Top Cross Border Payment Platforms
Introduction
Both locally and internationally, digital payments are already a popular way to move money. A growing number of companies have been integrating cross-border online payments into their fintech or other digital goods as they enable global purchases without regard to geography or currency limitations.
Top X Cross-Border Payment Platforms?
TangoPay
You’re losing out if you haven’t used TangoPay yet because it was designed with speed and convenience in mind. TangoPay is an innovative money transfer application that ensures smooth transactions. It is quick, simple, and greatly simplifies money transfers across borders.
- Sending and Receiving Options
Is it necessary to send money straight to a bank account? Would you want to choose cash with your family in person?
Consider that finished. You may use TangoPay to transfer funds directly to your loved one’s account or to make arrangements for them to pick them up in person from the bank’s local branch. You may also move funds to a mobile wallet for convenience.
- Fees and Rates
Being taxed is disliked by everyone. You may send money to Pakistan from the UK with TangoPay for free. In other words, you get what you see.
Key features:
- Lightning-fast transfers
- Zero fees
- User-friendly application
- Competitive rates
Revolut
One of the financial services offered by Neobank Revolut is international remittance. Since its founding in 2015, Revolut has been well-known for its creative approach to banking and financial services, which are frequently offered via mobile applications. It is more than just an international remittance platform it offers services and solutions that facilitate cross-border money transfers.
Key features:
- Competitive exchange rates
- Travel features
- Cryptocurrency support
- Low or no fees
- Premium and business plans
Wise
Offering quick, reasonably priced, and transparent international money transfer services is the main goal of Wise, a financial technology company and international remittance platform.
Wise has gained recognition since its founding in 2011 for its innovative approach to international money transfers, which typically results in lower fees and better exchange rates than those of other remittance providers and traditional banks.
Key features:
- Business Solutions
- Transparent pricing
- Speed
- Low-cost transfers
- Multi-currency support
Skrill
Skrill is a popular digital wallet and online payment system that enables individuals and businesses to send and receive money globally.
Although Skrill isn’t as well-known as some other companies as a specific international remittance platform, it does provide features that may be utilized for international money transfers.
Key features:
- Multiple funding options
- Recipient options
- Prepaid Mastercard
- Integration with online merchants
- Cryptocurrency support
Convera
Convera, formerly known as Western Union Business Solutions, offers major corporations and SMEs cross-border payment solutions.
Account holders can send large or one-time payments in 140 currencies to 200 countries. Additionally, they can fix exchange rates on payables or receivables through forward contracts, which reduces foreign exchange risk.
Convera’s industry-specific services for NGOs and educational institutions can be useful if your company has unique payment requirements. You may collaborate with Convera’s risk management professionals to develop a unique plan for your company.
Key Features
- Global payments
- Competitive FX conversion rates
- International collection
- Currency risk management strategies
- Industry-specific payments solutions
Functions of Cross-border
- Transaction initiation is one of the cross-border payments in transaction processing. The transaction procedure begins when cross-border payment suppliers first collect and verify the customer’s payment information.
- The encryption of data. In the event of a data breach, vendors utilize encryption techniques to render transaction data unintelligible and worthless. From the beginning of the transaction until the final payment, data is protected at every stage.
- The route. The vendor is responsible for figuring out the safest and most effective way for transaction data to get from the merchant to the acquiring bank because the transaction is frequently handled by many partners in the banking network.
- Converting currencies. The process of converting transaction amounts from the customer’s currency to the merchant’s bank account currency is handled by vendors.
- Preventing fraud. Cross-border payment solution providers must put security measures in place to abide by rules and reduce the risk of fraud.
- Request and answer for authorization. After sending the transaction data to the bank, vendors receive a response indicating whether the transaction is approved or denied, depending on the money’s availability and the transaction details confirmation.
- Settlement of transactions. To make sure that everyone receives the proper amounts and to update accounts appropriately, vendors finally settle the transaction data.
Conclusion
Cross-border payments involve transferring funds between nations, which might result in additional costs and take some time. But with apps like TangoPay, this procedure is now a lot simpler and quicker. TangoPay guarantees that your money is transmitted safely and makes currency conversion easy. This eliminates the typical wait times and hassles associated with sending money abroad. It offers a smooth payment process that ensures the security and speed of your transactions.
