Former Plaid product leader Victor Umunze is launching Wafi, a payment-processing platform.

Wafi is described as a “next generation” bank payment processing provider that is simple and cost-effective. The new platform is said to eliminate redundant entities in the payment processing flow, generating cost savings while increasing profitability. Wafi claims that e-commerce businesses can reduce payment processing fees by over 50%, and users earn up to 0.75% cash back on each purchase. Wafi also claims to help reduce payment failures as well as mitigating fraud.

Umunze, founder and CEO of Wafi, says:

“Despite the advancements in technology and payment processing I helped build while at Plaid, we still continue to see fraud, identity theft, high fees, and inconsistent user experiences plague both businesses and consumers. At Wafi, we believe that there is a significant opportunity for improvement in this space. Wafi.cash opens businesses to new payment opportunities and allows them to take advantage of the shift in consumer behavior towards cash spending online and offline, while providing a fast, secure, and cost-effective solution.”

Wafi reports that early feedback from Beta users has been “overwhelmingly positive.”

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