-centric philosophy that prioritizes building a scalable and dynamically innovative payment solution from the ground up. Their secret sauce is a seamless integration of aggregated KYC data with the power of open banking during the onboarding process. This dual-pronged approach ensures not only the utmost security in transaction processing but also user identity verification through cutting-edge AI and proprietary name-matching capabilities. It’s a marriage of technology and financial acumen that sets them apart in the industry.
Zūm Rails empowers businesses through its Partner Portal—a gateway that allows merchant users to effortlessly integrate the company’s groundbreaking software using an open API. This integration isn’t just about streamlining workflows; it’s a proactive strategy to assess and manage risks effectively. By doing so, the organization ensures an unparalleled customer experience, further solidifying its position as a pioneer in the realm of payment solutions. In a world where innovation and collaboration reign supreme, Zūm Rails is not just changing the game; they’re rewriting the rules. “With billions of dollars securely and swiftly moved for our clients, this is a milestone that fills us with immense pride,” says Marc Milewski the CEO of the company. With a relentless focus on revolutionizing payments, this company is poised to shape the future of the industry.
Zūm Rails embarked on its revolutionary journey driven by a brilliantly simple yet profound concept: the value of a transaction transcends mere monetary exchange. Co-founders Marc Milewski and Miles Schwartz, distinguished experts in the realms of payments and financial data, swiftly recognized the need for payments to seamlessly intertwine with the holistic customer experience, rather than being a standalone process. With their extensive backgrounds in instant payment networks, open banking solutions, and KYC collection, they possessed the expertise to unite all the critical facets of payment processing, giving birth to the ultimate financial interaction.
The company’s genesis unfolded in 2019, just on the cusp of the COVID-19 pandemic and the subsequent software revolution. Armed with self-funding and an unwavering commitment to upholding their core vision and standards, Marc and Miles embarked on the audacious journey to create payment Rails. In a departure from conventional Software as a Service (SaaS) or Fintech business models, Zūm Rails took a daring approach. They set out to craft a software solution from the ground up, one capable of providing an all-encompassing payment experience and adaptable to the ever-evolving demands of the financial technology landscape. This visionary approach bestowed upon them the nimbleness to remain in sync with the dynamic terrain of the financial technology industry. Talking about his team and their contribution, Marc Milewski quotes “At Zūm Rails, we are fortunate to have a small, but specialized team of amazing individuals. The team consists of a combination of industry veterans and hyperfocused specialists who work together to solve the complexities of payments”.
Zūm Rails sets itself apart in the competitive landscape by offering a pioneering software solution that caters to the unique needs of businesses and customers. Its distinctiveness lies in the integration of open banking and instant payments, providing an unprecedented unified platform that enhances efficiency and security.
The crux of the company’s competitive advantage centers on streamlining the onboarding process and proactively addressing issues like fraud, chargebacks, and operational inefficiencies. Utilizing proprietary AI and advanced name-matching capabilities, the organization ensures swift transaction processing while simultaneously verifying user identities, ensuring both security and user-friendliness. Additionally, the Zūm Rails Partner Portal empowers ISVs and partners to extend the platform’s reach, making it a versatile resource for a wide array of customer requirements.
The foundation of the company’s innovative approach is its comprehensive payment software. With the increasing adoption of software solutions to enhance business efficiency, the importance of data transparency has become evident. Zūm Rails seizes this opportunity by amalgamating payments and onboarding processes into a single, unified solution, starting from the initial onboarding phase. Leveraging aggregated KYC data, Zūm Rails empowers businesses to replace multiple isolated tools with an integrated system.
In the dynamic world of financial technology, where payments are often perceived as interchangeable, Zūm Rails offers a distinct solution that goes beyond simple transaction processing. By simplifying the onboarding process, eliminating fraud, chargebacks, and operational inefficiencies, and providing an easy path for partners to integrate, Zūm Rails emerges as a pioneering force, reshaping how businesses approach financial transactions and ensuring both security and efficiency.
Zūm Rails, a trailblazer in the financial technology sector, has garnered industry acclaim, with notable recognition in its journey. In 2022, the company ascended to the prestigious CIX Top 10 Growth Stage Companies, signifying remarkable growth and impact. In 2023, Zūm Rails was honored as the “Most User-Friendly Payment Software Developer in Canada,” a testament to its dedication to delivering a seamless user experience.
Looking ahead, the company has joined forces with FISERV to create a revolutionary payment platform that integrates various services for a holistic solution in the US market. This collaboration enables Zūm Rails to offer comprehensive payment acceptance techniques, fund disbursements, KYC, and credit scoring. As a digital-first company, the organization remains agile, evolving its software to address industry gaps and solve daily payment challenges. With its sights set on international expansion and a commitment to reshaping the financial services landscape, Zūm Rails continues to redefine the future of payments, one innovation at a time.
Pull Quote: “With billions of dollars securely and swiftly moved for our clients, this is a milestone that fills us with immense pride”
Company Description: Zūm Rails delivers payment management solutions that eliminate friction, optimize efficiency, and give you a competitive advantage in the marketplace