Understanding the growing need for cross-border business payment efficiency, Transpay has designed its Local Bank Transfer product to enable businesses to pay recipients effectively via a proprietary payments platform and network that reaches over 90 percent of the world’s consumer bank accounts.
Transpay’s Local Bank Transfer offering is designed to complement the global operations of marketplaces, networks and other global businesses. Since 2013, Transpay has enabled its business clients to complete mass payouts to more than 125 countries in the local currency of recipients. Today, years later, the demand for efficient and effective mass cross-border payments is only growing, and among the sectors with the most compelling cross-border payments growth are marketplace payments and the gig economy.
According to McKinsey & Company’s October 2018 report, “A Vision of the Future of Cross-Border Payments,” Amazon, eBay, Expedia and Airbnb are the drivers of e-commerce and travel and comprise around 50 percent of the marketplace disbursements space. The report states that additionally, “… niche players like Etsy and Upwork are also growing strongly—fueling cross-border commerce and employment and driving C2B, B2C and business-to-small-business payments.”
Through Transpay, global businesses have a wide range of transaction origination options and the ability to fund their merchant accounts in nine currencies, including Singaporean dollar (SGD), Japanese yen (JPY) and Australian dollar (AUD). Transpay is reducing the number of currency conversions, as when coupled with more than 70 payout currencies, Transpay offers more than 600 currency pairs.
Transpay is continuing to address the inherent operational challenges of managing high-volume, cross-border transactions with advantages that include:
- Direct to Local Bank Account: Transpay is streamlining the payments process by delivering funds seamlessly into your recipient’s local bank account, in their local currency.
- Delivery Speed to Bank Account: Transpay ensures a successful payout delivery in a time frame of a few hours.
- Brand Your Payout: Unlike e-wallets and bank wires, Transpay’s Local Bank Transfers can be offered under your own brand.
In a 2018 article, “Global Payments: Expansive Growth, Targeted Opportunities,” McKinsey & Company predicted that global payments revenues would grow from $1.9 trillion in 2017 to nearly $3 trillion by 2022. Given the continued dramatic growth in global payments, Transpay is 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, many of these businesses are enjoying healthy global growth,” says Samish Kumar, CEO of Transfast, which operates Transpay. “Payments is at the core of that and Transpay is continually working to boost efficiency to support global money movement.”
To talk with a Local Bank Transfer specialist about your specific global payments needs and how we can help you pay your recipients more effectively, contact us.