Platform Payments Sees Global Transaction Growth Top 135 Pct

cross-border payments online has reported its payment volume increased by 124 percent, with monthly transactions growing by 135 percent, according to a press release. The financial process automation firm has experienced an increase in international payments on its website, and has increased support to more than 70 countries and 50 unique currencies worldwide.

An alternative to traditional banking, does not charge wire transfer fees on local transactions and, according to its website, can provide better exchange rates than traditional banks in the United States and around the world for international payments. assists small to medium-sized business (SMBs) with invoicing and receipt of payment on international business transactions.

“Historically, innovation in international payments has been geared toward consumers,” said Vice President of Product John Flora in the press release. “The sharp rise of cross-border business growth and global interactions is driving demand for our International Business Payments platform which enables SMBs to easily and seamlessly do business globally. We plan to aggressively expand our international payment capabilities in the coming months.”

Flora said the company's software is geared toward businesses at large rather than individual customers, which enhances its innovative take on international payments.

With this growth and expansion, plans to include a currency converter in its software that will instantly convert a payment or invoice amount into the preferred currency. This will also allow businesses to see various exchange rates for hundreds of different currencies around the world. said the currency converter component will further streamline the payment process on both a domestic and international level. manages more than $60 billion payments per year. News surfaced in June that was gearing up for an initial public offering (IPO), following an $88 million investment round that included JPMorgan. According to reports at the time, the company had not yet chosen underwriters or decided on timing for an IPO.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.