Zai Offers CurrencyFair Money Transfer System to US Customers

money transfer

Embedded finance provider Zai has launched its CurrencyFair money transfer service for customers across the U.S.

American consumers can now “use CurrencyFair to exchange and transfer money internationally with rates eight times cheaper than traditional banks, without delay and with no hidden fees,” the company said in a Thursday (April 28) press release.

Zai said the service has transferred more than $15 billion worldwide, and will let U.S. consumers send money to more than 150 countries.

Read more: CurrencyFair Launches Cross-Border Collections Solution

“Since we launched the Zai brand internationally towards the end of last year, a key focus for us has been global growth and introducing our evolving product offering into new markets – all while keeping our customer-centric, problem solving approach at the heart of everything we do,” Zai CEO Paul Byrne said. “The launch of our CurrencyFair personal money transfer service in the US is a natural step for us on this journey.”

Zai was formed last year out of a merger between Ireland’s CurrencyFair and Assembly Payments. CurrencyFair launched in 2010 and offers more than 20 currencies, with plans to add another 40 this year, including the Mexican and Argentine pesos, Brazilian real, Japanese yen, Malaysian ringgit and Pakistani and Sri Lankan rupees.

The company says its launch in the U.S. is part of a “significant global expansion” following a strategic investment by Standard Chartered Bank last year. Zai plans to raise its headcount from 300 to 450 over the next three years and expand across the Asia Pacific region, the U.S., the U.K. and the Middle East this year.

See also: Cross-Border Real-Time Payments Pilot Launched by EBA, SWIFT, TCH

In related news Thursday, EBA CLEARING, SWIFT and The Clearing House revealed plans to launch a pilot program for immediate cross border payments.

Expected to debut before the end of this year, the pilot will be rolled out in phases to accommodate 24 financial institutions, some of which will join the program.

The three private sector firms owned by member banks are developing the pilot as part of their cross-border payments effort to allow faster, smoother global money transfers by tapping domestic payments options.