Latest Installment Explores the Digital Economy’s Dynamic Growth, Significant Role of Payouts Channel
NEW YORK, May 14, 2019 – Transpay, the cross-border payments company and leading provider of Local Bank Transfers, today shared Building a Payouts Channel for the 2020s and Beyond: Getting on Board with Local Bank Transfers, the latest installment in an ongoing series that explores the intricate world of mass global payouts.
The Ultimate Guide to Local Bank Transfers series looks at alternate ways of getting money into a bank account other than what has typically been offered by the banking system. A Local Bank Transfer is a payment structure that makes it possible to send funds from a business’ bank account directly into a recipient’s bank account, in the local currency of the recipient, without using the traditional bank networks.
In the digital economy, a company’s suppliers and partners are likely to be located all over the world, presenting a challenge when sending mass global payouts to a myriad of countries daily. Transpay’s latest Ultimate Guide illustrates how Local Bank Transfers can help simplify this complex challenge by thinking of mass payouts as a train running on rails.
For example, New York’s Metropolitan Transportation Authority plans to modernize its subway that is running on rails and switching mechanisms built well over a century ago. The multi-year project will entirely overhaul the subway system to take the city into the modern era of transportation. As with trains, so go payouts—old rails cannot accommodate the speed and efficiency required by modern payouts.
Enterprising payouts providers, including Local Bank Transfer specialists, have forged their own rails for sending funds around the globe, seeking ways to get money into bank accounts with fewer “hops” (banking handoffs along the way). Local Bank Transfers travel with ease on these new rails, which are specifically designed for handling global mass payouts, the hallmark of the new digital economy.
“The world of work and commerce has evolved at an unprecedented pace, extending to all corners of the world. Traditional boundaries aren’t relevant to this new global digital workforce, whether they are business partners, sellers, freelancers, employees or vendors,” says Transpay CEO Samish Kumar. “In this latest installment of our series, we examine the explosive growth of the digital economy and the opportunity for forward-looking businesses to enter new markets. We also discuss the significant role that a payouts channel can play in a global expansion plan, including the use of Local Bank Transfers to forge new paths in hard-to-reach countries.”
Technology has knitted together formerly isolated markets with developed markets, making distance, once a barrier to the exchange of goods and services, irrelevant. Huge, untapped markets that were formerly isolated are now within reach of every business. A vital part of tapping into the potential of new global markets and building successful relationships with partners, sellers, freelancers, employees or vendors is embedding efficient and cost-effective payouts options into a broader payments program.
Businesses can go a long way toward alleviating recipients’ potential frustrations in getting paid by doing their homework about payouts options. Ultimately, global businesses require an array of payouts that are flexible, transparent and compliant, and a solid understanding of how an option will play out in each market.
“Real innovation in payouts is about ensuring the depth and breadth of reach across global geographies to ensure that no recipient is left without a method for receiving funds,” says Transpay CEO Kumar.
Transpay introduced the Ultimate Guide to Local Bank Transfers series with Getting to Know Local Bank Transfers: What They are and How They Can Work for You. Future installments will include more helpful advice for navigating the sometimes-complex world of global mass payouts, including:
- The Building Blocks of Local Bank Transfers
- An In-Depth Look at Compliance, Integration, Customer Service, Treasury and FX and Network Development
- Integrating Local Bank Transfers into Your Payouts Processes
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.
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