OTT Pay expands in the United States with cross border transaction solutions

By Edlyn Cardoza

OTT Pay, a leading Canada-based FinTech payment service provider, expands its multi-billion dollar cross-border business in the United States to better serve global e-commerce companies with more efficient overseas transaction processing.

In partnership with global payment leaders, OTT Pay’s subsidiary company – OTT Pay USA – provides more convenient payment collection and settlement solutions to help global e-tailers save even more on cross-border transaction costs.

“A more efficient solution for cross-border transactions is critical for e-commerce companies, particularly at a time when there is fierce competition to expand business and win market share globally,” said Stanley Yu, CEO of OTT Pay.

OTT Pay and its regulated subsidiaries have built close partnerships with major global financial institutions to streamline its payment services. The company designed a proprietary system to provide customers with more secure and efficient services. The system provides complete tracking of each transaction and robust risk monitoring and control to ensure compliance with applicable rules and regulations.

OTT Pay USA works with its partner banks under the supervision of US regulators to serve customers worldwide. The funds are held in bank custody to ensure that every transfer meets business compliance standards. The custodial accounts can only accept funds from bank-approved e-commerce platforms and send money to designated and pre-approved fund receivers, preventing funds from being misappropriated.

“It is critical that the funds are secure and protected when customers pay and get paid,” said Alex Liu, Executive Vice President of OTT Financial Group. “The priority of our payment services is to process transactions in a secure, reliable, and convenient manner.”

OTT Pay USA connects cross-border e-commerce vendors and platforms with American banks and overseas payment institutions. It employs a big data platform to consolidate scattered, small-amount transactions for centralised clearing and settlement, similar to those handled by large financial institutions. It also provides real-time transaction monitoring and active risk management, allowing regulators to track capital flow in real time. With a well-designed Know Your Customer (KYC), AML and ATF system, the Canada-based FinTech ensures highly efficient and transparent international clearing and settlement services for global small and medium-sized businesses.