With cross-border payments remaining one of the harshest points of friction for international commerce, many businesses are struggling to sort out the varying regulations and currencies across national borders. Transpay’s latest effort, announced Thursday (April 23), is not only offering a way to overcome these challenges, but is approaching near instantaneous cross-border payments, too.
According to a press release, Transpay has teamed up with eCommerce payment service provider Base Commerce to provide Base’s business customers with a new tool to streamline cross-border transactions. Base clients will now have access to Transpay’s Global Mass Payments platform, the companies said, chosen for its simple, user-friendly interface.
“The partnership with Transpay allows us to offer a fast, seamless and cost-effective global funds remittance solution to our customers without the burdens and costs of directly entering the money remittance business,” Base Commerce President John Hughes said in a statement. “This allows us to lever our leading edge payments technology and attach it to a true innovator in global payments.”
The platform provides direct deposits into payees’ bank accounts, and is the first-ever international pay-by-email tool, the firms said. Through the submission of a payment recipient’s email and mobile number, sellers and suppliers can track the transaction stage-by-stage.
Through the partnership, Base customers can send payments to more than 30,000 banks and 200,000 cash pick-up locations throughout the globe, catering to more than 400 currency pairs, the companies added.
Benefits of the partnership are effective immediately without clients needing to utilize IT resources for integration.
Cross-border payments are particularly difficult for companies around the globe, but due to rising demand of a global market, firms must meet the challenge to succeed. With cross-border payment processors facilitating this effort, they also mitigate certain risks involved in cross-border transactions, including fraud and tax threats.