We can’t believe it’s been six years! When Transpay launched in 2013, it was with a mission to make mass cross-border business payouts more efficient and effective for both senders and recipients, just as Transfast, who operates Transpay, provides great value to consumers sending money home.
It seems that each year of the six we’ve been in operation has brought “firsts” – whether that was our first appearance at industry trade show Money 20/20 in 2013, or the brand-new redesigns of our website in 2016 and 2019. Our online presence isn’t the only thing that’s been enhanced: We’ve made improvements to our physical surroundings as well, including a move to a new office (same building, higher floor!) in 2018. Equally as important have been the technology enhancements to our Local Bank Transfer product. We’ve added new funding currencies (currently there are nine) and introduced new product features such as those that enhanced security and eased the process of API integration, and continually added countries to our global payouts network. The stream of improvements never slows! Perhaps most exciting of all these “firsts” was the “first” we were pleased to share this year, when Transfast was acquired by Mastercard.
On a daily basis, by far the most rewarding aspect was seeing the success our clients enjoyed. Case stories like that of a leading global marketplace for services and the United Nations Federal Credit Union were just two of the examples of client success that made our work so worthwhile. We also worked hard to engage, educate and inform our clients, with our popular Payouts in Pictures series, our comprehensive Ultimate Guide to Local Bank Transfers, where clients and prospective clients can learn what Local Bank Transfers are and how they can work for you, how to build a payouts channel for the 2020s and beyond and how to remove friction from your payments flow and the “doing business in” series, in which our executives on the ground in countries around the globe share the nuances of payments in their own markets, including Kenya, Indonesia, India and Pakistan.
As we look ahead, the future of cross-border payouts is bright. A recent McKinsey & Company report estimated that B2B cross-border revenues reached $125 million in 2017, hugely outpacing the next highest category, consumer-to-business, with $54 billion in revenues. The cross-border payments space is large and will continue to expand. But just as we were back in 2013, Transpay today remains committed to providing businesses with the ability to send payments around the world through a single-point connection.
“Because of innovative industries, new technologies and expanding infrastructure, businesses are growing globally at a rapid rate,” says Samish Kumar, CEO of Transpay. “Payments is at the core of that and with continued innovations, Transpay will offer an ever-faster and more reliable service.”
We at Transpay look forward to a future of working closely with you, our valued clients and partners, and to ensuring that our mutual success story continues.