PayOnward's Advanced AI features are designed to bring Community Based Financial Institutions to the center of community payments
BOCA RATON, Fla., November 15, 2022 /PRNewswire/ Private equity firm Black Dragon Capital℠, led by a team of experienced entrepreneurs and operators with history of creating market leaders through its unique operator led approach to building technology companies, has launched PayOnward. PayOnward has created a cloud native digital payments suite that allows community based financial institutions to directly participate in the emerging digital commercial payments market for their business customers and retail digital payments through a single AI driven universal payment hub.
Research shows that small businesses still process almost 70% of their payments manually and through paper checks, and when they do pay digitally, there are significant fees through existing digital payment alternatives. PayOnward has designed a better way to process payments at a lower cost to optimize cash flow and allow community-based institutions to compete and win.
Larger financial institutions have spent significant sums to build digital payment networks and capture fees on digital payments while community-based institutions have not had the financial ability to compete. PayOnward changes all this by allowing a single universal payments platform to be shared by all community based financial institutions for both business and retail accounts which will provide significant savings to the smaller financial institutions as they are currently charged by the established digital payment networks every time a payment is processed.
PayOnward was created to provide more advanced digital payment tools for community based financial institutions so they can recapture their role as the center of commerce for their community. “PayOnward will bring the Community Based Financial Institutions (CBFIs) back to the center of eCommerce for their communities. Our advanced universal payments hub will allow our clients to compete and win with a payments capability that is secure, affordable, and easy to deploy; we have found a way to help financial institutions generate revenue, reduce cost, and improve profits. I’m very proud to be a part of its launch,” said Hernando Torres, Founder of PayOnward.
PayOnward stands out not just as a universal payment platform but also because the principals at Black Dragon have a history of creating award-winning financial technologies. The team at Black Dragon have worked with experienced financial technology executives based upon years of serving the community financial institution market to create an open standard based technology suite, with simple and easy to use mobile first suite of applications designed to enable commercial cash management, merchant payments, consumer payments all through a single integrated universal payments hub processed through the community financial institution’s accounts. This secure and AI infused digital payments hub will put community based Financial Institutions back in the center of commerce for their community.
Black Dragon Capital℠ has created a unique approach to launching and developing early-stage companies. With an emphasis on team diversity, they focus on high potential early-stage companies, and have an entire team dedicated to helping every aspect of the company's growth and development.
“I’m very excited to launch PayOnward to help my friends in the community based financial institution market compete and win. We want to help every community lower the costs of digital payments for both business and consumers while allowing Community based financial institutions to engage more deeply as the economic engines of their communities. It’s very exciting,” said Louis Hernandez Jr., Founder and Chairman of PayOnward.
About Black Dragon Capital:
Black Dragon Capital℠ ("BDC") is a high-performing private equity firm founded and led by a diverse manager and team who have a track-record of outstanding operating and investment success. They make control investments in mid-market technology companies in growth sectors disrupted by digitization and have created unique approaches to launching and developing early-stage companies. With an emphasis on diversity, they focus on high potential early-stage companies, and have an entire team dedicated to helping every aspect of the company’s growth and development. Black Dragon Capital℠.
Learn more at www.blackdragoncap.com
About PayOnward:
PayOnward is a cloud native universal payments platform that empowers Community Based Financial Institutions to offer a full suite of AI driven digital payment solutions for both business and consumers through a easy to use and efficient integrated solution.
SOURCE Black Dragon Capital