With businesses spanning globally, more intercontinental trading and increasing consumer demand, we hear more about cross-border payment solutions. A lot has changed in a short space of time, and what are the risks and solutions in a world of growing international corridors?
What are cross-border payment solutions?
Cross-border payments are transactions where the end recipient and the sender are in separate countries. Cross-border payments can happen in numerous ways, including card payments, mobile payments and so on. The diversity in payment methods is a positive, as well as the fact that they cover retail payments and wholesale – increasing accessibility.
For GlobePay, we are a UK-based cross-border payment provider to help UK merchants receive payments from their Asian customers.
Main types of cross-border payment solutions:
There are two main types of cross-border payments:
- Wholesale: Cross-border payments named ‘wholesale’ are generally between financial institutions to support customer activity or their own cross-border activities, which include lending, borrowing, foreign exchange, debt, commodities, and securities.
- Retail: The most widely recognised cross-border payment method is defined as ‘retail’. This includes a transaction between individuals and businesses. For example, remittances, purchases and even money sent back to home countries from migrants.
GlobePay provides cross-border payment solutions which can cover both Wholesale and Retail.
How will fintech impact the cross-border market?
Fintech innovations are emerging regularly, if not daily, to facilitate the adoption of safer, cheaper, and more convenient cross-border payments. Digital technologies, such as blockchain technologies, will mitigate risks of confidential information that is passed through the cross-border corridors. Many non-bank institutions, such as fintech, possess licences and infrastructures which allow them to mitigate an intermediary player in the payment corridor. In the long run, this brings a great reduction in fees and waiting times to be shortened.
Fintechs are also tackling the issues around ‘transparency’ which hinders a seamless cross-border payment process. The lack of transparency stems from the messaging sent from bank A to bank B during a transfer, and fintech has been developing technologies which remove this issue. Distributed ledger technologies, for example, are supporting back-end processes in cross-border payments to offer real-time tracking of payments and potentially fast settlements for banks whose recipient is in their network.
Mission of GlobePay and Benefits from our cross-border payment services
Our mission is to bridge the gap between British companies and 1.4 billion Chinese consumers and customers in other Asian countries and provide diversified and comprehensive payment services for British merchants to meet the growing and changing payment needs of merchants and customers.
As a UK-regulated payment service provider, we will always provide professional compliance and convenient payment services for our merchants. Based on our customer-oriented service principle, we will enhance our corporate culture. Moreover, we will continuously meet customer needs. And we are becoming a modern enterprise that embraces multiculturalism and shoulders social responsibilities.
- . GlobePay Mobile App is free to download. Support both the Apple store and Google Play store.
- Online API documentation is free to provide. With this documentation integrate payment gateways we provide to your website.
- E-commerce Plugin free to provide. If you have an e-commerce store, gateway plugins will be provided to help you add our payment solutions to your e-store.
- 24/7 customer support. We are more than happy to help merchants with our payment services.
- QR code stand and free promoting materials. We will provide these free materials for your physical stores. This will help you receive payments from your customers.
