Global Fintech-as-a-Service platform Rapyd has launched a new multi-currency Treasury Solution for cross-border payments. The payments platform today revealed its latest payment collection, funds management, and pay-outs disbursement solution at the Singapore Fintech Festival 2022.
Rather than set up and keep track of numerous overseas bank accounts to deal with various countries and currencies, Rapyd’s Treasury solution streamlines the process of settling with the business’ lead bank regardless of where the funds are coming from and going out to.
The Treasury Solution allows businesses to collect funds locally from over 100 countries. It can receive funds through instant bank transfers via local real-time payment systems, including FAST, PayNow, and PromptPay.
Other local collection methods, such as cards, eWallets, and more, are also available. Funds can be disbursed to suppliers, employees, and partners in nearly 200 countries from one’s multi-currency account.
The central multi-currency account is located in Singapore and supervised by the Monetary Authority of Singapore (MAS).
Joel Yarbrough
“CFOs and Treasurers are constantly faced with the complex and nerve-wracking challenge of simplifying their multiple banking relationships while ensuring they can get paid by customers and pay their suppliers, partners, and staff abroad – which are the core pillars of enabling their businesses to expand their global reach,”
said Joel Yarbrough, VP APAC and MD Rapyd Ventures.
“Now, merchants can build a payments hub within the Rapyd platform while making their relationship with their lead bank stronger. Businesses in Singapore have been asking for a cohesive Treasury Solution for years, and the Rapyd team is pleased to be the first in the market to bring this game-changing solution to our clients in APAC.”
Since many secondary bank accounts can be removed from the international payment equation, fewer wire transfers are needed, fewer cross-border banking expenses, and optimised fund collection and disbursement operations.
This can lead to 70 to 90 percent cost savings for businesses. Aside from same-day collection access and instant payments, businesses can settle the remaining funds as quickly as instantly to their local lead bank. This enables them to maximise credit and interest benefits and grow their core banking relationships.
FX costs are also optimized upon collection, disbursement, and settlement through real-time FX conversion and tight spreads. That added more cost reduction in daily operational overhead for collecting, paying out, and rebalancing funds.
Rapyd designed a collection of cash management features in its Treasury Solution for simpler cross-border funds management for international businesses of any size, from mature global enterprises to emerging regional exporters and startups.
“CFOs, treasurers, and controllers can easily customise how they manage liquidity, balance currencies, and mitigate currency risk while enhancing their treasury hub in Singapore,” it said in a statement.
The Rapyd Virtual Accounts are available in more than 40 countries and over 25 currencies.
Featured image credit: Edited from Unsplash
