B2B payment platform ZilBank.com launched an initiative aimed at empowering South Korean entrepreneurs and freelancers by enabling seamless payments to the United States.
The program seeks to promote worldwide business expansion without being limited by geographic barriers, the company said in a Friday (Jan. 5) press release.
By using cloud banking technology, ZilBank.com has made it easier for South Korean businesses to pay U.S. vendors, affiliates, employees and other partners, regardless of their location, according to the release.
“This feature simplifies global transactions, removing the requirement for a physical presence and offering unmatched convenience to South Korean entrepreneurs in the U.S.A.,” the release said.
One of the features of ZilBank.com is its ability to simplify the process of creating multiple business accounts for different purposes, per the release. The feature allows entrepreneurs to manage their finances more effectively.
The platform also offers various payment options, including money transfers via ACH, mailed checks and wire transfers, according to the release. There are also instant fund transfers between ZilBank.com accounts.
The initiative aims to address the challenges faced by small businesses, such as cash flow management and timely employee payments, the release said.
ZilBank.com wants to simplify payroll management and provide continuous fund access, per the release. The platform aims to unlock business potential and ease the burden for small business owners handling employee payments.
“ZilBank.com is dedicated to innovating in financial technology and empowering businesses to succeed globally,” the press release said.
PYMNTS Intelligence found that 23% of small- to medium-sized businesses (SMBs) found their current cross-border payment solutions to be very or extremely satisfactory.
Lacking access to the necessary financial services to power their international reach is a key constraint, with 27% of SMBs saying the complexity of cross-border payments is a hindrance to their ability to grow, according to the PYMNTS Intelligence study “International B2B Payments: A Guide for Entrepreneurs and Digital Businesses.”
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