Demands for speedier, more trackable and more versatile cross-border payments are being met by global payment platforms through synergistic alliances
Amid major shifts in employment trends and related socio-economic movements arising from the mainstreaming of hybrid- and flexi- work arrangements, more people will be working digitally across borders and requiring fast, painless payments.
Traditionally, cross-border payments have been limited to time-consuming and manually intensive bank transfers for payment processing, providing few choices to customers and professionals.
However, payment providers are collaborating to leverage the demand for better payment transparency, speed and security to offer streamlined and expanded services such as:
- more payout methods (including: bank transfer, virtual cards, wallets, ACH, Wire and International Wire)
- more international currencies to select from
- batch payments for invoices in the same or different currencies
- real-time guaranteed quotes at the time of payment (for avoiding any exchange fluctuations that occur as the transaction progresses)
- faster payment speeds and transparent payment summaries for companies to see exactly what fees they are paying — with disclosure of the mid-market exchange rate being applied.
- no hidden transaction fees: this gives businesses more control and autonomy over their international payments. They can choose the time, frequency and currency of payments, and they will see a full breakdown of transaction details and real-time payment status. These payments will save time and labor on individual invoices, ensure timely delivery of funds, provide the current forex rate, avoid inefficiencies and create a more transparent process for all involved. It also provides a significant benefit for those that do not have access to stable currencies or who are experiencing rapid inflation around the globe
According to Nat Rajesh Natarajan, Chief Product and Strategy Officer, G-P (Globalization Partners): “We are creating a world that is unhindered by traditional financial systems, providing customers and contractors an ethical and transparent employment and payment process for all talent through our platform.”
Said Steve Naudé, Head, Wise, which collaborated with G-P to improve global payment platform offerings: “We’ve seen a growing need from companies to have more control over their international payments, especially to contractors, and we are excited to provide an easy and transparent way for companies to bring on global contractors and better manage these cross-border relationships.”
