Buckzy Payments delivers support for global payments and foreign exchange provider, Unimoni
By Edlyn Cardoza
Unimoni provides a wide variety of financial solutions and services via multiple customer touchpoints, including retail stores, online and mobile solutions, and self-service kiosks, making money a seamless movement across geographies, currencies, and channels.
In 2021, the financial provider decided to partner with Buckzy Payments Inc, a Toronto-based global FinTech in a mission to make international payments more reliable, quicker, and affordable for customers across the globe, further strengthening its one-stop financial solution offering to its customer base.
Boban Madamana Pailo, CEO of Unimoni explains: “What attracted us to partner with Buckzy was the financial network infrastructure the organisation has in place for the cross-border payment industry. The single connectivity for Unimoni to deliver real-time remittance and other cross-border real-time payment solutions was very appealing”.
“Buckzy has opened cross-border payments for us in Oman, since before this partnership, we were connected to a traditional model of corresponding banking relations. The single connectivity offering Buckzy providers allows Unimoni to make cross-border payments in real-time, this is a game-changer for us as an organisation”.
The increased international mobility of goods and services, capital, and people over the past few decades has contributed to the growth of cross-border payments. Cross-border payments are forecast to reach over $250 trillion by 2027, an increase of more than $100 trillion in just 10 years, from almost $150 trillion in 2017.
As manufacturers expand their supply chains and cross-border asset management and global investment flows increase, there is an increasing demand for cross-border payments and for end-users to have access to cross-border payment services that are equally efficient and safe as their domestic counterparts.
“Our primary motivation to collaborate with Buckzy was to gain access to the USD market. This service offering has enabled Unimoni to diversify into new markets and further strengthen our business portfolio”.
Boban concluded: “Beyond new markets and customers, this partnership has afforded us with the valuable currency of “time”. In the traditional model of cross-border payments it normally takes two to five business days for international payments to clear. Timeframes can differ depending on the recipient of the funds and the number of intermediary banks involved. The more financial institutions that the transaction passes through, the longer it will take for the transaction to clear. Buckzy’s real-time payment solutions enable Unimoni to deliver payments instantaneously, this is a service that customers have been demanding for years, and now we can deliver”.
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