Wolyt has been developed as a results of the inherent problems that arise in the banking system, when sending money between two different banks. There is no transparency by the sender of the funds having arrived and no estimate of arrival time, which leaves both sender and receiver guessing.

In addition, in order to send the money, the sender needs to request and record a bank account number and bank code. This information is vulnerable to being recorded in error, or changed either fraudulently or by mistake. 

Graham Meyerowitz, the founder, has 10 years experience in payment and fintech systems, having designed systems for EFTSure and CashD. Wolyt is an evolution of open banking. 

The team includes experts in their respective fields of payment networks, software development, cloud network infrastructure, network and cybersecurity.