PayU-backed BRISKPE has launched a unified platform for cross-border payments that is designed for Indian small and medium-sized businesses (SMBs).
With this platform, SMBs can access account-to-account (A2A) transfers, card collections powered by PayU, and wallet-based collections through PayPal, BRISKPE said in a Tuesday (Jan. 7) press release.
The platform is designed for exporters, service providers, marketplace sellers and freelancers who manage international transactions, according to the release.
“By simplifying cross-border payments and offering a variety of payment options, including A2A, card-based and wallet-based collections, we’re not just helping businesses save costs — we’re enabling them to address diverse client needs and focus on growth, innovation and unlocking their full potential,” BRISKPE Co-Founder and CEO Sanjay Tripathy said in the release.
The platform aims to help SMBs overcome the payment challenges they often face in international trade, per the release.
BRISKPE offers a flat 1% fee on transactions for A2A payments, credits funds within one day for A2A, and supports local collections in six currencies: U.S. dollars, British pounds sterling, euros, Canadian dollars, Australian dollars and Singapore dollars, the release said.
The platform also supports Swift transfers in more than 30 currencies, real-time payment tracking and instant know your customer (KYC) approvals during the onboarding process, according to the release.
“As global markets become more competitive, Indian [SMBs] need every advantage they can get,” Tripathy said in the release. “With BRISKPE, the world is just a payment away.”
BRISKPE raised $5 million in seed funding from PayU in May 2024, according to the BRISKPE website.
In another recent move, PayU GPO partnered with payments orchestration firm CellPoint Digital in October 2024, saying the collaboration is designed to provide more payment options to travel merchants that work with the two companies.
Via the partnership, merchants can use CellPoint’s APM Hub as a central location for contracting and onboarding, while also gaining access to PayU’s services and payment processing.
In September, Visa said PayU was one of the firms with which it was working to promote digital payments usage in India.
Visa and PayU introduced PayU Push Provisioning, a platform that “facilitates seamless sharing of card tokens between merchants and banks via a unique-single platform, Visa said at the time in a press release.
Agentic artificial intelligence (AI) promises to improve operational efficiencies and the customer experience offered by enterprises.
The advanced technology is finding applications in loan underwriting and fraud detection, and now it’s moving across borders.
TerraPay Co-Founder and Chief Operating Officer Ram Sundaram told PYMNTS as part of the “What’s Next in Payments” series focused on exploring AI’s use in banking and by FinTechs that automated decision making and streamlined processes will continue to transform global money movement, especially as faster payments gain ground in cross-border transactions. That’s the inexorable trend, but as Sundaram put it, there’s still room, and a necessity, to have some human interaction in the mix.
In terms of global fund flows, TerraPay’s single connection ties more than 3.7 billion mobile wallets together across 200 sending and 144 receiving countries, touching 7.5 billion bank accounts. As one might imagine, coordinating and enabling the transactions is complex.
“Obviously, in the best-case scenario, everything goes smoothly, but when things are not going smoothly, that’s when the customer queries come in,” Sundaram said.
It’s no easy task to find out straight away where a transaction is, as analysts and representatives at the company have to look at logs and query partner systems.
“A lot of that work is done manually,” said Sundaram, who added that the agents “know the corridors and the markets that they are working in, but it still takes some time.”
TerraPay is using AI models with machine learning to bolster customer support and automate tasks as financial institutions (TerraPay’s client base) send payments in real time, and those payments are processed into local markets’ beneficiary banks.
“We still don’t trust [AI models] to let them respond to the customer straight away, but we can do the analysis, and then that gets reviewed by an agent who decides if [information] is accurate or not and then sends it off,” Sundaram said.
The same principles are guiding AI models and company practices to improve technical and security operations, analyzing and categorizing anomalous transactions and automating integrations with partner firms.
“Compliance is an issue where there is a lot of review needed of the alerts, and we are using [AI models] to speed up those processes,” Sundaram said.
Asked by PYMNTS about how agentic AI can be harnessed, he said: “In financial services, you can’t take chances on technology like this, which has the freedom to go wrong. You have to be careful about making sure that it’s 100% reliable before we can let things run entirely by automation.”
Agentic AI also remains pricey. For example, OpenAI is charging $20,000 a month for its specialized agents. However, Sundaram said the industry will become commoditized quickly, which will lower prices, and some open-source offerings are capable.
“There’s a fire hose of news about breakthroughs and new ideas and new ways of doing things that are coming out on a daily basis,” he said.
Data underpins it all, and Sundaram told PYMNTS that no matter what the application, the information fed into the models must be clean. Most organizations have a range of data sitting in different intra-company silos, and those silos need to come down.
In addition, the data must be structured so that it is accessible and can be synthesized by the models. Many firms may have more than 1,000 software-as-a-service (SaaS) resources to which they are subscribed but are not accurately tracked or monitored.
“Every database is separated, each one sitting somewhere else,” he said.
The days of stitching together those separate SaaS offerings to run an enterprise are ending, he said, and we’re headed to a future when data is collected in one place.
AI models and agentic AI “are extensions of what we’ve always valued at TerraPay, which means building the most efficient infrastructure possible in order to make sure that transactions are processed safely, quickly and affordably,” Sundaram told PYMNTS. “We see AI and [AI models] as powerful tools that help us scale all this very quickly while making sure we build more and more efficiency into the system.”
