Sokin teams up with Transact Payments for the UK and Europe markets

By Megha Bhattacharya

FinTech payment firm Sokin today announced that it will be partnering with Transact Payments Limited (TPL) in a bid to boost the roll-out of its UK and European fixed-price subscription-based payments service. Transact Payments is expected to offer flexible European BIN sponsorship and modular payment, debit and prepaid services as part of the Sokin global service.

Vroon Modgill, CEO at Sokin, commented, “TPL understands that the world of payments is changing, and consumers want simple, secure and value for money options. This makes TPL the perfect partner for Sokin as we launch our payment services across the UK and Europe. The support and expertise they bring will be essential as we offer a transparent, low cost, way of making international transfers.”

The FinTech’s international money transfers and payments are accessed through a single monthly fee which cuts out hidden and repeat costs saving customers on average 20% against existing payment solutions. Sokin’s technology makes the process easy, from the onboarding of customers to instant payments, all in its secure peer-to-peer mobile app.

Recently, Sokin announced that it would be integrating Currencycloud’s local payment rails in a bid to avail its low-cost subscription-based money transfer service across 150 countries with 35 different currency options. Sokin’s service provides customers with low transfer costs across all markets and currencies without repeat costs or marking-up exchange rates. It allows users to make unlimited payments and transfers for one low monthly fee, starting at US$2.99.

Noel Smith at TPL said, “We are extremely pleased to be partnering with Sokin. The combination of TPL’s experience and Sokin’s innovative approach, will mean this is a partnership that will pay off for both businesses and consumers, by offering a fixed and low-cost international money transfer service.”