Waza Introduces Multi-Currency Account Platform for Businesses Serving Emerging Markets

Waza has introduced a multi-currency account platform called Lync that it said is designed to power global trade for businesses in emerging markets.

Lync is designed to overcome financial barriers faced by the businesses that are incorporated in the United States, the United Kingdom or the European Union and serve emerging markets, Waza said in a Monday (Jan. 20) post on LinkedIn.

“For many months, the Waza team and our various banking partners have been working hard to empower our current clients and other businesses with a banking experience that combines superior FX and global payment capabilities,” Waza Co-Founder and CEO Maxwell Obi said in a Monday post on LinkedIn.

Lync by Waza offers multi-currency accounts in U.S. dollars, euros, British pounds and Nigerian naira, according to Waza’s post.

The platform also offers competitive foreign exchange (FX) rates; seamless payments via ACH, wire, Swift and local payment rails; and treasury and FX liquidity solutions, the post said.

The solution is designed to help firms manage global operations, scale into new markets and optimize cross-border payments, per the post.

Waza plans to extend the capabilities of Lync to include corporate cards and spend management; bulk payments; and virtual IBANs that facilitate international payments, according to the company’s website.

“We’re building your link to global markets and there’s more to come,” Obi said in his post.

Cutting-edge cross-border payment solutions provide a range of benefits to chief financial officers and corporate treasurers, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”

The report found that the benefits include driving international sales, simpler payment execution, streamlined compliance, and improved cash flow and liquidity management.

In an earlier development in this space, Nala said in July that it raised $40 million in a Series A funding round to expand its consumer business beyond Africa and to build its B2B payment platform in Africa.

Also in July, Zuora and Ebanx partnered to enable Zuora’s customers to accept local payment methods in 13 countries in Latin America and two in Africa. The companies said at the time that their collaboration will support the global expansion of subscription-based and recurring revenue businesses.

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