When sending funds internationally, businesses often incur high currency conversion fees and bank landing fees and experience slow delivery times. Transpay eliminates these fees and speeds clearing time by developing direct relationships with banks worldwide. Read on to learn more about the features that make our network stand head and shoulders above the rest.
A Global Proprietary Network
Our network is comprised of direct relationships with each of the banks and payout partners in the network. The network, developed over a 30-year period, provides Transpay with a single global processing system into which funds flow, as well as our in-house liquidity, compliance and treasury functions.
One of the key attributes of Transpay’s network is flexibility. Businesses easily connect with us via our API, which we also customize if a business has particular requirements. We offer that same flexibility to our bank and payout partners, who can connect via our API, which can be adjusted to suit the partner’s needs, or the partner’s own. That’s part of how we stay nimble and are able to continually add partners to our network in the countries where our business clients need to send funds.
It’s not uncommon for a wire transfer to make “hops” at other banks along the way to its destination. So, for example, if a business sends funds through Citibank to Bancomer in Mexico, the funds may make a stop at Chase, who then charges a landing fee as it sends the funds on to Bancomer. Our network provides direct accessibility to our bank and payout partners – in fact, more than 99 percent of Local Bank Transfers sent via our network are accomplished via straight-through processing.
Businesses can often be challenged by the uncertainty created by currency fluctuations when sending funds internationally. Transpay eliminates that uncertainty by offering guaranteed rates, so our business clients know how much their Local Bank Transfers will cost. What’s more, our in-house treasury team is constantly monitoring rates to ensure that Transpay buys at the best rates and passes those on to our business clients.
Speed, Breadth and Depth
Thanks to straight-through processing, the clearing time for transfers sent through our network is much faster than for bank wires. The breadth of Transpay’s global proprietary network is such that it supports payouts to more than 95 percent of bank accounts worldwide, in 60+ currencies. And in any given country, there is never a single payout partner or bank partner. Rather, we build relationships with multiple partners in each country, so that we can ensure that your payouts reach their destination in a timely manner that is convenient to your recipients.