The financial services industry is expected to grow exponentially as economies become more digitised. As a result, consumers are in a cycle, expecting their financial transactions to be fast, secure, and seamless. This demand behaviour is driving rapid growth in the digital payments market across countries as businesses and consumers seek more efficient payment solutions to match the pace of technological development.
Businesses often rely on banks for their cross-border payment needs. While most continue to do so, the share of non-bank providers is rising steadily. Rising competition is driven by the rapid growth of non-bank cross-border payment providers, spurred by the expansion of e-commerce, digital, and financial inclusion. As a result, transactions in these areas are anticipated to grow substantially, offering businesses new channels to tap into global markets.
The rise of non-bank cross-border transactions
Businesses are turning to non-bank cross-border payment providers mainly for three reasons. First, non-bank providers offer more flexible foreign exchange rates. As a resuly, operational costs and business liquidity for businesses often with smaller capitals are affected. Second, besides profit maximisation, non-bank providers address challenges related to cost, speed, and technology transparency. Being highly adaptable and frictionless is traditionally associated with cross-border payments. Consequently, being early adopters of blockchain can create trust in these transactions.
Lastly, non-bank providers have long used APIs to their advantage, serving as software bridges that communicate seamlessly with each other. According to the Bank for International Settlements, APIs can make cross-border payments faster and more efficient by reducing manual interventions and facilitating timely data exchange across the payment chain. Integration has two benefits – reducing frontend loads and significantly lowering overheads – allowing businesses to thrive in a more competitive environment.
When it comes to cross-border payments, non-bank providers can bridge the gap for businesses of any size, even if formal financial services elude them. As a result, more companies are turning to non-bank providers like Tranglo to meet their needs, and in this partnership, they have found a niche.
Get to know Tranglo and their mission to address these challenges
Tranglo, a cross-border payment company that started in Malaysia, has gone global with a simple approach to business – by putting people right in the heart of its daily operations. Thousands of companies, including global giants like Singtel, Alipay and Al-Ansari, leverage Tranglo’s cross-border payment solutions daily to help millions of individuals across 100 countries transact.
Owned 60% by NASDAQ-listed CURRENC Group Inc. and 40% by Ripple, Tranglo is now one of Asia’s leading cross-border payment hubs. It provides smart services for foreign remittances, business payments, and airtime top-ups. Armed with a global network, Tranglo prides itself on pioneering technology that makes cross-border transactions faster, cheaper, and more secure. Their products can be described in Tranglo Connect, Tranglo Business, and Tranglo Recharge.
Streamlining foreign remittances with Tranglo Connect
At Tranglo, the focus is on maximising affordability, connectivity, and service to help users achieve their growth objectives. Tranglo Connect is their foreign remittance solution for businesses that want to start letting their customers send money home quickly, safely, and reliably from anywhere globally.
This solution works whether the business operates a brick-and-mortar money service business or has a mobile remittance app. Tranglo gives them full access to all payment methods. Businesses are given immediate access to more than 100 countries, payout options at 300+ mobile operators, 2,500+ banks, 80+ wallets and 60+ cash pickup services with thousands of touchpoints, and global switching, forex, settlement and risk management.
Providing transaction flexibility with Tranglo Business
Recognised as one of the top cross-border remittance players globally by the International Association of Money Transfer Networks (IAMTN), Tranglo offers a robust solution for businesses with a Money Service Business (MSB) licence. Tranglo Business provides a flexible payout solution, accommodating a variety of transactions from company to company or individual to individual payments, covering everything from goods and services.
Powered by single-API technology, their solution connects your business to Tranglo’s extensive network. This network spans over 100 countries and all major currencies. Utilising a real-time gross settlement and currency exchange system, it adapts to your payment habits over time.
Securing mobile payments with Tranglo Recharge
Lastly, with support to over 100 countries, Tranglo Recharge allows for mobile payment at the fingertips with the broadest network for airtime top-ups and mobile credit. Businesses can now offer more accessible and faster cross-border airtime/data reloads that satisfy customers’ needs. Tranglo Recharge also lets customers use or send airtime credit to pay bills in their home countries at their convenience.
Both telcos and non-telcos utilise this solution. Major domestic and international telco providers, along with fintech enablers like ATX, connect users to countries such as the Philippines, Indonesia, Bangladesh, Pakistan, and Nepal.
What sets Tranglo apart
Tranglo’s vision includes unlimited possibilities through inclusive and accessible payments. Since its inception, the company has collaborated with over 3,000 partners and processed over 200 million transactions. It has also surpassed a total transaction value of US$25 billion. This shows their commitment to providing a seamless experience for cross-border payments.
Traditional banks often charge high fees, have slow processing times, and face regulatory complexities. Meanwhile, Tranglo Business uses proprietary technology to integrate directly with financial systems. This eliminates the need for intermediaries, cuts through financial red tape, and enables businesses to manage cash flow more efficiently.
Tranglo customers are part of a trusted network in 100+ countries for maximum coverage. They are given access to an intuitive partner portal with simple API and flexible contracts. This portal is designed to meet any business needs. Tranglo utilises an FX management dashboard with transparent live quotes, a mid-rate spread, an integrated pricing and conversion platform, and trade and wallet tracking. This allows for complete transparency in the transactions.
Its cost-effective and speedy processes allow businesses to operate simply. Businesses can easily sign up with its intuitive API integration. Significantly, Tranglo takes care of their automatic compliance and world-class security monitoring. Tranglo specifies access to 24/7 monitoring and cutting-edge security protocols to keep transactions safe and sound. Businesses can rest knowing that their transactions are in good hands.
For more information, visit their website: www.tranglo.com
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This e27 team produced this article, sponsored by Tranglo
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Featured Image Credit: Tranglo
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