Bloxcross, GoDirectPay Partner on Cross-Border Payments App

Bloxcross and GoDirectPay have partnered to launch a mobile app for global payments.

The new app enables payments in any currency from institutions to vendors and from individuals to friends, the companies said in a Thursday (March 28) press release.

“We’re excited about removing traditional barriers and empowering individuals and businesses alike to effortlessly transfer funds across borders,” GoDirectPay Co-founders Luis Bello and Marlon McKenzie said in the release. “With our services extending throughout Central and South America, as well as the Caribbean, GoDirectPay clients can now easily initiate cross-border financial transactions.”

The app enables users to initiate wire transfers, ACH payments or stablecoin transactions at any time, according to the release. The transfers occur instantly and can be withdrawn by the recipient within seconds in their choice of multiple currencies and stablecoins.

It can accommodate both small payments and transfers of up to $5 billion per user per day, the release said.

The partnership brings together the capabilities of Bloxcross’ payment solutions and GoDirectPay’s ePayments expertise, per the release. Bloxcross has the tools and infrastructure to facilitate fast cross-border transactions in any country and currency, while GoDirectPay provides a platform that can transfer virtual assets into tangible value.

“Our vision for a seamless financial ecosystem is now a reality, marking a significant milestone in the evolution of mobile money movement,” Bloxcross Chief Revenue Officer Leandro Meneses said in the release.

PYMNTS Intelligence has found that while there is a soaring demand for the ability to make cross-border payments, traditional methods for making these payments entail significant friction for businesses.

Slow speeds, a lack of transparency and high costs are the three most commonly cited pain points around cross-border payments, according to “The Treasury Management Playbook: Spotlight on Cross-Border Payments,” a PYMNTS Intelligence and Citi collaboration.

In another recent development in this space, cross-border payments firm Thunes said March 21 that it is expanding its partnership with Visa into Asia and Africa.

This collaboration includes Visa tapping into Thunes’ network to send payments to over 108 digital wallet types and bank accounts, and Thunes implementing Visa Direct’s push-to-card capability.