Payment Rails is making its official step into the cross-border payments market through the launch of its application program interface (API) and payment platform, the company said Thursday (Dec. 7).
In a press release, Payment Rails said its white label platform supports business payments sent to more than 220 countries in more than 135 currencies. The solution is available to businesses and platforms that can integrate the solution via API, allowing developers to add a cross-border payment solution into their own products.
The firm's co-founder and chief product officer, Ferhan Patel, said the tool aims to fill gaps left by companies' own banks.
“Businesses are simply looking for more from their banks and are not getting the additional services they need to automate their processes,” said Patel. “Many of our clients are migrating off their core banks' treasury service and leveraging Payment Rails' payout platform because we offer automation and REST API connectivity. Our platform provides the same level of treasury services you'd expect from your bank, but with a FinTech-level focus on the user experience. We also offer a disruptive way to send international payments, by bypassing costly bank wires [and] offering access to local banking and real-time payment networks, which can significantly reduce transactional costs by up to 80 percent.”
The platform is built on blockchain technology provided by Ripple to offer liquidity management and support domestic or cross-border transactions. It integrates into faster payment schemes, ACH and bank networks, and has integrated machine learning technology to automate payment routing based on “speed, cost and FX rates.” Artificial intelligence ensures regulatory compliance and fraud protection.
“Payments Rails is rewiring how business payments are sent around the world,” said the company's co-founder and CEO Tim Nixon. “With our API, businesses can now seamlessly send payments to over 220 countries for as little as $1 per transaction, with live foreign exchange rates, and delivering funds direct to bank accounts as opposed to a recipient's eWallet. Our clients are looking for an easy-to-use payout platform where they can own the full customer relationship and UX instead of handing off their customers to an eWallet remove from their core payment process.”
Earlier this week, another cross-border payments company, nanopay, announced the launch of its own B2B payments solution that similarly supports API connectivity.