Cross-border payments can be burdensome for payments professionals. From the perspective of the recipient, the situation is equally challenging, as high costs, poor quality, limited reach and lack of scalability have resulted in widespread payments dissatisfaction.

Transpay’s aim is to solve for business payment friction by enabling a more seamless payments connection between U.S. businesses and their global partners. As part of Mastercard, Transpay is working to build the next generation of cross-border payments solutions. Each day, we’re working toward a future where payments will integrate into everyone’s digital lives seamlessly, enabling the gig economy to flourish and businesses to grow. Frictionless business payments enable workers to work when and where they want while getting paid efficiently and cost effectively.

In our hyperconnected world, U.S. businesses are increasingly relying on global digital labor. Currently, across 61 percent of that global labor, 22 percent comes from EMEA, and 17 percent from the Americas. The largest platform businesses are heavily reliant on global digital labor for their platform “supply.” This is true for e-commerce marketplaces such as Amazon, for ad networks like Google AdSense and freelancer marketplaces like Upwork. As a result, cross-border payments to these international digital partners is large and consistently growing. In 2018, there were more than $8 trillion cross-border payments to digital partners from platforms

In recent years, multiple solutions have emerged to make these cross-border transactions easier and faster. That’s made it possible to provide recipients with a mix of payments options. Because most international recipients prefer to be paid direct to their local bank accounts in their local currency, Transpay’s Local Bank Transfers are a key part of any payments channel. Local Bank Transfers smooth the way for frictionless transactions by empowering your global partners to be paid in their local currency, direct to their bank account. This payment method benefits U.S. businesses by enabling them to pay in their own preferred currency and conduct business in a more seamless way.

Transpay’s Local Bank Transfers incorporate in-house compliance along with FX and Treasury management, so that your transactions go through a rigorous compliance process, the best FX rates and a high quality of service for your recipients. When it comes to speed, more than 60 percent of our Local Bank Transfers are received in the recipient’s bank account within one hour and more than 95 percent are received within 24 hours. Our network’s reach enables you to send payments to global partners in over 140 countries via direct integrations with hundreds of leading local payment partners.

Want to learn more about how Local Bank Transfers address friction in business payments? Check out our Ultimate Guide, Removing Friction from the Payments Flow: Deploying Local Bank Transfers as a Competitive Advantage.

Article Categories:
Related articles
About Transpay

Transfast Rebrands Transpay Service as Part of Mastercard Integration

Transfast, which offers Transpay as a cross-border payments service for businesses, was acquired by Mastercard nearly a year ago. Today, we’re pleased to share an updated...

Tips And Trends In Cross-Border Payments

Here’s What Can Happen When You Offer Multiple Payout Options

Managing the payouts offerings for a two-sided marketplace, network or other growing business is a complicated affair. Depending on your business, you may be dealing with...

Choosing A Payments Provider

How a Quality Payments Provider Frees You Up to Do What You Do Best

The digital economy is fueled by payments. How to best manage your cross-border payments is an exciting topic that interests a lot of payments professionals. These days,...

Tips And Trends In Cross-Border Payments

What You Really Need to Know About Direct Bank Deposits

By now, those of you who are familiar with Transpay know that direct bank deposits are one of our strong suits. A payment structure that makes it possible to send funds...