Payco

Payco is a Swiss Financial Intermediary revolutionizing international trade finance by providing fully compliant letters of credit (LCs) for trade confirmation. The company offers a faster, cheaper, and more convenient way to access LCs, aided by blockchain technology, artificial intelligence, and stable cryptocurrencies. Unlike traditional banks that operate through slow and costly systems, Payco is able to securely handle documents more efficiently with blockchain technology and simplify document review processes through artificial intelligence. Additionally, the use of cryptocurrency stable-coins allows it to execute transactions more swiftly. Importers and exporters can benefit, as they can obtain access to a letter of credit and receive their documents within minutes, at approximately one-third of the price charged by banks. Unlike bank LCs, Payco LCs do not require third-party confirmation, as the company keeps 100% of LC collateral in secure escrow wallets, removing the need for confirmation. Payco is most popular in regions worst affected by delays associated with bank systems, where bank LCs might not even be available. Moreover, Payco LCs are fully compliant with UCP600 (the set of rules from the International Chamber of Commerce that applies to financial institutions that issue letters of credit) and are backward compatible with the SWIFT network. The company's LCs are governed by legally binding trade agreements and it is regulated by Swiss authorities, ensuring the integrity of every transaction. Overall, Payco presents an innovative solution within the crypto, fintech, and payments industries, addressing the inefficiencies and limitations of traditional banking systems for international trade finance.