WorldFirst World Account Enables Instant Cross-Border Business Payment Function in Over 200 Markets
2024年7月30日 - 5:39PM
ビジネスワイヤ(英語)
- Function to enable instant international payments between World
Account users globally
- WorldFirst furthers increases transaction speed, with World
Account now settling 90% of payments within one business day
- World Account supports same-day settlement of payment from UK
and Europe to APAC region, compared to usual 2-5 days by most
banks
- World Account supports global collection in 30+ currencies and
global payments in nearly 100 currencies
WorldFirst, a one-stop digital payment and financial services
platform for global businesses, especially serving SMEs in
international trade, has launched a function to enable real-time
payment between holders of its flagship multicurrency business
account World Account as WorldFirst continues to increase speed and
efficiency of secure international business payment.
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Fresh4u Produce, a wholesale importer of
fruits and vegetables, has experienced significant growth and
success by leveraging WorldFirst’s international payment solutions.
With WorldFirst’s support, Fresh4u Produce could pay suppliers more
easily while managing currency fluctuations and low profit margins,
enabling them to expand across Europe and bring diverse produce to
market. (Photo: Business Wire)
This function will benefit British and European SMEs that import
from international markets. This capability allows these businesses
to promptly pay their overseas suppliers free of charge, ensuring
timely receipt of goods and cost savings to support their business
growth. With World Account, SME import businesses can pay suppliers
in over 200 markets worldwide using more than 90 currencies.
In particular, SMEs in the UK and the European Union that source
from China can now pay a wide range of suppliers who are also World
Account users within seconds, thanks to WorldFirst's extensive
client base in the country. In 2023, China was the largest import
destination for both the UK and the European Union.
WorldFirst has also expanded one-business-day settlement
capability to cover 90% of all World Account transactions,
providing SMEs worldwide with speedy payments to increase turnover
and save on costs. In the U.K. and Europe, WorldFirst supports
same-day settlement for payments to markets in the APAC region,
including the Chinese mainland, Singapore, Hong Kong SAR of China,
Australia, Vietnam, Malaysia, Thailand, Japan and New Zealand,
compared to the typical 2-5 days banks in the region usually
require.
Payment speed is a big pain point for SMEs when it comes to
global transactions. The Financial Stability Board (FSB), an
international body that monitors and makes recommendations about
the global financial system, lists speed, along with cost,
transparency and access, as the four challenges in cross-border
payment. A recent analysis shows that it takes between five to ten
days for payments to reach their destined account. Consequently,
many SMEs struggle to access international markets.
“We are providing speedy payment that is secure with client
funds deposited at the world’s leading banks, whom are our
long-time partners,” said Sumit Arora, Managing Director UK &
Europe at WorldFirst. “WorldFirst also leverages AI and other
technologies to comprehensively conduct fraud prevention and risk
evaluation, ensuring a streamlined and secure payment process for
our clients.”
WorldFirst tailored industry solutions for e-commerce sellers
looking to expand overseas. Within one minute and fully online,
e-commerce sellers can open a World Account to access over 30 local
currency accounts and solutions while managing all their accounts
across different online stores. This integrated platform also
enables them to pay their suppliers and handle VAT payments
effortlessly. WorldFirst helps SMEs quickly establish and scale
their presence on over 130 global e-commerce marketplace platforms,
including Amazon, SHEIN, Wayfair, etc.
WorldFirst is a leading Payment Service Provider in the U.K;
offering local currency accounts. By offering more local currency
accounts, WorldFirst widens the opportunities for its e-commerce
clients to sell in more countries, as most local e-marketplaces
will only pay out sales proceeds to accounts based within the
country the e-marketplace operates in. For businesses that receive
money directly from their customers, they can receive funds more
quickly and cost-effectively by having their customers settle into
a locally currency account.
About WorldFirst
WorldFirst is a one-stop digital payment and financial services
platform for global businesses, especially SMEs in international
trade. WorldFirst empowers SMEs to successfully execute their
strategic growth plans with technology. The World Account, by
WorldFirst, caters to SMEs engaged in international business,
supporting online businesses selling on marketplaces and websites,
as well as importers and exporters. Services include receiving
payments, making payments, currency conversion, risk management and
supply chain financing to help customers reduce costs, improve
turnover efficiency to generate more revenue and sales, and quickly
capture global business opportunities. Founded in London in 2004,
WorldFirst joined Ant Group in 2019.
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