Cross-border payments service provider LianLian Global announced Wednesday (Sept. 14) that it is offering the world’s first cross-border payments guarantee to China.
The feature was added to the company’s recently-launched international digital wallet, according to a press release. LianLian Global said the new policy offers assurances that payments made to China-based suppliers are delivered to the right bank account every time.
All payments made on LianLian Global’s end-to-end payments network are verified through the company’s extensive know your customer (KYC) capabilities, per the release. Extra due diligence, customer profile verification and other checks help mitigate payment risks and fraudulent transactions while still meeting regulatory compliance in China.
The company said the payment guarantees provide transparency, compliance and safety to eCommerce entrepreneurs when it comes to cross-border payment options in China.
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“LianLian Global has years of experience, deep domain knowledge, and technology assets and capabilities in China,” said David Messenger, executive chairman, LianLian Global. “This makes us the ideal partner to help international companies and online sellers manage payment risks when dealing with business partners in the country.
“We have invested in an end-to-end solution, and own all of our payment licenses, to remove all the middlemen and correspondent banks from the transaction process. This ownership allows LianLian Global to offer the world’s first cross-border payments guarantee to China at unrivaled speeds and extremely competitive prices.”
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In order for eCommerce businesses to secure their inventory, they need payment security across their supply chains, and LianLian Global said its transparent payments guarantee will help increase supply chain reliability.
Any problem that is encountered results in a payment being stopped and immediately refunded, with no wait time from third-party correspondent banks, per the release.
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