Cross-border payments company Transpay is expanding with new global currencies supported by its platform.
The company announced Wednesday (May 3) that it supports 11 settlement currencies that can be used to fund companies’ Transpay accounts, negating the need to convert funds before a transaction is initiated.
The company supports payouts in more than 60 currencies across more than 120 countries, it said.
“Globally, marketplaces and digital platforms often pay double conversion fees when sending bank wires, first from converting into USD or EUR and then to the local currency of the receiver,” explained Joe Tumbarello, the company’s CFO and COO. “Transpay is eliminating these fees to ensure that businesses operating in their local currencies are getting maximum value from each transaction”
The company said the addition of funding currencies is an effort to help businesses expand across borders. Transpay cited Southeast Asia’s eCommerce sector, for instance, which is headed for a $25 billion valuation in 2020 that demands businesses be agile and effective across borders.
“These expanded offerings reinforce our commitment to simplifying mass cross-border payouts,” said Transpay CEO Samish Kumar in another statement. “As payments is at the core of operations for every business, Transpay is boosting the efficiency of global money movement.”
The company’s funding currencies include USD, EU, SGD, AUG, HKD, CAD, GBP, GMD, PHP, XOF and JPY.
In addition to expanding support for more currencies, the company has recently been working to accelerate its payment capabilities. In 2015, Transpay struck a partnership with Base Commerce to provide Base customers with a cross-border payments solution that would see near-real-time transactions for those companies.