China has made moves in both the private and public sector to strengthen its cross-border payments capabilities, in large part to promote B2B trade. Geoswift is one of these players focusing on global transactions involving China, and the firm has just revamped its corporate-facing service.
Reports by Payment Week on Tuesday (Nov. 3) said Geoswift has released a business payment tool to allow companies to accept payment in the Chinese yuan.
In a statement, the company said it is “proud” to help multinational corporations strengthen their Chinese operations. “Making international payments quickly and easily is now essential for any company operating on a global scale,” the company said in a statement, according to reports.
[bctt tweet=”Making international payments quickly and easily is now essential for any company.”]
The company already works with Western Union Business Solutions and UnionPay International. Along with Western Union, Geoswift provides an online portal for businesses to collect AR made in yuan.
Western Union Business Solutions President Kerry Agiasotis said the service is critical for international trade.
“Our customers in China are very important, so it is critical for us to look for ways to make the transaction experience for them as quick, simple and seamless as possible,” he stated. “Working with Geoswift, we have built a solid and efficient solution where our clients can easily transact into and out of China in the yuan.”
Earlier this year, the People’s Bank of China announced its support to strengthen cross-border payment initiatives for the enterprise in an effort to strengthen the global standing of the yuan. The currency, however, suffered a setback only months ago when it saw a 2 percent devaluation, the steepest drop in more than two decades, reports said.
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