First Installment in Series Provides Better Understanding of Local Bank Transfers and Where They Fit in the Payments Ecosystem.
NEW YORK, Oct. 29, 2018 – Transpay, the cross-border payments company and leading provider of local bank transfers, today shared Getting to Know Local Bank Transfers: What They Are and How They Can Work for You, the first installment in a series that explores the intricate world of mass global payouts. The guide series will provide an overview of the alternate ways of getting money into a bank account other than what has been traditionally offered by the banking system.
A Local Bank Transfer is a payment structure that makes it possible to send funds from a company’s bank account directly into a recipient’s bank account, in the local currency of the recipient, without using the traditional bank networks. Local Bank Transfers travel by way of a network built not by the global banking system, but by a payments provider. Users can send international payments on demand, across that network, into the bank accounts of individual recipients anywhere the network reaches.
As the global economy becomes more interconnected, companies are looking for payout offerings that can scale along with their business. Unlike payment acceptance with hundreds of well-established service providers and clear points of differentiation, mass global payouts are still emerging with current service providers offering a wide range of options that have unique benefits and disadvantages. We created this guide series to help navigate the complex payouts landscape and discern the pros and cons between various payout forms.
With the growth of the digital economy, businesses need to make regular, mass global payouts to their recipients around the globe. Facilitating these payouts in a timely, cost-effective, secure and transparent fashion is increasingly critical for business success. Local Bank Transfers can be used by a wide range of businesses, from payroll companies who pay out employees to publishers who pay out their affiliates.
Future installments of Transpay’s Ultimate Guide to Local Bank Transfers will help develop readers’ knowledge of mass business payouts, look at payouts from the recipient’s point of view, and share case studies that illustrate how local bank transfers function. Once published, the next installment of the series will also be available for download at transpay.com.
Transpay is a service from Transfast, a leading global payments company with more than 30 years of operating history. Transfast processes over $8 billion USD in annual payment volumes. Transpay provides businesses of all sizes with a scalable, secure, and fully compliant cross-border mass payout solution, making it easy to send funds directly to the local bank accounts of vendors, business partners, freelancers or others, reaching over 95 percent of the world’s bank accounts. To learn more, visit www.transpay.com.