WorldFirst enables instant cross-border payments with new offering

By Gloria Methri

WorldFirst, a digital payment platform for global businesses, has launched a function to enable real-time payment between holders of its multicurrency business account, World Account.

This function will benefit British and European SMEs that import from international markets. This capability allows these businesses to promptly pay their overseas suppliers free of charge, ensuring timely receipt of goods and cost savings to support their business growth.

With World Account, SME import businesses can pay suppliers in over 200 markets worldwide using more than 90 currencies.

In particular, SMEs in the UK and the European Union that source from China can now pay a wide range of suppliers who are also World Account users within seconds.

WorldFirst has also expanded its one-business-day settlement capability to cover 90% of all World Account transactions, providing SMEs worldwide with speedy payments to increase turnover and save on costs.

In the U.K. and Europe, WorldFirst supports same-day settlement for payments to markets in the APAC region, including the Chinese mainland, Singapore, Hong Kong SAR of China, Australia, Vietnam, Malaysia, Thailand, Japan and New Zealand, compared to the typical 2-5 days banks in the region usually require.

“We are providing speedy and secure payment with client funds deposited at the world’s leading banks, who are our long-time partners,” said Sumit Arora, Managing Director UK & Europe at WorldFirst. WorldFirst also leverages AI and other technologies to comprehensively conduct fraud prevention and risk evaluation, ensuring a streamlined and secure payment process for our clients.”

WorldFirst has tailored industry solutions for e-commerce sellers looking to expand overseas. Within one minute, e-commerce sellers can open a World Account online to access over 30 local currency accounts and solutions while managing all their accounts across different online stores.

This integrated platform also enables them to pay their suppliers and handle VAT payments effortlessly. WorldFirst helps SMEs quickly establish and scale their presence on over 130 global e-commerce marketplace platforms, including Amazon, SHEIN, Wayfair, etc.