Hyperwallet, the global payouts provider to independent workers, announced Tuesday (April 18) that it has added enhanced global wire transfers to the company’s payments platform.
In a press release, Hyperwallet said the payment platform is enhanced by Western Union’s Mass Payments technology and helps reduce the cost of international wire transfers for higher-value transactions and to countries where local ACH networks aren’t available.
At the same time, earners get improved visibility into transfer fees and foreign exchange. Intended to augment Hyperwallet’s network of global bank partners, which enables local currency direct deposits in more than 90 countries, the new full-value wire product makes it easier for two-sided marketplaces to offer a broad range of currencies in hard-to-pay markets, Hyperwallet said in the press release.
“Having the ability to quickly improve payout speed, access, transparency and method optionality is crucial for companies that are growing rapidly. Our integration with Western Union’s Mass Payments technology has enabled us to further support our clients’ growth. At the same time, we’re helping ensure their drivers, sellers and distributors take home more of their hard-earned money,” said Mike Monty, Hyperwallet’s executive VP and head of Financial Networks.
According to Hyperwallet, wire transfers are still an expensive and opaque method of moving funds across borders. Typically there are fees both to send and receive a wire, in addition to the fees levied by intermediary institutions that help facilitate the transfer. Because many of these fees are not disclosed at the time of the transaction, payees who elect to receive a wire transfer may unknowingly lose a significant portion of their funds to hidden charges.
Hyperwallet’s local currency, full-value wire offering provides payees on the platform with improved visibility by presenting applicable fees and foreign exchange rates before the user agrees to the transfer, the company said.
“In recent years, we’ve seen a proliferation of the ‘gig economy’ across the globe, so the need for quick and efficient payment solutions has never been greater,” commented Adam Tiberi, head of Product at Western Union Business Solutions, in the same press release. “Through the introduction of global wire transfers through our enhanced Mass Payments product, users benefit from greater control of cross-border funding flows, increased speed and reduced costs, as well as access to real-time payment tracking and reporting functionality.”