Tranglo unveils cross border SEPA payout for Europe
By Gloria Methri
Malaysia-based cross-border payment solution provider Tranglo has announced the launch of instant SEPA payments to Europe, its first large-scale expansion in the region.
SEPA facilitates over 43 billion transactions annually, with cross-border payments growing rapidly in the last 10 years. However, cross-border SEPA credit transfers and direct debits accounted only for 3.5% and 4.5% of such transactions in the region, respectively.
Tranglo expects cross-border transactions to SEPA countries to pick up significantly in the coming months, especially among the increasing number of European businesses and consumers abroad looking for real-time payments.
At launch, supported SEPA payout countries are the United Kingdom, Belgium, Croatia, Finland, Germany, Greece, Hungary, Netherlands, Portugal, Slovakia, Spain, and Sweden, with more to follow.
Tranglo Group CEO Jacky Lee said, “We decided to launch this offering to cater to the increasing demand for instant cross-border payments. Our business partners will be delighted to know that Tranglo Connect is integrated seamlessly into SEPA, offering more value per transaction in terms of speed and coverage.”
Tranglo’s instant SEPA payout is available throughout the day and supports individual and business senders and beneficiaries. All transacting bank accounts must be identified by an IBAN.
The company helps financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. It seamlessly integrates payout and partner services, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can make payments to over 30 countries reliably and securely.
IBSi Daily News Analysis
March 01, 2024
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