B2B Payments

Cross Border Payments Gets Instant Option

On August 4, cross border payments firm Transpay announced that it launched a new instant payments option for freelance providers in the crowd-source marketplace, e-commerce companies, credit card processors, and other entities that want to make international payments.

According to a company press release, the new service lets organizations directly deposit funds instantly to bank accounts across India, the Philippines, and Mexico. Additionally, Transpay’s new option lets account deposits made within a few hours take place in banks in more than 100 countries – such as Brazil, Russia and China.

“Businesses across the globe–whether in Palo Alto or Pune–increasingly are engaging in commerce in the virtual global square and need to move funds,” Transpay’s Vice President of Payments Nagarajan Rao said. “Transpay helps these global buyers and sellers move funds faster and more conveniently.”

Essentially, Rao said that the new service will deliver significant benefits to different types of companies operating in an ever more global marketplace.

Better cross border payment options are becoming increasingly popular. On July 22, PYMNTS.com spoke with Alex Sullivan, managing director at World First, which facilitates cross-border payments and remittances. Sullivan explained how the company is focusing on transaction speed and customer service as it seeks to gain notoriety as a viable alternative to banks in the B2B market.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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