The collaboration — which brings together Fintiv’s mobile commerce platform and Geoswift’s payment technology and Asian cross-border payments expertise — will allow the remittances to be made through Fintiv’s mobile wallets, the companies said in a Thursday (Feb. 2) press release.
“We are proud to announce a partnership with Geoswift as part of our global digital currency network, and very excited to expand our reach into China and Hong Kong,” Fintiv Chairman David Hanna said in the release. “Supporting Geoswift’s platform with Fintiv technology while enabling our clients to make payments and remittances in yuan and Hong Kong dollars is strategically beneficial.”
PYMNTS research has found that cross-border remittances are a lifeline for many developing countries.
Because high fees and long processing times can make timely payments difficult for those who may be the least able to afford delays, consumers seek reliability, affordability and swift delivery, according to “The Digital Currency Shift: The Cross-Border Remittances Report,” a PYMNTS and Stellar Development Foundation collaboration.
Payment service providers (PSPs) that offer alternatives to traditional remittance payments methods may see a surge in interest among consumers seeking to avoid high fees and excessive processing times, the report said.
Solving real-world frictions is urgent within cross-border payments, as those payments can be expensive, inefficient and opaque, Stellar Development Foundation Vice President of Ecosystem Justin Rice told PYMNTS in an interview posted in 2021.
“This is a pretty exciting time,” Rice said. “Over the next several years, we’ll see a lot of the pain in cross-border payments disappear — and that pain is felt most by people in emerging economies.”
With the new capabilities delivered by Geoswift’s GeoRemit product line, the Fintiv platform will enable its customers to use their wallet accounts to make both person-to-person (P2P) and B2B payments into China, India and many other Asian countries by connecting to many banks or mobile wallets in the region, according to the press release.
“Geoswift and Fintiv share an unwavering commitment to make the world a more mobile and connected place,” Geoswift Founder and CEO Raymond Qu said in the release. “This collaboration will give customers an exceptional digital payment experience with great convenience and efficiency, to connect with families, friends or business partners overseas.”