It’s a small world, or so we hear virtually every day. We are more interconnected with our neighbouring nations and have more opportunity to become familiar with diverse cultures than ever before, but sometimes a small thing can make the world seem vast again. A little obstacle, like sending a payout an employee in a timely way, or paying an invoice in the desired currency, reminds us of the distance between our countries, our money, and our payment customs. In the world of banking and payment, most countries work in a similar way, but sometimes it is not similar enough to provide an efficient way to pay across borders.
Myriad Payout Solutions, but Few as Direct as Bank Transfers
There are myriad solutions to the problem of sending payouts across borders: cards, virtual cards, wallets, gift vouchers, wire transfers, etc, are all meant to relieve the time, hassle or expense of sending money across borders. There is no denying, however, that the best path is often the most direct path. Is there a way to send funds from your business bank account to the bank account of your supplier or your employee without paying high wire fees and exorbitant exchange rates? Thanks to Fintech, the answer is yes!
Most of us are familiar with the efficient local transfer systems that exist within our own country. For example, FasterPayments are a ubiquitous and inexpensive payout option in the UK. However, FasterPayments can’t be used to send US funds to a supplier in the United States – unless there is a platform that essentially stitches two or more systems together without a seam – which is exactly what Transactive does with its open API and Virtual Bank Accounts.