Centtrip Launches Real-Time Payments Service For Multinational Firms

Multi-currency account provider Centtrip is introducing a way for corporates to make and receive faster cross-border payments.

The U.K.-based company, which provides global payments, foreign exchange (FX) and banking services, announced its real-time payments solution on Wednesday (April 18). The firm’s CenttripNow tool enables multinational corporates to make local and international payments in 15 different currencies, with transactions settled in “a matter of seconds.” The company does not charge a fee for the real-time service, it said.

“Our clients drive our development,” said Centtrip Co-Founder and CEO Brian Jamieson. “We design all of our products and services to meet their specific needs and help them achieve growth in a smarter and more cost-effective way. CenttripNow is no exception. Becoming a Centtrip client means you can connect across your business network more efficiently and forge stronger long-term relationships.”

Jamieson added that last year, Bank of England Governor Mark Carney called for the opening up of the U.K. payments system to FinTech firms as the nation’s Open Banking regulations came into effect. The rules aim to facilitate data sharing between banks, FinTechs and other financial service players.

“With CenttripNow and other innovative products and services, we are set to be at the forefront of this movement,” Jamieson said.

According to the company’s announcement, corporate customers of the company are provided with a master account, with the ability to open sub-accounts in different currencies and regions. Its services are PSD2-compliant and provide treasury management and other financial control services to CFOs and corporate treasurers.

Clients can also customize controls and access levels for various users. Centtrip provides reporting services for each sub-account. The accounts can be used to make payments across borders or to transfer funds to and from multi-currency cards.

Its payment services can facilitate individual or batch payment in real time with added FX management and support. Centtrip said its services aim to help corporates reduce friction associated with global transacting, including managing various time zones and banking hours and mitigating the risk of delayed cross-border payments.

Centtrip offers financial services for both individuals and businesses, with focuses on the global finance requirements of marine and music industry players.