Transpay Adds New Funding Currencies
In support of the increasing need for cross-border payment efficiency and flexibility, Transpay has enhanced its B2B/B2P currency capabilities to support the global operations of its enterprise clients.
Transpay enables businesses to complete mass payouts to over 120 countries worldwide, in over 60 currencies.
Through its proprietary network and robust technology solutions, Transpay serves leading e-commerce marketplaces, affiliate marketing platforms and payment service providers.
As a result of the enhanced B2B/B2P currency capabilities, businesses have the ability to fund their Transpay account in 11 settlement currencies. These include Singapore dollar (SGD), Hong Kong dollar (HKD) and Australian dollar (AUD), in addition to customary origination currencies like United States dollar (USD) and Euro (EUR).
“Globally, marketplaces and digital platforms often pay double conversion fees when sending bank wires, first from converting into USD or EUR and then to the local currency of the receiver,” says Joe Tumbarello, CFO/COO, Transpay. “Transpay is eliminating these fees to ensure that businesses operating in their local currencies are getting maximum value from each transaction.”
Transpay’s additional funding currencies help to support businesses in blossoming industries as they expand beyond their own borders, by addressing the traditional challenges of multi-currency mass payments.
As an example, as e-commerce in Southeast Asia surpasses US $25 billion by 2020 like it’s projected to, payments account for the biggest challenge for the e-commerce companies that proliferate the region based on findings from a Frost and Sullivan study.
“These expanded offerings reinforce our commitment to simplifying mass cross-border payouts,” says Samish Kumar, CEO, Transpay. “As payments is at the core of operations for every business, Transpay is boosting the efficiency of global money movement.”