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.
