Justin Ryan's Contact Details

Justin Ryan's Company Details

Bige Limited

N/A, N/A, IE • 5 - 9 Employees
Professional Services software

Bige are totally independent from banks and telephone companies, and are able to direct and settle funds instantly from our customers personal accounts to the merchant's corporate accounts on a closed loop basis. Bige uses the Open Banking Platform and by doing so have effectively removed all third party influences that delay payments and add to the cost of traditional payments such as credit and debit cards and SWIFT transfers for effecting payments. A closed loop indicates that there are interactions between 2 or more internal elements without interference from the outside. In the financial sector it's often related to money transfers between accounts in the same financial institute. In Bige's case, when issuing virtual accounts to both the merchant and the end-user, it is considered closed loop processing, as the transactions stays in the same closed network.When the end-user uses the Bige account the transaction will be routed directly to the Bige platform and the transaction will be cleared and settled directly and instantly. The traditional payment network and card-schemes are not involved and the settlements can be performed instantly. Closed loop payments can be available for all Internet and mobile payments as well as NFC payments.Solutions and services:Seamlessly integrate API to banking services to enable creation of digital ledgers which connect to real bank accountsIssue IBANs for ledgersreceive money/send moneyConvert money (FX)Collect money (direct debit)Issue cardsManage creditKey points for merchants:Cashflow due to instant settlement of fundsNo holdback/reserve requirementNo chargebacksClose to 100% conversion rateAlmost eliminate the costs normally associated with processing paymentsHighly secure closed loop transactionsVirtually eliminate the possibility of fraud