Fintech & Ecommerce

ConnexPay Adds Acquiring in Canadian Dollars to Its Virtual Card Offering

The ConnexPay payment platform has announced the addition of acquiring in Canadian dollars to its offer for issuing digital cards.

ConnexPay Adds Acquiring in Canadian Dollars to Its Virtual Card Offering

The relevant information is contained in the mentioned company’s press release, which was published last Tuesday, December 12. As a result of the expanded capabilities, customers of the payment platform will now receive financial operations processing services using Canadian dollars. For the company, this decision is beneficial from a commercial point of view, since its activities extend to a new market, which includes 38.25 million consumers and 1.21 million businesses.

The firm’s press release notes that the annual trade turnover between Canada and the United States is about $718 billion. In this context, special attention is drawn to the fact that financial operations are often performed with delays. Also, transactions between Canada and the United States in many cases involve additional big fees.

ConnexPay claims that its new solution minimizes the risks associated with the specifics of financial operations between the specified countries. The company separately notes that the service it offers provides for increased speed of cross-border transactions and cost-effective methods for businesses with strict accounting requirements.

ConnexPay founder and CEO Bob Kaufman stated that processing financial operations in Canadian dollars provides customers interested in using this currency with access to the same payment systems as in the United States. The head of the company noted that in this case, consumers are offered services for managing chargebacks and an integrated protection mechanism against attacks by fraudsters.

Industry research indicates that in the sphere of cross-border payments, the most common problems are slow transaction speeds and high fees. These negative circumstances are typical not only for the process of financial interaction between Canada and the United States.

Thanks to the technological solutions of an innovative nature, the mentioned problems are gradually being solved. The modern B2B transaction methodology provides companies with the opportunity to grow worldwide, which is often blocked or significantly complicated by standard operating procedures in the sphere of cross-border payments.

Also, against the background of progress increase in the technology industry, that simplifies and activates international cooperation, the issue of financial operations between different countries has become more important and sensitive for consumers. Efficient and secure solutions in the cross-border transaction market are a sought-after product.

Experts say that the international financial services sector can be significantly transformed as a result of the integration of artificial intelligence and machine learning technologies. Blockchain and distributed ledger technologies can also play an important role in improving the payment sector. Another important innovation is real-time transactions and embedded finance.

As we have reported earlier, Mastercard Launches Partnership With NEC in Biometric Payments.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.