Since 2012, Transpay's platform and proprietary bank network has enabled businesses to send rapid, mass payouts to recipients and businesses in over 90% of bank accounts worldwide and 60+ currencies. Now, with the availability of Ukraine, Transpay’s business clients have a cost-effective payment method to send funds same-day, directly into PrivatBank’s 17 million account holders.
“We welcome this partnership with Transpay that allows us to provide deposits from around the world to our customers,” says Maria Strashko, Head of Cross-Border Payments. “As Ukraine becomes a larger part of the global digital economy, we look forward to more possibilities and opportunities with this partnership.”
According to market research from GFK, 49% of Ukrainian depositors entrust their savings to PrivatBank and PrivatBank’s vast footprint includes 2,500 branches, 7,500 ATMs and 12,200 self-service kiosks.
The need for same-day payments to Ukraine continues to grow as the country has become a hub of freelance talent. Specializing in software development, e-commerce and IT, Ukraine’s tech industry is worth about $5 billion and Ukrainian freelancers earned $61m in 2014, according to Upwork.
“As businesses and marketplaces tap into Ukraine’s growing freelance and tech industry, we are excited to enable payments to Ukraine for our clients and have PrivatBank on board as a partner,” says Nagarajan Rao, SVP of Transpay.
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 90 percent of the world’s bank accounts. To learn more, visit www.transpay.com.
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