KoronaPay partners with Clear Junction to boost its presence in the UK remittance market
By Joy Dumasia
KoronaPay, the EU-based online money transfer service with over 13 million users worldwide, has partnered with Clear Junction, the global payments solutions provider, to offer its users a wider choice of international remittance options.
KoronaPay is one of the most extensive international transfers services with $1 billion in monthly remittances. The company has 13 million users and is acquiring over 10,000 new users weekly, offering payments across 79 countries in Europe, the CIS, the Middle East, and Asia. By partnering with Clear Junction, it can take advantage of the UK’s Faster Payments infrastructure, enabling KoronaPay to receive funds from individuals paying in pound sterling and immediately release the funds for collection in the destination country. Unlike traditional wire transfers that take several days to process and bear substantial charges, this solution is a fast, reliable and affordable way to send money outside the UK.
In the World Bank Bilateral Remittances Matrix, the UK is the fourth largest donor country globally. Furthermore, despite the challenges of Brexit and COVID-19, in 2021, the country managed to issue more work visas than in 2020 (+55%) and pre-pandemic 2019 (+9%). These numbers clearly show the continued popularity of the UK among labour migrants and indicate solid prospects for the UK remittance market.
Gleb Kozlov, CEO at KoronaPay, said: “The UK is one of the priority markets for KoronaPay as we expand our offering in Europe. Being able to process transfers in GBP using the infrastructure and expertise provided by Clear Junction is a major competitive advantage for us and a more convenient and efficient remittance experience for our users. The UK has enormous growth potential for us, and we will do our best to ensure the highest level of service there.”
Dima Kats, Chief Executive of Clear Junction, said: “Clear Junction is delighted to partner with global payment service providers to help them expand their remittance and money transfer services to individuals across the UK. We are selective about the types of financial institutions we work with, but KoronaPay is clearly a highly respected business that provides much-needed services to people around the world. We look forward to assisting the team in expanding their coverage across the EU and enjoying a long and fruitful partnership.”
After the initial launch, KoronaPay and Clear Junction will be exploring additional opportunities to expand their collaboration, including support for Euro payments across the EU. KoronaPay now expects the total volume of remittances from Europe in 2022 to exceed 2019 levels by 10-12%. At the same time, the share of online remittances continues to grow due to the convenience and attractive pricing of digital remittances.
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
September 29, 2023