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Conventional business-to-business (B2B) cross-border payments are expensive and time-consuming. Traditionally, cross-border payments rely on an extensive network of correspondent banks to carry out international transactions, which add extra time and fees.
There is often a lack of transparency of the transfer process and a high likelihood of markups of currency exchange rates. Depending on the number of parties involved in the process, international payments can take 2-5 days to complete. Hence, businesses continue to lose money on fees, foreign exchange margins, and delays.
Additionally, business payments require more documentation and need to go through complicated know-your-customer (KYC) processes compared to consumer payments.
Cross-border payments nowadays are much easier - thanks to the digital transformation in the financial sector. International payments can be done with a click of a button. Digital cross-border payment providers are changing the landscape of the global money transfer market, offering better exchange rates compared to bank rates, lower fees, faster delivery time, transparency, added convenience, and enhanced user experience.
However, with multiple options, the catch is how to know which service provider is the best choice for cross-border business payments. How will the businesses know they are getting the best deal and saving time and money on their business transfers? Compare the money transfer offers.
Fairexpay is a Miami-based global payments aggregator platform that is looking at bringing global exchange partners on a single platform. The main objective is to provide the best and transparent currency exchange rates for businesses of all sizes to send, receive and manage cross-border payments in 200+ countries and 130+ currencies.
The platform claims that they provide businesses an easy KYC process, registration with multiple foreign exchange partners, and access to transparent and best exchange rates. Other services include FX currency pair payments aggregation and recommendation, invoice factoring, e-commerce settlement, and marketplace integration. The platform also supports overseas vendor payments, overseas payroll, and intercompany payments.
Like most money transfers, the time taken to complete the transfer process will vary depending on the currency pairs, the destination countries, the correctness of the information provided, and the number of payments. The estimated delivery date is shown by the money transfer providers.
The payment platform is hosted in the cloud and is highly secure. While Fairexpay does not charge any fees for any transactions on the platform, the money transfer partners may charge fees that will be shown upfront before making the transactions.
Fairexpay Features
Fairexpay Web Application And API
The aggregator platform is available as a Web application and Application Programming Interface (API) which can be integrated into a wide range of Enterprise Resource Planning (ERP) modules or System Application and Product in Processing (SAP) or any financial applications.
Businesses/ clients are provided with automated best rates and a partner selection process. However, businesses have the freedom to select their choice of partner.
Blockchain-Powered Instant Global Payments Via Roxe-Network
Roxe is a US-based next-generation global payment network that uses blockchain technology and decentralized liquidity technology to provide instant, inexpensive, reliable cross-border payments and remittances across the globe. The digital payment infrastructure allows banks, payment service providers, and other financial institutions to save significant time and money in global payments.
The Roxe network connects fragmented global payment systems to provide the fastest and most reliable payments, removing the barrier of time, geography, and currency and the outdated network of correspondent banks. The payment network is currently designed to support USD, several major fiat currencies (and digital currencies), and fiat from select countries with large remittance markets such as the United Kingdom, European Union, India, Philippines, Mexico, Brazil among others.
Roxe has Apifiny, Mercurity Fintech Holding (Nasdaq: MFH), DaoTrust, ECS Fin, and Zero2First as supernodes on its network. Payment companies or institutions can apply to become a supernode in the Roxe network.
Roxe expanded its network to India with Fairexpay in 2021, thus Fairexpay has become one of the payment nodes. With this partnership, Fairexpay is able to provide instant settlement to customers through the Roxe payment infrastructure, eliminating the costly intermediary participants in the payment process. Existing and future customers of Fairexpay will be able to subscribe to the Roxe global instant settlement network through the Fairexpay platform.
The United States to India money transfer corridor is a large and important remittance corridor. Roxe's blockchain-powered payment system will provide customers with fast, reliable, and cost-effective remittance services from the U.S. to India.
Fairexpay Services
Cross Border Payments
Fairexpay's extensive global network, spanning 200+ countries and 130+ currencies, partnerships with global payment providers, and integration with financial applications provide an effective, inexpensive, and efficient cross-border payment service for businesses of all sizes.
Virtual International Bank Accounts (vIBANS)
Virtual International Bank Accounts (vIBANS) allow companies to allocate a unique virtual account to receive incoming payments which may be in different currencies for different clients. This can then be rerouted to a master bank account. Fairexpay offers VIBANS in 38+ currencies through its partner network. Virtual IBANS allows companies to hold reserves in different currencies and also send payments in foreign currency reducing FX risk and costs of currency exchange.
Domestic Payments
Fairexpay provides solutions to international companies to manage domestic payments which need to be done in local currencies through vIBANS.
Payment Gateway
Integration with Fairexpay enables merchants to accept and process multiple payment options, including credit cards, debit cards, electronic fund transfers, ACH payments, and more. The flexible payment options can boost sales and increase profits as customers have access to multiple options to pay for purchases.
Fairexpay's automated recurring payments and subscription billing can help save time, avoid errors and ensure on-time payments.
Invoice Factoring
Fairexpay's invoice financing provides businesses with immediate funding to speed up cash flow that helps cover operational costs, payroll, and growth of the business, avoiding the usual delay with unpaid invoices-money to be paid by customers. Businesses provide a list of individual invoices against which accelerated payment is needed and receive the fund in the bank account within 24 hours.
Student And Consultant
Organizations and institutions engaging with international students and consultants can look at substantial savings while sending money abroad for university fees, accommodation charges, and education-related expenses with Fairexpay cross-border payment services.
Fairexpay can be integrated into existing web applications to process payments which can be handy for education institutes and consultants that are actively engaged with students and immigrants. Providing end-to-end service that increases engagement and the process is entirely digital.
If anything goes wrong, Fairexpay customer support is available 24/7 and can be reached via email at [email protected].
Banks have reigned over the cross-border payments industry for decades. This often meant that consumers and small to medium-sized businesses (SMBs), which needed transactions for smaller amounts faced high transaction fees, longer delivery periods, and lack of transparency of the process. The cross-border payments industry has seen disruption from both FinTech startups and challenger banks that are trying to serve the users better, faster, and safer.
As the world is geared to serve its global village, demand for B2B or B2C (Business to Consumer) cross-border payments have increased dramatically in recent years. Small businesses are gaining market share and expanding globally because of easy accessibility to less expensive and time-saving alternatives.
Digital payment platforms like Fairexpay help businesses reduce operational costs even more and increase revenue by branching out to new markets in countries previously inaccessible. Fairexpay seems to be at the forefront of helping businesses save money on their cross-border payments.
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