A Jacksonville fund has teamed up with one of the most storied venture capital firms in the country for an investment in a company that could reshape the way money moves across the world.
He also has a connection to Jacksonville: In 2007, Jacksonville-based FIS Inc. bought a company called eFunds, where Palmer was executive vice president of global strategic business development, after that company had bought WildCard Systems, the prepaid card processor Palmer had co-founded. The Payall system looks to cut out a lot of that manual process and do a better job capturing the data that goes along with the transitions, making sure things like required documentation are automatically captured.
recipients, including unbanked persons, receive their quickly in an array of payment channels, including mobile money, prepaid cards or bank accounts. While the technology is disruptive, Palmer said, it’s not looking to compete with banks; instead, Payall will sit inside banking system.
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