Enterprise-focused cross-border payments platform PingPong has won approval to do business in Indonesia.
\nBank Indonesia, the country\u2019s central bank, has granted the company a payment system service provider license, allowing it to facilitate domestic and cross-border payments in the world\u2019s fourth most populous country, PingPong said Wednesday (July 31).
\n\u201cAs one of the largest and fastest growing economies in Southeast Asia, Indonesia offers an incredible opportunity for enterprises scaling their operations globally,\u201d David Messenger, CEO of global businesses at PingPong, said in a news release. \u201cThis license enables us to expand our reach and provide enterprises with end-to-end, one-stop cross-border payment solutions.\u201d
\nIndonesia, the release noted, has a significant consumer market, with its gross domestic product expected to hit $1.5 trillion this year. The country\u2019s young population and large labor force have made it one of the fastest growing nations in Southeast Asia, and an increasingly crucial country for companies that want to expand their global footprint, PingPong said.
\n\u201cFor businesses focussing on international trade, this license will help them expand and gain access to the region\u2019s $320 billion export market,\u201d the company said.
\nPingPong already holds more than 60 payment licenses and permits around the world, including in the United States, EU, U.K., Hong Kong and mainland China.
\nIn other news from the cross-border payments space, PYMNTS discussed the importance of lowering the cost of these payments last week in an interview with Ram Sundaram, COO at TerraPay, during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d
\nThe World Bank\u2019s Sustainable Development Goals (SDGs) call for a reduction in the cost of cross-border remittances, which now stands at around 8%, underlining the importance of cost reduction as an innovation pillar within the payments field.
\nSundaram said that his company\u2019s mission is in line with this goal, aiming to reduce these costs further to allow for low-value transactions with prohibitive fees. These lower costs can unlock new use cases for cross-border services, he added, thus expanding revenue streams for financial institutions and service providers.
\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees,\u201d Sundaram said. \u201cAnd we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances.\u201d
\nThe post PingPong Scores Payments License in Indonesia appeared first on PYMNTS.com.
\n", "content_text": "Enterprise-focused cross-border payments platform PingPong has won approval to do business in Indonesia.\nBank Indonesia, the country\u2019s central bank, has granted the company a payment system service provider license, allowing it to facilitate domestic and cross-border payments in the world\u2019s fourth most populous country, PingPong said Wednesday (July 31).\n\u201cAs one of the largest and fastest growing economies in Southeast Asia, Indonesia offers an incredible opportunity for enterprises scaling their operations globally,\u201d David Messenger, CEO of global businesses at PingPong, said in a news release. \u201cThis license enables us to expand our reach and provide enterprises with end-to-end, one-stop cross-border payment solutions.\u201d\nIndonesia, the release noted, has a significant consumer market, with its gross domestic product expected to hit $1.5 trillion this year. The country\u2019s young population and large labor force have made it one of the fastest growing nations in Southeast Asia, and an increasingly crucial country for companies that want to expand their global footprint, PingPong said.\n\u201cFor businesses focussing on international trade, this license will help them expand and gain access to the region\u2019s $320 billion export market,\u201d the company said.\nPingPong already holds more than 60 payment licenses and permits around the world, including in the United States, EU, U.K., Hong Kong and mainland China.\nIn other news from the cross-border payments space, PYMNTS discussed the importance of lowering the cost of these payments last week in an interview with Ram Sundaram, COO at TerraPay, during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d\nThe World Bank\u2019s Sustainable Development Goals (SDGs) call for a reduction in the cost of cross-border remittances, which now stands at around 8%, underlining the importance of cost reduction as an innovation pillar within the payments field.\nSundaram said that his company\u2019s mission is in line with this goal, aiming to reduce these costs further to allow for low-value transactions with prohibitive fees. These lower costs can unlock new use cases for cross-border services, he added, thus expanding revenue streams for financial institutions and service providers.\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees,\u201d Sundaram said. \u201cAnd we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances.\u201d\nThe post PingPong Scores Payments License in Indonesia appeared first on PYMNTS.com.", "date_published": "2024-07-31T13:07:14-04:00", "date_modified": "2024-07-31T22:38:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Indonesia-Jakarta-PingPong.jpg", "tags": [ "B2B", "B2B Payments", "Bank Indonesia", "commercial payments", "Cross-border Payments", "domestic payments", "Global Payments", "Indonesia", "international", "News", "Payments as a Service", "payments providers", "PingPong", "PYMNTS News", "remittances", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2018662", "url": "https://www.pymnts.com/news/cross-border-commerce/2024/wto-agreement-looks-to-pave-way-for-paperless-cross-border-commerce/", "title": "WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce", "content_html": "With the news that five years of trade negotiations under the World Trade Organization (WTO) Joint Statement Initiative on Electronic Commerce reached a milestone Friday (July 26) \u2014 with participants agreeing to a two-year extension of a moratorium on taxation of cross-border electronic transmissions \u2014 mitigating the fragmentation that businesses face when transacting internationally is top of mind for global enterprises.
\nThe\u00a091\u00a0WTO members participating in the discussions account for over 90% of global trade, and the joint statement\u2019s co-conveners, Australia, Japan and Singapore, were able to pass an agreement banning the imposition of \u201ccustoms duties on electronic transmissions between a person of one Party and a person of another Party.\u201d
\nThe 25-page agreement aims to harmonize the regulatory environment for eCommerce and facilitate smoother cross-border transactions, ensuring that the digital economy remains open and accessible, fostering innovation and growth.
\nAnd as businesses increasingly operate in a digital-first world, the implications of these new norms could be far-reaching, particularly for cross-border payments and commerce.
\nRead more: Could ISO 20022\u2019s Data-Rich Messaging Fuel AI Innovation?
\nCrucially, within the text of the WTO agreement, are the hints of a slow-but-sure reimagining of cross-border commerce\u2019s digital transformation \u2014 both around international e-invoicing and paperless global trade.
\n\u201cThe Parties recognize that electronic invoicing frameworks can help improve the cost effectiveness, efficiency, accuracy, and reliability of electronic commerce transactions. To the extent that a Party develops a measure related to electronic invoicing frameworks, it shall endeavour to design the measure to support cross-border interoperability, including by taking into account relevant international standards, guidelines, or recommendations, where they exist,\u201d the agreement states.
\nAs PYMNTS has covered, the move toward e-invoicing is not merely about converting a paper invoice into a digital format; it\u2019s about reimagining the entire business-to-business (B2B) invoicing process to be more streamlined and better integrated into digital business ecosystems. The workflow transformation promises to reduce errors, lower costs, and speed up B2B payment processes, offering benefits to companies of all sizes.
\nAlready, more than\u00a080 countries have put in place a mandate for e-invoicing or continuous transaction control (CTC) requirements as governments around the world look to prioritize tax reform and real-time reporting.
\nPYMNTS Intelligence data has found that nearly half (45%) of small and medium-sized businesses (SMBs) cited\u00a0manual invoice review as a problem when making payments, with 19% saying it was their top issue.\u00a0
\nRead more:\u00a0Capturing the $250 Trillion Cross-Border Payments Opportunity
\nFor businesses, particularly in the technology and eCommerce sectors, the continued absence of tariffs on electronic transmissions per the WTO agreement means reduced costs and barriers to entry in foreign markets. This can encourage more companies to engage in cross-border trade, expanding their customer base and revenue streams.
\n\u201cWith a view to creating a paperless border environment for trade in goods, the Parties recognize the importance of eliminating paper forms and documents required for importation, exportation, or transit of goods \u2026 each Party is encouraged to eliminate paper forms and documents, as appropriate, and transition towards using forms and documents in data-based formats,\u201d states the WTO agreement.
\nCross-border payments often involve multiple intermediaries, resulting in high fees and long processing times. By promoting interoperability, the new norms aim to streamline these processes, making it easier and cheaper for businesses to transact across borders. This is important for SMBs, which often face barriers when trying to enter foreign markets.
\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments,\u201d Ram Sundaram, COO\u00a0at\u00a0TerraPay, explained to PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d
\nRead more: 5 Ideas to Transform Cross-Border Commerce With Blockchain Solutions
\nAt the same time, compliance is an\u00a0ever-present issue, with local anti-money laundering (AML), know your customer (KYC) policies and sanctions screenings needing to be addressed for each individual region \u2014 and there are over 19,000\u00a0tax jurisdictions worldwide. Businesses must navigate a patchwork of regulations when conducting cross-border eCommerce, including varying standards for data protection, consumer rights and taxation. This complexity not only increases compliance costs but also creates uncertainty, which can deter companies from expanding internationally.
\n\u201cEverything\u2019s going more cross-border and getting\u00a0regulated, so tax compliance regulation is huge for new business models in new markets,\u201d\u00a0Sovos CEO\u00a0Kevin Akeroyd told PYMNTS in an April interview.
\nAccording to a recent PYMNTS Intelligence survey, the failure rate for\u00a0cross-border payments approaches 11%, accounting for $3.8 billion in lost sales in 2023 alone.
\nAs the global digital economy continues to grow, the hope is that the norms established by the WTO agreement can play a role in shaping the future of cross-border commerce. By fostering a more predictable and streamlined regulatory environment, the agreement aims help unlock the full potential of eCommerce, driving economic growth and innovation.
\nThe post WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce appeared first on PYMNTS.com.
\n", "content_text": "With the news that five years of trade negotiations under the World Trade Organization (WTO) Joint Statement Initiative on Electronic Commerce reached a milestone Friday (July 26) \u2014 with participants agreeing to a two-year extension of a moratorium on taxation of cross-border electronic transmissions \u2014 mitigating the fragmentation that businesses face when transacting internationally is top of mind for global enterprises. \nThe\u00a091\u00a0WTO members participating in the discussions account for over 90% of global trade, and the joint statement\u2019s co-conveners, Australia, Japan and Singapore, were able to pass an agreement banning the imposition of \u201ccustoms duties on electronic transmissions between a person of one Party and a person of another Party.\u201d\nThe 25-page agreement aims to harmonize the regulatory environment for eCommerce and facilitate smoother cross-border transactions, ensuring that the digital economy remains open and accessible, fostering innovation and growth.\nAnd as businesses increasingly operate in a digital-first world, the implications of these new norms could be far-reaching, particularly for cross-border payments and commerce.\nRead more: Could ISO 20022\u2019s Data-Rich Messaging Fuel AI Innovation?\nRole of Standardization\nCrucially, within the text of the WTO agreement, are the hints of a slow-but-sure reimagining of cross-border commerce\u2019s digital transformation \u2014 both around international e-invoicing and paperless global trade. \n\u201cThe Parties recognize that electronic invoicing frameworks can help improve the cost effectiveness, efficiency, accuracy, and reliability of electronic commerce transactions. To the extent that a Party develops a measure related to electronic invoicing frameworks, it shall endeavour to design the measure to support cross-border interoperability, including by taking into account relevant international standards, guidelines, or recommendations, where they exist,\u201d the agreement states. \nAs PYMNTS has covered, the move toward e-invoicing is not merely about converting a paper invoice into a digital format; it\u2019s about reimagining the entire business-to-business (B2B) invoicing process to be more streamlined and better integrated into digital business ecosystems. The workflow transformation promises to reduce errors, lower costs, and speed up B2B payment processes, offering benefits to companies of all sizes.\nAlready, more than\u00a080 countries have put in place a mandate for e-invoicing or continuous transaction control (CTC) requirements as governments around the world look to prioritize tax reform and real-time reporting.\nPYMNTS Intelligence data has found that nearly half (45%) of small and medium-sized businesses (SMBs) cited\u00a0manual invoice review as a problem when making payments, with 19% saying it was their top issue.\u00a0\nRead more:\u00a0Capturing the $250 Trillion Cross-Border Payments Opportunity\nFor businesses, particularly in the technology and eCommerce sectors, the continued absence of tariffs on electronic transmissions per the WTO agreement means reduced costs and barriers to entry in foreign markets. This can encourage more companies to engage in cross-border trade, expanding their customer base and revenue streams. \n\u201cWith a view to creating a paperless border environment for trade in goods, the Parties recognize the importance of eliminating paper forms and documents required for importation, exportation, or transit of goods \u2026 each Party is encouraged to eliminate paper forms and documents, as appropriate, and transition towards using forms and documents in data-based formats,\u201d states the WTO agreement. \nCross-border payments often involve multiple intermediaries, resulting in high fees and long processing times. By promoting interoperability, the new norms aim to streamline these processes, making it easier and cheaper for businesses to transact across borders. This is important for SMBs, which often face barriers when trying to enter foreign markets.\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments,\u201d Ram Sundaram, COO\u00a0at\u00a0TerraPay, explained to PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d\nRead more: 5 Ideas to Transform Cross-Border Commerce With Blockchain Solutions\nAt the same time, compliance is an\u00a0ever-present issue, with local anti-money laundering (AML), know your customer (KYC) policies and sanctions screenings needing to be addressed for each individual region \u2014 and there are over 19,000\u00a0tax jurisdictions worldwide. Businesses must navigate a patchwork of regulations when conducting cross-border eCommerce, including varying standards for data protection, consumer rights and taxation. This complexity not only increases compliance costs but also creates uncertainty, which can deter companies from expanding internationally.\n\u201cEverything\u2019s going more cross-border and getting\u00a0regulated, so tax compliance regulation is huge for new business models in new markets,\u201d\u00a0Sovos CEO\u00a0Kevin Akeroyd told PYMNTS in an April interview.\nAccording to a recent PYMNTS Intelligence survey, the failure rate for\u00a0cross-border payments approaches 11%, accounting for $3.8 billion in lost sales in 2023 alone.\nAs the global digital economy continues to grow, the hope is that the norms established by the WTO agreement can play a role in shaping the future of cross-border commerce. By fostering a more predictable and streamlined regulatory environment, the agreement aims help unlock the full potential of eCommerce, driving economic growth and innovation.\nThe post WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce appeared first on PYMNTS.com.", "date_published": "2024-07-29T17:48:35-04:00", "date_modified": "2024-07-29T17:48:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/cross-border-commerce-1.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Cross Border Commerce", "cross-border payments", "digital transformation", "E-invoicing", "ecommerce", "Kevin Akeroyd", "News", "paperless transactions", "PYMNTS News", "Ram Sundaram", "Sovos", "TerraPay", "What's Hot In B2B", "World Trade Organization", "WTO", "WTO agreement" ] }, { "id": "https://www.pymnts.com/?p=2013908", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/terrapay-scaling-cross-border-payments-means-reducing-how-much-they-cost/", "title": "TerraPay: Scaling Cross-Border Payments Means Reducing How Much They Cost", "content_html": "Innovation within payments and commerce is increasingly centered on fostering global financial interoperability and inclusion.
\nAlready, the first half of 2024 has been particularly action-packed for the payments industry, marked by significant technological advancements and strategic initiatives aimed at reducing transaction costs as a key way to spur greater interoperability and financial inclusion.
\n\u201cThere are two ways you can increase revenue: either by charging a customer more, or by reducing your costs. And the use of technology in reducing costs is something that is easier to do than trying to charge the customer more,\u201d Ram Sundaram, COO\u00a0at TerraPay, explained to PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d
\nThe World Bank\u2019s Sustainable Development Goals (SDGs) mandate a reduction in the cost of cross-border remittances, which currently stands at around 8%, underscoring the importance of cost reduction as an innovation pillar within payments.
\nSundaram said that TerraPay\u2019s mission aligns with this goal, aiming to bring down these costs further to enable low-value transactions without prohibitive fees. This reduction in costs can unlock new use cases for cross-border services, thereby expanding revenue streams for financial institutions and service providers.
\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances,\u201d he added.
\n\u201cApart from that, the way that you generate more revenues is that you create new use cases,\u201d Sundaram said.
\nEmbedded payments, which seamlessly integrate financial services into various non-financial platforms, are revolutionizing user experiences with commerce and payments. This growing trend is not only enhancing convenience but also significantly reducing transaction friction in both retail and business-to-business (B2B) contexts.
\nAccording to Sundaram, the key to this innovation lies in embedding financial services where they are most needed \u2014 at the point of sale. This approach, exemplified by the growing popularity of buy now, pay later (BNPL) services, ties financial transactions directly into consumers\u2019 daily activities, making them more accessible and user-friendly.
\n\u201cThere are very few financial services that we consume standalone \u2026 that\u2019s why embedding them is the better user experience,\u201d Sundaram said.
\nThe backbone of these embedded payments innovations is the robust development and deployment of application programming interfaces (APIs), he added.
\nAPIs facilitate the integration of diverse financial services into various platforms, enabling seamless interoperability between different financial instruments like wallets, bank accounts and cards.
\nStill, Sundaram highlighted the challenges in API development, particularly the standardization of data and harmonization of financial regulations across countries. As TerraPay itself operates in the cross-border space, navigating these challenges is crucial for ensuring compliance and scalability.
\nOne of the more important strides in this area is the adoption of ISO 20022 messaging standards, which are becoming increasingly important in the cross-border payments ecosystem. With regulatory mandates pushing for this transition, financial institutions are upgrading their systems to support these standards, enhancing the efficiency and reliability of international transactions.
\n\u201cObviously, there\u2019s a lot of work to be done on traditional financial institutions\u2019 backends. Their systems need to be upgraded. They need to build these capabilities in, and that\u2019s cost. So, there are challenges, but uptake is increasing exponentially,\u201d Sundaram explained.
\nIn an ecosystem where financial services are ubiquitously embedded, robust compliance and risk management strategies are increasingly becoming paramount as operational table stakes.
\nPayment innovators are addressing these challenges by leveraging extensive data to ensure seamless compliance and risk mitigation, Sundaram said. By connecting directly to financial institutions and reducing the number of intermediaries, payments companies can access and utilize critical data more effectively. This approach not only enhances financial transparency but also aligns with global regulatory standards, balancing the need for data privacy with the demand for financial transparency.
\n\u201cBalancing it all out is a significant challenge, and it needs to be done at the platform level \u2026 compliance and risk management are about data. The more and better data that you have, the more seamless your compliance and risk management can be,\u201d Sundaram said.
\nThe post TerraPay: Scaling Cross-Border Payments Means Reducing How Much They Cost appeared first on PYMNTS.com.
\n", "content_text": "Innovation within payments and commerce is increasingly centered on fostering global financial interoperability and inclusion.\nAlready, the first half of 2024 has been particularly action-packed for the payments industry, marked by significant technological advancements and strategic initiatives aimed at reducing transaction costs as a key way to spur greater interoperability and financial inclusion.\n\u201cThere are two ways you can increase revenue: either by charging a customer more, or by reducing your costs. And the use of technology in reducing costs is something that is easier to do than trying to charge the customer more,\u201d Ram Sundaram, COO\u00a0at TerraPay, explained to PYMNTS during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d\nThe World Bank\u2019s Sustainable Development Goals (SDGs) mandate a reduction in the cost of cross-border remittances, which currently stands at around 8%, underscoring the importance of cost reduction as an innovation pillar within payments.\nSundaram said that TerraPay\u2019s mission aligns with this goal, aiming to bring down these costs further to enable low-value transactions without prohibitive fees. This reduction in costs can unlock new use cases for cross-border services, thereby expanding revenue streams for financial institutions and service providers.\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances,\u201d he added.\n\u201cApart from that, the way that you generate more revenues is that you create new use cases,\u201d Sundaram said.\nWhat\u2019s Next in Payments Innovation: The Rise of Embedded Payments\nEmbedded payments, which seamlessly integrate financial services into various non-financial platforms, are revolutionizing user experiences with commerce and payments. This growing trend is not only enhancing convenience but also significantly reducing transaction friction in both retail and business-to-business (B2B) contexts.\nAccording to Sundaram, the key to this innovation lies in embedding financial services where they are most needed \u2014 at the point of sale. This approach, exemplified by the growing popularity of buy now, pay later (BNPL) services, ties financial transactions directly into consumers\u2019 daily activities, making them more accessible and user-friendly.\n\u201cThere are very few financial services that we consume standalone \u2026 that\u2019s why embedding them is the better user experience,\u201d Sundaram said.\nThe backbone of these embedded payments innovations is the robust development and deployment of application programming interfaces (APIs), he added.\nAPIs facilitate the integration of diverse financial services into various platforms, enabling seamless interoperability between different financial instruments like wallets, bank accounts and cards.\nStill, Sundaram highlighted the challenges in API development, particularly the standardization of data and harmonization of financial regulations across countries. As TerraPay itself operates in the cross-border space, navigating these challenges is crucial for ensuring compliance and scalability.\nOne of the more important strides in this area is the adoption of ISO 20022 messaging standards, which are becoming increasingly important in the cross-border payments ecosystem. With regulatory mandates pushing for this transition, financial institutions are upgrading their systems to support these standards, enhancing the efficiency and reliability of international transactions.\n\u201cObviously, there\u2019s a lot of work to be done on traditional financial institutions\u2019 backends. Their systems need to be upgraded. They need to build these capabilities in, and that\u2019s cost. So, there are challenges, but uptake is increasing exponentially,\u201d Sundaram explained.\nThe Future Role of Compliance and Risk Management\nIn an ecosystem where financial services are ubiquitously embedded, robust compliance and risk management strategies are increasingly becoming paramount as operational table stakes.\nPayment innovators are addressing these challenges by leveraging extensive data to ensure seamless compliance and risk mitigation, Sundaram said. By connecting directly to financial institutions and reducing the number of intermediaries, payments companies can access and utilize critical data more effectively. This approach not only enhances financial transparency but also aligns with global regulatory standards, balancing the need for data privacy with the demand for financial transparency.\n\u201cBalancing it all out is a significant challenge, and it needs to be done at the platform level \u2026 compliance and risk management are about data. The more and better data that you have, the more seamless your compliance and risk management can be,\u201d Sundaram said.\nThe post TerraPay: Scaling Cross-Border Payments Means Reducing How Much They Cost appeared first on PYMNTS.com.", "date_published": "2024-07-22T04:01:45-04:00", "date_modified": "2024-07-21T20:45:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Cross-border-payments-TerraPay.jpg", "tags": [ "APIs", "application programming interfaces", "B2B Payments", "commercial payments", "Cross-border Payments", "Embedded Payments", "Featured News", "Global Payments", "News", "Payment Methods", "PYMNTS News", "pymnts tv", "Ram Sundaram", "TerraPay", "video", "WhatsNextInPaymentsSeries", "What\u2019s Next In Payments: The Halftime Report 2024" ] }, { "id": "https://www.pymnts.com/?p=1975780", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/terrapay-and-yeepay-partner-on-cross-border-payment-solutions/", "title": "TerraPay and YeePay Partner on Cross-Border Payment Solutions", "content_html": "TerraPay and\u00a0YeePay have partnered to enhance cross-border payment solutions for customers.
\nThe new strategic partnership brings together TerraPay\u2019s global money movement capabilities and YeePay\u2019s enterprise payment services, the companies said in a Monday (July 8)\u00a0press release.
\nChen Yu, co-founder of YeePay, said in the release that the partnership \u201cwill allow both companies to work together to offer our customers a more secure, convenient and cost-effective payment experience.\u201d
\nAni Sane, co-founder and chief business officer at TerraPay, said: \u201cTogether, we are prepared to extend our services and better serve customers, making cross-border transactions more seamless and accessible.\u201d
\nWith this collaboration, the companies aim to provide payment services globally, according to the release.
\nYeePay\u2019s payment solutions for enterprises include online, mobile and offline channels, together with streamlined settlement processes, the release said. The company offers customized solutions and value-added services for airline and travel, retail, internet finance, administration and education, cross-border\u00a0and other verticals.
\nTerraPay\u2019s money movement capabilities are powered by a connection to a cross-border payments network that is regulated in 31 global markets and enables payments to 141 receive countries, 210 send countries, 7.5 billion bank accounts and 2.1 billion mobile wallets, per the release.
\nIntegrating TerraPay\u2019s global network with YeePay\u2019s reach in China will facilitate real-time global B2B account payments, offering benefits to clients like those in the airline and travel industries, according to the release.
\n\u201cAdditionally, the partnership is expected to promote financial inclusion and drive economic growth in regions served by both companies,\u201d the release said.
\nIn another recently announced partnership, TerraPay said Wednesday (July 10) that it teamed up with Africa-focused payments technology firm\u00a0enza to promote\u00a0financial inclusion in Africa.
\nThat collaboration enables enza, which has offices in South Africa and Egypt, to harness TerraPay\u2019s connectivity to more than 2.1 billion wallets and allow for the acceptance of those wallets along with other domestic and international payment brands.
\nIn April, TerraPay received a\u00a0major payment institution license in Singapore, saying that this approval by the\u00a0Monetary Authority of Singapore means that the company is either licensed or approved in 30 markets around the world.
\nThe post TerraPay and YeePay Partner on Cross-Border Payment Solutions appeared first on PYMNTS.com.
\n", "content_text": "TerraPay and\u00a0YeePay have partnered to enhance cross-border payment solutions for customers.\nThe new strategic partnership brings together TerraPay\u2019s global money movement capabilities and YeePay\u2019s enterprise payment services, the companies said in a Monday (July 8)\u00a0press release.\nChen Yu, co-founder of YeePay, said in the release that the partnership \u201cwill allow both companies to work together to offer our customers a more secure, convenient and cost-effective payment experience.\u201d\nAni Sane, co-founder and chief business officer at TerraPay, said: \u201cTogether, we are prepared to extend our services and better serve customers, making cross-border transactions more seamless and accessible.\u201d\nWith this collaboration, the companies aim to provide payment services globally, according to the release.\nYeePay\u2019s payment solutions for enterprises include online, mobile and offline channels, together with streamlined settlement processes, the release said. The company offers customized solutions and value-added services for airline and travel, retail, internet finance, administration and education, cross-border\u00a0and other verticals.\nTerraPay\u2019s money movement capabilities are powered by a connection to a cross-border payments network that is regulated in 31 global markets and enables payments to 141 receive countries, 210 send countries, 7.5 billion bank accounts and 2.1 billion mobile wallets, per the release.\nIntegrating TerraPay\u2019s global network with YeePay\u2019s reach in China will facilitate real-time global B2B account payments, offering benefits to clients like those in the airline and travel industries, according to the release.\n\u201cAdditionally, the partnership is expected to promote financial inclusion and drive economic growth in regions served by both companies,\u201d the release said.\nIn another recently announced partnership, TerraPay said Wednesday (July 10) that it teamed up with Africa-focused payments technology firm\u00a0enza to promote\u00a0financial inclusion in Africa.\nThat collaboration enables enza, which has offices in South Africa and Egypt, to harness TerraPay\u2019s connectivity to more than 2.1 billion wallets and allow for the acceptance of those wallets along with other domestic and international payment brands.\nIn April, TerraPay received a\u00a0major payment institution license in Singapore, saying that this approval by the\u00a0Monetary Authority of Singapore means that the company is either licensed or approved in 30 markets around the world.\nThe post TerraPay and YeePay Partner on Cross-Border Payment Solutions appeared first on PYMNTS.com.", "date_published": "2024-07-12T15:00:05-04:00", "date_modified": "2024-07-14T21:12:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/global-payments-international-cross-border-payments.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Cross-border Payments", "Global Payments", "International Payments", "News", "partnerships", "PYMNTS News", "remittances", "TerraPay", "What's Hot", "What's Hot In B2B", "YeePay" ] }, { "id": "https://www.pymnts.com/?p=1973559", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/hsbcs-zing-leverages-visa-solutions-for-cross-border-payments/", "title": "HSBC\u2019s Zing Leverages Visa Solutions for Cross-Border Payments", "content_html": "Visa announced Tuesday (July 9) that it partnered with\u00a0Zing, a FinTech that is part of the\u00a0HSBC Group, to develop an international payments app that Zing launched in the United Kingdom in January.
\nThe\u00a0Zing app allows members to hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories, the companies said in a Tuesday\u00a0press release.
\n\u201cWe shared a clear vision\u00a0with our partners at Visa \u2014 that people all across\u00a0the globe want easy to use, secure and trustworthy financial products that enable them to live their best international lives,\u201d\u00a0James Allan, CEO and founder at Zing, said in the release. \u201cZing delivers on that promise, and we look forward to building on this partnership in the future.\u201d\u00a0
\nZing leverages Visa technology to provide U.K. consumers with low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates and person-to-person payments \u2014 all of which is linked to a Visa card, according to the release.
\nBy collaborating with Visa, Zing was able to have a single point of contact for the project and to leverage the Visa solutions\u00a0Currencycloud, which enables a multicurrency wallet, and\u00a0Tink, which allows users to top-up an account via \u201cquick bank transfer\u201d powered by open banking technology, the release said.
\nCurrencycloud and Tink provided the Zing team with ready-made solutions that they added to Zing\u2019s core infrastructure, saving time and money in development, per the release.\u00a0
\n\u201cOur partners and customers, and more importantly, their customers, want simplicity,\u201d\u00a0Serge Elkiner, global head of product, money movement solutions at Visa, said in the release. \u201cBy combining the benefits of Tink and Currencycloud with the wider Visa solutions and brand, we have delivered a great solution in double-quick time.\u201d
\nVisa completed its acquisition of\u00a0cross-border payments platform Currencycloud in December 2021 and finalized its deal to purchase\u00a0open banking platform Tink in March 2022.
\nIt was reported in January that Zing\u2019s\u00a0global payments app aims to take on companies like\u00a0Wise and\u00a0Revolut and that after its launch in the U.K., it will be expanded to markets in Asia, the Middle East and the European Union (EU) in the months to come.
\nThe post HSBC\u2019s Zing Leverages Visa Solutions for Cross-Border Payments appeared first on PYMNTS.com.
\n", "content_text": "Visa announced Tuesday (July 9) that it partnered with\u00a0Zing, a FinTech that is part of the\u00a0HSBC Group, to develop an international payments app that Zing launched in the United Kingdom in January.\nThe\u00a0Zing app allows members to hold funds in up to 10 different currencies, send more than 30 currencies, and transact in more than 200 countries and territories, the companies said in a Tuesday\u00a0press release.\n\u201cWe shared a clear vision\u00a0with our partners at Visa \u2014 that people all across\u00a0the globe want easy to use, secure and trustworthy financial products that enable them to live their best international lives,\u201d\u00a0James Allan, CEO and founder at Zing, said in the release. \u201cZing delivers on that promise, and we look forward to building on this partnership in the future.\u201d\u00a0\nZing leverages Visa technology to provide U.K. consumers with low-cost and transparent currency exchange, financial management, instant collections, real-time exchange rates and person-to-person payments \u2014 all of which is linked to a Visa card, according to the release.\nBy collaborating with Visa, Zing was able to have a single point of contact for the project and to leverage the Visa solutions\u00a0Currencycloud, which enables a multicurrency wallet, and\u00a0Tink, which allows users to top-up an account via \u201cquick bank transfer\u201d powered by open banking technology, the release said.\nCurrencycloud and Tink provided the Zing team with ready-made solutions that they added to Zing\u2019s core infrastructure, saving time and money in development, per the release.\u00a0\n\u201cOur partners and customers, and more importantly, their customers, want simplicity,\u201d\u00a0Serge Elkiner, global head of product, money movement solutions at Visa, said in the release. \u201cBy combining the benefits of Tink and Currencycloud with the wider Visa solutions and brand, we have delivered a great solution in double-quick time.\u201d\nVisa completed its acquisition of\u00a0cross-border payments platform Currencycloud in December 2021 and finalized its deal to purchase\u00a0open banking platform Tink in March 2022.\nIt was reported in January that Zing\u2019s\u00a0global payments app aims to take on companies like\u00a0Wise and\u00a0Revolut and that after its launch in the U.K., it will be expanded to markets in Asia, the Middle East and the European Union (EU) in the months to come.\nThe post HSBC\u2019s Zing Leverages Visa Solutions for Cross-Border Payments appeared first on PYMNTS.com.", "date_published": "2024-07-09T15:28:19-04:00", "date_modified": "2024-07-09T15:28:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Zing-cross-border-payments-global-payments.jpg", "tags": [ "Cross-border Payments", "FinTechs", "Global Payments", "HSBC", "International Payments", "News", "partnerships", "payment apps", "PYMNTS News", "Visa solutions", "What's Hot", "Zing" ] }, { "id": "https://www.pymnts.com/?p=1971243", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/deltec-bank-joins-visa-b2b-connect-to-accelerate-cross-border-payments/", "title": "Deltec Bank Joins Visa B2B Connect to Accelerate Cross-Border Payments", "content_html": "The Bahamas-based private and corporate bank Deltec Bank has joined Visa\u2019s B2B cross-border payment network, Visa B2B Connect.
\nThis partnership will enable faster cross-border payments for Deltec Bank\u2019s corporate and institutional clients, built upon Visa\u2019s global network, the companies said in a June 28 press release.
\nThe bank\u2019s implementation of Visa B2B Connect will also provide these clients with near real-time visibility into payment statuses and the necessary reconciliation and compliance data, according to the release.
\n\u201cAs entrepreneurs and enterprises strive to expand their global footprints, they truly value partners that offer simple and highly secure cross-border transactions, along with solutions that help to improve their operational efficiencies,\u201d Odetta Morton, CEO of Deltec Bank, said in the release. \u201cWe are proud to partner with Visa in removing hurdles that have previously existed in the payment journey, while providing a seamless and secure payments process for today\u2019s global enterprises.\u201d
\nThe Bahamas is one of 118 countries on six continents in which Visa B2B Connect is available, per the release.
\nThe technological platform allows these countries to send and receive funds with enhanced efficiencies, greater transparency and reduced complexity, the release said.
\nIt facilitates transactions between the bank of origin, directly to the beneficiary bank, thereby simplifying international corporate cross-border payments, according to the release.
\nThis solution provides financial institutions and their corporate clients with cross-border B2B transactions that are \u201cpredictable, secure and effective,\u201d Frank Gandarillas, general manager for the Caribbean at Visa, said in the release.
\n\u201cWe aim to continue expanding the ecosystem with innovative solutions that create opportunities for partnering as we have done with Deltec to invigorate the way of moving cross-border funds,\u201d Gandarillas said.
\nIn another recently announced collaboration, NetXD said in May that it expanded its cross-border payments partnership with Visa B2B Connect, enabling it to onboard banks in Asia in addition to Europe and the Americas, where it already did so.
\nIn February 2023, Freedom Finance Bank Kazakhstan JSC partnered with Visa to deploy the Visa B2B Connect payment service and facilitate cross-border payments from Kazakhstan. It was reported at the time that this collaboration was the first launch of Visa B2B Connect in central Asia.
\nThe post Deltec Bank Joins Visa B2B Connect to Accelerate Cross-Border Payments appeared first on PYMNTS.com.
\n", "content_text": "The Bahamas-based private and corporate bank Deltec Bank has joined Visa\u2019s B2B cross-border payment network, Visa B2B Connect.\nThis partnership will enable faster cross-border payments for Deltec Bank\u2019s corporate and institutional clients, built upon Visa\u2019s global network, the companies said in a June 28 press release.\nThe bank\u2019s implementation of Visa B2B Connect will also provide these clients with near real-time visibility into payment statuses and the necessary reconciliation and compliance data, according to the release.\n\u201cAs entrepreneurs and enterprises strive to expand their global footprints, they truly value partners that offer simple and highly secure cross-border transactions, along with solutions that help to improve their operational efficiencies,\u201d Odetta Morton, CEO of Deltec Bank, said in the release. \u201cWe are proud to partner with Visa in removing hurdles that have previously existed in the payment journey, while providing a seamless and secure payments process for today\u2019s global enterprises.\u201d\nThe Bahamas is one of 118 countries on six continents in which Visa B2B Connect is available, per the release.\nThe technological platform allows these countries to send and receive funds with enhanced efficiencies, greater transparency and reduced complexity, the release said.\nIt facilitates transactions between the bank of origin, directly to the beneficiary bank, thereby simplifying international corporate cross-border payments, according to the release.\nThis solution provides financial institutions and their corporate clients with cross-border B2B transactions that are \u201cpredictable, secure and effective,\u201d Frank Gandarillas, general manager for the Caribbean at Visa, said in the release.\n\u201cWe aim to continue expanding the ecosystem with innovative solutions that create opportunities for partnering as we have done with Deltec to invigorate the way of moving cross-border funds,\u201d Gandarillas said.\nIn another recently announced collaboration, NetXD said in May that it expanded its cross-border payments partnership with Visa B2B Connect, enabling it to onboard banks in Asia in addition to Europe and the Americas, where it already did so.\nIn February 2023, Freedom Finance Bank Kazakhstan JSC partnered with Visa to deploy the Visa B2B Connect payment service and facilitate cross-border payments from Kazakhstan. It was reported at the time that this collaboration was the first launch of Visa B2B Connect in central Asia.\nThe post Deltec Bank Joins Visa B2B Connect to Accelerate Cross-Border Payments appeared first on PYMNTS.com.", "date_published": "2024-07-03T17:13:38-04:00", "date_modified": "2024-07-03T17:13:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/cross-border-payments-Visa.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Cross-border Payments", "Deltec Bank", "Frank Gandarillas", "News", "Odetta Morton", "PYMNTS News", "Visa", "Visa B2B Connect", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=1967361", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/western-union-grows-africa-retail-presence-via-morocco-concept-store/", "title": "Western Union Grows Africa Retail Presence Via Morocco \u2018Concept Store\u2019", "content_html": "Western Union is bringing its \u201cconcept store\u201d concept to Africa with a new outpost in Morocco.
\nThe money transfer service announced the store \u2014 its first on the continent \u2014 on Wednesday (June 26), saying it was part of Western Union\u2019s \u201cEvolve 2025\u201d strategy for Africa and Morocco.
\n\u201cThe country and the wider continent play a crucial role in our growth strategy thanks to their dynamic markets and significant remittance flows,\u201d Mohamed Touhami el Ouazzani, Western Union\u2019s regional vice president for Africa, said in a news release.
\n\u201cMorocco is a major inbound market in Africa, with loved ones receiving international money transfers from all over the world, including the United States, France, Spain, Italy, the United Arab Emirates and the Kingdom of Saudi Arabia,\u201d he added.
\nThe release added that Morocco is a \u201cpivotal\u201d remittance hub, with the country taking in around $12 billion in inflows last year, making it Africa\u2019s third-largest inbound market.
\n\u201cThese funds represent a vital source of income for many Moroccan families and are a critical component in the foundation of the country\u2019s economy,\u201d the company said. \u201cRemittances contribute approximately 8% to Morocco\u2019s GDP.\u201d
\nTo make those transfers easier, the company has introduced the concept store, originating them in Europe, where it now has at least 100 such locations. These stores are spaces \u201cwhere nothing is left to chance from a service and branding perspective,\u201d Nicholas Mandalas, Western Union\u2019s communication director for Europe, told PYMNTS.
\n\u201cThe customer interacts with agents that know the service well \u2014 and, since we serve diaspora communities, they quite often come from these communities,\u201d he said. \u201cSo, they can offer better, personalized service to customers that they often know and have served for years, offering a premium experience and more service options.\u201d
\nWestern Union said in April that its earnings were showing continued shifts to digital channels to send money across borders, with the company\u2019s branded digital transactions increasing by 13% year over year.
\nCEO Devin McGranahan told analysts on a conference call that consumer money transfer transactions\u2019 6% growth rate marked the third straight quarter with transaction growth of 5% or higher. He also noted increased usage among migrant communities.
\n\u201cOur research would indicate that many migrants start their remittance journey in a retail setting for a variety of important reasons. Given the likely future ongoing growth and migration around the world, we believe that macro trends support the fact that we can indeed stabilize our retail business while at the same time growing our digital and consumer services businesses,\u201d McGranahan said.
\nThe post Western Union Grows Africa Retail Presence Via Morocco \u2018Concept Store\u2019 appeared first on PYMNTS.com.
\n", "content_text": "Western Union is bringing its \u201cconcept store\u201d concept to Africa with a new outpost in Morocco.\nThe money transfer service announced the store \u2014 its first on the continent \u2014 on Wednesday (June 26), saying it was part of Western Union\u2019s \u201cEvolve 2025\u201d strategy for Africa and Morocco.\n\u201cThe country and the wider continent play a crucial role in our growth strategy thanks to their dynamic markets and significant remittance flows,\u201d Mohamed Touhami el Ouazzani, Western Union\u2019s regional vice president for Africa, said in a news release.\n\u201cMorocco is a major inbound market in Africa, with loved ones receiving international money transfers from all over the world, including the United States, France, Spain, Italy, the United Arab Emirates and the Kingdom of Saudi Arabia,\u201d he added.\nThe release added that Morocco is a \u201cpivotal\u201d remittance hub, with the country taking in around $12 billion in inflows last year, making it Africa\u2019s third-largest inbound market.\n\u201cThese funds represent a vital source of income for many Moroccan families and are a critical component in the foundation of the country\u2019s economy,\u201d the company said. \u201cRemittances contribute approximately 8% to Morocco\u2019s GDP.\u201d\nTo make those transfers easier, the company has introduced the concept store, originating them in Europe, where it now has at least 100 such locations. These stores are spaces \u201cwhere nothing is left to chance from a service and branding perspective,\u201d Nicholas Mandalas, Western Union\u2019s communication director for Europe, told PYMNTS.\n\u201cThe customer interacts with agents that know the service well \u2014 and, since we serve diaspora communities, they quite often come from these communities,\u201d he said. \u201cSo, they can offer better, personalized service to customers that they often know and have served for years, offering a premium experience and more service options.\u201d\nWestern Union said in April that its earnings were showing continued shifts to digital channels to send money across borders, with the company\u2019s branded digital transactions increasing by 13% year over year.\nCEO Devin McGranahan told analysts on a conference call that consumer money transfer transactions\u2019 6% growth rate marked the third straight quarter with transaction growth of 5% or higher. He also noted increased usage among migrant communities.\n\u201cOur research would indicate that many migrants start their remittance journey in a retail setting for a variety of important reasons. Given the likely future ongoing growth and migration around the world, we believe that macro trends support the fact that we can indeed stabilize our retail business while at the same time growing our digital and consumer services businesses,\u201d McGranahan said.\nThe post Western Union Grows Africa Retail Presence Via Morocco \u2018Concept Store\u2019 appeared first on PYMNTS.com.", "date_published": "2024-06-26T13:14:09-04:00", "date_modified": "2024-06-26T13:14:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/02/Western-Union-1.jpg", "tags": [ "Africa", "Cross-border Payments", "Digital Payments", "EMEA", "Global Payments", "international", "money transfers", "morocco", "News", "Payment Methods", "PYMNTS News", "remittances", "western union", "Western Union concept stores", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1965963", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/razorpay-facilitates-international-payments-for-indian-freelancers/", "title": "Razorpay Facilitates International Payments for Indian Freelancers", "content_html": "Razorpay now enables Indian freelancers to reduce the cost of accepting international payments.
\nThe company\u2019s MoneySaver Export Account allows freelancers to open an account in any country, accept payments locally via bank transfers on the Razorpay platform, and save up to 50% in fees and commissions on international bank transfers, Razorpay said in a Monday (June 24) press release.
\n\u201cWhile India continues to grow as one of the fastest-growing markets for freelancers, it\u2019s crucial to have seamless and a cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential,\u201d Rahul Kothari, chief operating officer at Razorpay, said in the release.
\nWith this offering, Indian freelancers can create accounts in the United States, the United Kingdom, Canada, Europe and other priority export markets, according to the release.
\nDoing so enables the use of banking networks like ACH, SEPA, SWIFT and FPS, the release said.
\nThe MoneySaver Export Account adheres to Reserve Bank of India guidelines, enables the receipt of international bank transfers from more than 160 countries within five seconds, offers a single-click Digital Foreign Inward Remittance Certificate and incurs no withdrawal fees from online freelance marketplaces, per the release.
\nThis solution aims to solve the challenges Indian freelancers have faced with transaction fees and currency conversion charges, Kothari said in the release. It\u2019s meant to provide \u201cseamless, border-free global banking.\u201d
\n\u201cOur commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best \u2014 delivering exceptional work to clients around the world,\u201d Kothari said.
\nThis offering for freelancers represents an expansion of the MoneySaver Export Account that Razorpay launched in July 2023 for exporters, according to the release. The earlier account is now being used by more than 15,000 exporters.
\nIn another recent move, Razorpay said in April that it launched its own Unified Payments Interface (UPI) infrastructure in partnership with Airtel Payments Bank.
\nThis infrastructure, UPI Switch, boosts success rates by 4% to 5%; handles up to 10,000 transactions per second at any given time; and enables five times faster access to UPI innovations for business.
\nThe post Razorpay Facilitates International Payments for Indian Freelancers appeared first on PYMNTS.com.
\n", "content_text": "Razorpay now enables Indian freelancers to reduce the cost of accepting international payments.\nThe company\u2019s MoneySaver Export Account allows freelancers to open an account in any country, accept payments locally via bank transfers on the Razorpay platform, and save up to 50% in fees and commissions on international bank transfers, Razorpay said in a Monday (June 24) press release.\n\u201cWhile India continues to grow as one of the fastest-growing markets for freelancers, it\u2019s crucial to have seamless and a cost-efficient method to manage international money transfers securely and support this dynamic community with immense potential,\u201d Rahul Kothari, chief operating officer at Razorpay, said in the release.\nWith this offering, Indian freelancers can create accounts in the United States, the United Kingdom, Canada, Europe and other priority export markets, according to the release.\nDoing so enables the use of banking networks like ACH, SEPA, SWIFT and FPS, the release said.\nThe MoneySaver Export Account adheres to Reserve Bank of India guidelines, enables the receipt of international bank transfers from more than 160 countries within five seconds, offers a single-click Digital Foreign Inward Remittance Certificate and incurs no withdrawal fees from online freelance marketplaces, per the release.\nThis solution aims to solve the challenges Indian freelancers have faced with transaction fees and currency conversion charges, Kothari said in the release. It\u2019s meant to provide \u201cseamless, border-free global banking.\u201d\n\u201cOur commitment to providing a reliable, hassle-free financial experience can now ensure that freelancers can focus on what they do best \u2014 delivering exceptional work to clients around the world,\u201d Kothari said.\nThis offering for freelancers represents an expansion of the MoneySaver Export Account that Razorpay launched in July 2023 for exporters, according to the release. The earlier account is now being used by more than 15,000 exporters.\nIn another recent move, Razorpay said in April that it launched its own Unified Payments Interface (UPI) infrastructure in partnership with Airtel Payments Bank.\nThis infrastructure, UPI Switch, boosts success rates by 4% to 5%; handles up to 10,000 transactions per second at any given time; and enables five times faster access to UPI innovations for business.\nThe post Razorpay Facilitates International Payments for Indian Freelancers appeared first on PYMNTS.com.", "date_published": "2024-06-24T18:58:25-04:00", "date_modified": "2024-06-24T18:58:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Razorpay-freelancers.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Cross-border Payments", "freelance payments", "gig economy", "India freelancers", "International Payments", "MoneySaver Export Account", "News", "PYMNTS News", "RazorPay", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=1965327", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/pagbrasil-makes-its-move-on-international-payment-scene/", "title": "PagBrasil Makes Its Move on International Payment Scene", "content_html": "Ultimately, it is the behavioral expectations of end-users that drive payments advances forward. And increasingly, what end-users want are streamlined, expedited and intuitive ways to pay for goods and services.
\nTake for example Brazil, where the introduction of Pix, a real-time payment system launched by the Central Bank of Brazil in late 2020, has spurred significant changes in the country\u2019s digital payment landscape.
\nSince Pix was launched, about 73 million Brazilians have been brought into the financial system, Ralf Germer, CEO and founder of\u00a0PagBrasil, told PYMNTS\u2019 CEO Karen Webster.
\n\n\n
Mobile phones have become the primary device for online purchases in Brazil, and Pix\u2019s integration with mobile platforms has made it easier for consumers to complete transactions using their smartphones.
\n\u201cBrazilians are very open to new things, it is a part of the country\u2019s culture,\u201d Germer said. \u201cPeople just try things out and if it works, we\u2019ll continue using it. If it doesn\u2019t, we will try something else. This helps drive digital adoption.\u201d
\nWhat this means, he added, is that by accepting Pix payments merchants can tap into a larger customer base.
\nAnd building on the success of Pix, PagBrasil is set to launch two new extensions: Pix Roaming and International Pix. These solutions aim to enhance the payment experience for both Brazilian consumers traveling abroad and tourists visiting Brazil, and is meant to expand the use of Pix globally as it competes with other international payment methods.
\nBased on the assumption that Pix will become the \u201cnumber one\u201d payment method in Brazil, displacing other methods, including cards, \u201cwe have to invest in Pix and create more solutions,\u201d Germer said.
\nPix Roaming is designed to enable foreign tourists to make payments using their existing digital wallets or banking apps integrated with the Pix platform, while International Pix provides the inverse solution and enables Brazilian travelers to use Pix for payments while abroad.
\nGermer explained that in Brazil, many merchants, from street vendors to large retailers, prefer cash or Pix payments, and this preference can pose challenges for tourists who may not have access to Pix. Pix Roaming is designed to enable foreign tourists to make payments using their existing digital wallets or banking apps integrated with the Pix platform, and addresses this issue by allowing tourists to use their home country\u2019s digital wallets to make Pix payments seamlessly.
\nAs for Brazilian travelers, they often run into the opposite problem when they are traveling: They can\u2019t use Pix and often face high fees and unfavorable exchange rates when using credit cards or cash abroad.
\nWith International Pix, Germer noted, travelers can make payments in their local currency, which is then converted in real-time for the foreign merchant. This innovation not only reduces transaction costs for Brazilian consumers but also simplifies the payment process, making it more convenient and cost-effective.
\nMerchants do not need to invest in new hardware or undergo complex setup processes to integrate the two new Pix solutions, with Germer noting that the acquirer handles the technical integration, enabling Pix payments on the existing point-of-sale (POS) devices.
\nAll that\u2019s left, at that point, is trusting that the end-user will decide to try something new like the Pix extensions, realize their benefits, and stick with them.
\nGermer also noted that the surge in financial inclusion has not only facilitated monetary transactions but has also catalyzed digital connectivity across the country. As Brazilians adopted Pix for peer-to-peer payments, they became more comfortable with digital and mobile platforms, driving a broader digital transformation.
\nBrazil\u2019s rapid digital adoption is noteworthy: PYMNTS own global intelligence revealed that Brazil was one of the most digitally connected countries among 11 surveyed, surpassing even traditionally mature economies like the U.S., U.K. and Germany.
\nBut while this digital readiness is partly attributed to cultural factors and a young, tech-savvy population willing to embrace new technologies, the benefits are accruing across merchants and retailers as well.
\n\u201cThe businesses realized that Pix is much more efficient and better for liquidity because it is settled instantly, while credit cards in Brazil are only settled after 30 days. It\u2019s also much more cost effective,\u201d Germer said, adding that Pix transactions typically incur lower fees compared to credit card payments.
\nThe post PagBrasil Makes Its Move on International Payment Scene appeared first on PYMNTS.com.
\n", "content_text": "Ultimately, it is the behavioral expectations of end-users that drive payments advances forward. And increasingly, what end-users want are streamlined, expedited and intuitive ways to pay for goods and services.\nTake for example Brazil, where the introduction of Pix, a real-time payment system launched by the Central Bank of Brazil in late 2020, has spurred significant changes in the country\u2019s digital payment landscape.\nSince Pix was launched, about 73 million Brazilians have been brought into the financial system, Ralf Germer, CEO and founder of\u00a0PagBrasil, told PYMNTS\u2019 CEO Karen Webster.\n \n\nMobile phones have become the primary device for online purchases in Brazil, and Pix\u2019s integration with mobile platforms has made it easier for consumers to complete transactions using their smartphones.\n\u201cBrazilians are very open to new things, it is a part of the country\u2019s culture,\u201d Germer said. \u201cPeople just try things out and if it works, we\u2019ll continue using it. If it doesn\u2019t, we will try something else. This helps drive digital adoption.\u201d\nWhat this means, he added, is that by accepting Pix payments merchants can tap into a larger customer base.\nAnd building on the success of Pix, PagBrasil is set to launch two new extensions: Pix Roaming and International Pix. These solutions aim to enhance the payment experience for both Brazilian consumers traveling abroad and tourists visiting Brazil, and is meant to expand the use of Pix globally as it competes with other international payment methods.\nBased on the assumption that Pix will become the \u201cnumber one\u201d payment method in Brazil, displacing other methods, including cards, \u201cwe have to invest in Pix and create more solutions,\u201d Germer said.\nPix Roaming is designed to enable foreign tourists to make payments using their existing digital wallets or banking apps integrated with the Pix platform, while International Pix provides the inverse solution and enables Brazilian travelers to use Pix for payments while abroad.\nRedefining the Payments Landscape\nGermer explained that in Brazil, many merchants, from street vendors to large retailers, prefer cash or Pix payments, and this preference can pose challenges for tourists who may not have access to Pix. Pix Roaming is designed to enable foreign tourists to make payments using their existing digital wallets or banking apps integrated with the Pix platform, and addresses this issue by allowing tourists to use their home country\u2019s digital wallets to make Pix payments seamlessly.\nAs for Brazilian travelers, they often run into the opposite problem when they are traveling: They can\u2019t use Pix and often face high fees and unfavorable exchange rates when using credit cards or cash abroad.\nWith International Pix, Germer noted, travelers can make payments in their local currency, which is then converted in real-time for the foreign merchant. This innovation not only reduces transaction costs for Brazilian consumers but also simplifies the payment process, making it more convenient and cost-effective.\nMerchants do not need to invest in new hardware or undergo complex setup processes to integrate the two new Pix solutions, with Germer noting that the acquirer handles the technical integration, enabling Pix payments on the existing point-of-sale (POS) devices.\nAll that\u2019s left, at that point, is trusting that the end-user will decide to try something new like the Pix extensions, realize their benefits, and stick with them.\nInclusive Side Effects\nGermer also noted that the surge in financial inclusion has not only facilitated monetary transactions but has also catalyzed digital connectivity across the country. As Brazilians adopted Pix for peer-to-peer payments, they became more comfortable with digital and mobile platforms, driving a broader digital transformation.\nBrazil\u2019s rapid digital adoption is noteworthy: PYMNTS own global intelligence revealed that Brazil was one of the most digitally connected countries among 11 surveyed, surpassing even traditionally mature economies like the U.S., U.K. and Germany.\nBut while this digital readiness is partly attributed to cultural factors and a young, tech-savvy population willing to embrace new technologies, the benefits are accruing across merchants and retailers as well.\n\u201cThe businesses realized that Pix is much more efficient and better for liquidity because it is settled instantly, while credit cards in Brazil are only settled after 30 days. It\u2019s also much more cost effective,\u201d Germer said, adding that Pix transactions typically incur lower fees compared to credit card payments.\nThe post PagBrasil Makes Its Move on International Payment Scene appeared first on PYMNTS.com.", "date_published": "2024-06-24T07:00:14-04:00", "date_modified": "2024-06-23T19:06:52-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Pix-PagBrasil.jpg", "tags": [ "brazil", "Cross-border Payments", "Digital Payments", "Featured News", "financial inclusion", "International Pix", "Mobile Payments", "News", "PagBrasil", "PIX", "Pix Roaming", "PYMNTS News", "pymnts tv", "Ralf Germer", "real time payments", "Travel Payments", "video" ] }, { "id": "https://www.pymnts.com/?p=1960448", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/wise-will-double-down-on-payment-infrastructure-investment/", "title": "Wise Plans to Hike Its Payment Infrastructure Investment", "content_html": "Wise is upping its investment in payment infrastructure as its customer base grows.
\nThe U.K.-based money transfer firm on Thursday (June 13) released year-end results showing double-digit percentage increases in revenue and customer numbers.
\n\u201cWe moved \u00a3118.5bn around the world for 12.8m customers, 29% more customers than last year, with much of this growth driven by the popularity of the Wise account,\u201d said Kristo K\u00e4\u00e4rmann, the company\u2019s co-founder and CEO, who noted a 31% increase in underlying income.
\n\u201cWe are investing in infrastructure and customer experiences to serve as much of this huge, under-served cross-border payments market as possible, including starting FY25 by reducing fees further for our customers,\u201d the CEO added.
\nKingsley Kemish, the group\u2019s interim chief financial officer, said Wise would \u201cdouble down\u201d on investment in its payment infrastructure, an upfront cost that the group is betting will allow it to cut fees by making the processing of payments more efficient.
\nKemish said that the new forecasts would be a \u201cslight detracting factor\u201d but maintained the investment would help Wise to reach its long-term goal of becoming a global leader in the field of cross-border payments.
\nAs the Financial Times (FT) reported, the earnings were a disappointment to investors, after the company revealed it was shooting for an underlying pre-tax profit margin of 13% to 16% medium term, which fell short of analysts\u2019 expectations.
\nHannes Leitner, an analyst at Jefferies, told the FT the forecast was \u201cdisappointing\u201d and \u201ccreated some uncertainty,\u201d as Wise would depend on more investment to drive up its customer numbers and volumes.
\nElsewhere on the cross-border payments front, PYMNTS wrote earlier this year that these payments have seen a resurgence along with global trade, although businesses operating in foreign markets often realize that traditional cross-border payment methods, such as wire transfers, come with delays and complexities.
\nAmerican merchants lost $3.8 billion just last year to faulty cross-border payments, according to data in the PYMNTS Intelligence report, \u201cCross-Border Sales and the Challenge of Failed Payments.\u201d That study also found that seven in 10 U.S. firms experienced higher rates of failed payments in cross-border sales versus domestic sales.
\n\u201cTraditional cross-border payment systems are often slow, involving multiple intermediaries and manual processes, which can take several days to complete transactions,\u201d PYMNTS wrote. \u201cInnovation can streamline these processes, reducing the time it takes for funds to transfer from one country to another.\u201d
\nThe post Wise Plans to Hike Its Payment Infrastructure Investment appeared first on PYMNTS.com.
\n", "content_text": "Wise is upping its investment in payment infrastructure as its customer base grows.\nThe U.K.-based money transfer firm on Thursday (June 13) released year-end results showing double-digit percentage increases in revenue and customer numbers.\n\u201cWe moved \u00a3118.5bn around the world for 12.8m customers, 29% more customers than last year, with much of this growth driven by the popularity of the Wise account,\u201d said Kristo K\u00e4\u00e4rmann, the company\u2019s co-founder and CEO, who noted a 31% increase in underlying income.\n\u201cWe are investing in infrastructure and customer experiences to serve as much of this huge, under-served cross-border payments market as possible, including starting FY25 by reducing fees further for our customers,\u201d the CEO added.\nKingsley Kemish, the group\u2019s interim chief financial officer, said Wise would \u201cdouble down\u201d on investment in its payment infrastructure, an upfront cost that the group is betting will allow it to cut fees by making the processing of payments more efficient.\nKemish said that the new forecasts would be a \u201cslight detracting factor\u201d but maintained the investment would help Wise to reach its long-term goal of becoming a global leader in the field of cross-border payments.\nAs the Financial Times (FT) reported, the earnings were a disappointment to investors, after the company revealed it was shooting for an underlying pre-tax profit margin of 13% to 16% medium term, which fell short of analysts\u2019 expectations.\nHannes Leitner, an analyst at Jefferies, told the FT the forecast was \u201cdisappointing\u201d and \u201ccreated some uncertainty,\u201d as Wise would depend on more investment to drive up its customer numbers and volumes.\nElsewhere on the cross-border payments front, PYMNTS wrote earlier this year that these payments have seen a resurgence along with global trade, although businesses operating in foreign markets often realize that traditional cross-border payment methods, such as wire transfers, come with delays and complexities.\nAmerican merchants lost $3.8 billion just last year to faulty cross-border payments, according to data in the PYMNTS Intelligence report, \u201cCross-Border Sales and the Challenge of Failed Payments.\u201d That study also found that seven in 10 U.S. firms experienced higher rates of failed payments in cross-border sales versus domestic sales.\n\u201cTraditional cross-border payment systems are often slow, involving multiple intermediaries and manual processes, which can take several days to complete transactions,\u201d PYMNTS wrote. \u201cInnovation can streamline these processes, reducing the time it takes for funds to transfer from one country to another.\u201d\nThe post Wise Plans to Hike Its Payment Infrastructure Investment appeared first on PYMNTS.com.", "date_published": "2024-06-13T16:10:12-04:00", "date_modified": "2024-06-13T21:38:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/04/Wise.jpg", "tags": [ "Cross-border Payments", "Digital Payments", "Earnings", "funding", "Global Payments", "Investments", "News", "payments", "payments infrastructure", "PYMNTS News", "What's Hot", "Wise" ] } ] }