SINGAPORE, 09 April 2020 – TranSwap, a home-grown cross-border payments platform for businesses, today announced that it is set to launch in May a new service offering free Global Borderless Virtual Account (“GBVA”) in United States, European Union, United Kingdom and Indonesia. TranSwap’s customers will soon be able to open bank accounts in the abovementioned locations virtually. By using TranSwap’s GBVA, businesses could conveniently collect payments in these locations, convert foreign currencies and send cross-border payments to over 180 countries worldwide.
TranSwap customers will be able to hold funds in their GBVA in 34 currencies (the virtual account for Indonesia is in Rupiah only). TranSwap’s global outreach is to over 180 countries, of which payments to 89 countries can be executed through local ACH payment rails thereby making it cheaper and faster. The GBVA is integrated via APIs to TranSwap’s global cross-border payment cloud platform, to provide businesses with a single interface for multiple currencies and help to relieve their administrative burden and streamline payment or collection processes.
Developed to ease the international payments issues that businesses face, the GBVA provides customers with the ability to easily track transactions in real-time and enjoy transparency in fees and exchange rates. Meaning, no ‘surprise’hidden fees. Businesses will be able to manage cashflow smoothly and bolster competitive advantage in their local markets by paying and receiving money in local currency.
Benjamin Wong, CEO and co-founder of TranSwap said, “Our mission is to make cross-border payments cheaper, faster, safer, more convenient and borderless for our customers. By launching our Global Borderless Virtual Account, we can help businesses, especially SMEs and start-ups, to accelerate their growth into new markets. They will be able to streamline payment and collection processes through a virtual account, all through a few clicks on our online platform.”
He added, “Businesses are effectively able to create and manage their own global treasury through our Global Borderless Virtual Account where they can hold money in 34 currencies and pay to over 180 countries.”
With the Global Borderless Virtual Account, businesses can surmount the challenges of global growth and get a ‘headstart’ in the markets that they are eyeing for expansion, investments and even future payments. For example, they will be able to look out for favourable rates in United Kingdom and accumulate funds in pound sterling when the exchange rate is excellent, and if certain currencies are used frequently, the SMEs could tap on GBVA to secure favourable foreign currency exchange rates that will reduce their FX costs.
Besides, SMEs can also enjoy massive savings in conversion costs on inbound and outbound payments when they leave money in those currencies in their virtual account.