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.
There are two main types of cross-border payments:
GlobePay provides cross-border payment solutions which can cover both Wholesale and Retail.
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.
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.
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