Paygate, a P2P finance company, marks the 10th anniversary of the Seyfert platform service for 'Fund Flow Management Electronic Wallet'

The 'Seyfert Platform' developed by Paygate, a global payment and P2P financial company, recently celebrated its 10th anniversary.

Paygate's Seyfert platform is an electronic wallet-type system that links P2P financial companies with depository institutions, a service that safely escrows investors' rights, a safeguard that manages the flow of funds among investors, borrowers, P2P financial companies and depository institutions.

This service blocks the transfer of deposits upon receiving a request to block the Seyfert service of the P2P financial company from related institutions to the P2P financial company, and after the investigation is cleared, it processed the returning process through various stages of verification through authentication via user’s mobile phone through ‘sending official letter, receiving returning applications, organizing received contents, and checking DB, etc’ to return the deposits of good investors except for related parties.

At the same time, the company has completed the returning process of more than 95% of non-performing loans to investors' own deposit accounts from July 2020 to the present.

With the Seyfert platform, the company was able to flexibly respond to the P2P financial company Nexrich Funding scandal, a P2P Financial company, and the Seyfert platform, which enables separate storage by third-parties, acted as a safety device to minimize investor losses to prevent further damage.

Since all funds are kept in accounts in the name of the depository institution, and the actual transfer of funds is made between depository institutions, it is a system in which the P2P financial companies and the Company cannot arbitrarily use the fund.

P2P financial companies must perform important roles such as 'non-face-to-face real-name authentication, anti-money laundering and telecommunication fraud prevention' through the implementation of the Online-Investment Act.

Meanwhile, Paygate, which connects depository institutions and P2P financial companies, is qualified as an electronic financial operator, a small foreign currency remittance and currency exchange provider, which has been conducting high-level management and supervision for a long period of time, is recognized as a technology-based company that takes the lead in improving the P2P financial environment and stabilizing the market based on its know-how and experiences.

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