4 FinTechs redefining cross-border payments in the UK
By Gloria Methri
Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments, including remittances.
With global economies becoming increasingly connected, there is a growing demand for a fast, secure, and efficient cross-border payment system. Bank transfers, credit card payments, and alternative payment methods such as e-money wallets and mobile payments are currently the most prevalent ways of transferring funds across borders.
Processing of cross-border remittances takes place through various legacy channels such as SWIFT/correspondent banking, post, Rupee Drawing Arrangement (RDA), and Money Transfer Service Scheme (MTSS). Recently, FinTech companies have leveraged technology and captured the white space in cross-border payments left unaddressed by legacy models.
Here are four FinTechs that offer cross-border payment methods to users in the UK
Payment Technology firm Checkout.com leverages advanced technology and an extensive network of acquiring banks, to enable businesses to accept payments from customers worldwide. Offering a range of payment methods, including credit cards, digital wallets, and local payment options, the company is able to use its platform to provide real-time data and analytics for optimal payment performance. Trusted by major global brands, Checkout.com also offers robust fraud prevention measures and seamless integrations with popular e-commerce platforms.
With its extensive network of over 175 alternative payment methods, PPRO enables businesses to accept payments easily and securely from customers around the world. Specialising in localised payment infrastructure and services, the FinTech helps merchants overcome the complexities of international transactions, ensuring compliance with local regulations and preferences.
With its all-in-one payments platform, Rapyd powers businesses to access a variety of payment capabilities, including card acquiring, e-wallets, bank transfers, and cash payments. Using its global payments infrastructure, the FinTech aims to simplify complexities around cross-border payments, allowing businesses to tap into new worldwide customer bases and accept payments in their preferred methods and currencies.
Formerly known as TransferWise, Wise offers fast, affordable, and transparent cross-border money transfer services with a focus on fair exchange rates and low fees. The FinTech challenges legacy banking systems by providing cost-effective alternatives for businesses and individuals to send money overseas. Continued investment in the company has allowed it to further innovate and drive financial inclusivity, making international money transfers accessible to all.
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