Payments company Azimo, which has typically focused on consumer money transfers, is now stepping into the business payments space.
The company announced this week a new solution that enables small- and medium-sized businesses to send money to pay their employees and suppliers, as well as to make investments, in 189 different markets around the globe. The solution will first roll out for U.K. and European businesses, reports in IBS Intelligence said.
Azimo Business, which launches today (Friday, Oct. 19), can reportedly be at least 75 percent cheaper than traditional cross-border business payment services offered by banks.
"In 2018, it's unacceptable for business owners to have to fiddle around on an unusable banking website to make overseas payments that take days to arrive, and then to be overcharged for the privilege," said Azimo CEO Michael Kent in a statement. "We are using our technology and mobile apps to give small businesses the service and pricing that they deserve."
Kent added that businesses that have been testing Azimo Business since its beta rollout earlier this year have provided "fantastic feedback." Since the initial launch, the company said it has lowered its fees and added new geographic markets to the offering, and has also streamlined the customer onboarding process.
Small business payments to China and Hong Kong have been a bright spot for the solution so far, Kent told reporters.
In another statement, Azimo Chief Product Officer Dan Martins said that business payments have lagged behind consumer payments in terms of mobility.
"Our research shows that business owners are deeply frustrated by their banking apps," Martins stated. "The modern entrepreneur isn't in front of their laptops most of the time. They like to be able to send money in seconds, from the palm of their hand."
Last year, Azimo rolled out a feature that allows consumers to send money using only a mobile phone number.