My guest this week has a passion for figuring out “how to do things different and better,” and his first experience of moving money was helping Fannie Mae move their federal funds across telephone lines. Verituity CEO Ben Turner keeps his philosophy pretty simple when it comes to business: “All you should ever have to say is how much to who and when, and the rest should just happen.”
And for those customers transacting through the Verituity platform, it does! For those of you who may not know, Verituity is a payout platform that connects banks, payers, and payees to first-time and on-time verified payouts and pay-by-anything experiences. In Ben’s words, they introduce choice. Choice for the payer to support the method they can afford and choice for the payee to choose how to receive their funds. How do they do it? Verituity’s platform has the intelligence to know which payment method can support the size of each transaction, while still giving the payer the option to decide which payment types to offer based on cost. So, like Ben said… “who and when,” and the rest just happens.
Some of the most common use cases for this platform include the insurance company that wants to send payment for their insured’s accident via PayPal, the mortgage company that wants to payout escrow via a wire transfer, or even the online gaming company that held a tournament and wants to pay their winners digitally.
Tune in this week to hear Ben talk about the three core principles he aligns his company to and why it gives them no choice but to hire people they can trust to make good decisions. He also talks about where he sees the industry in the next 2- 3 years, including the rise of alternative payment methods, Verituity’s plans for offering pay-by-crypto later this year and the concept of a world without payment rails.
