Fintiv and Geoswift have established a cooperation to enable cross-border money transfers to Asia.
This partnership brings together the Fintiv mobile commerce platform, Geoswift payment technology, and the experience of Asian cross-border payments. This is stated in a joint press release of the companies. Money transfers will be carried out through Fintiv mobile wallets.
The head of Fintiv, David Hanna, noted that as a result of the implementation of the partner project, the company will be able to expand its presence in China and Hong Kong. He also said that the support of the Geoswift platform using Fintiv technology, which allows payments and money transfers in yuan and Hong Kong dollars, is promising from the point of view of strategic development.
Cross-border money transfers are an important element of the economies of many developing countries. High fees and long processing times can make payments difficult. For this reason, consumers strive for accessibility, reliability, and fast delivery. Not all customers have time to wait.
Payment service providers that offer alternatives to traditional money transfer methods are seeing a surge of interest among consumers who seek to avoid high fees and significant processing time.
Solving real problems within the framework of cross-border payments is urgent since these payments can be expensive, inefficient, and opaque. This opinion is shared by the vice president of the Stellar Development Foundation for the ecosystem, Justin Rice.
Thanks to new features from Geoswift, the Fintiv platform will allow customers to use wallet accounts to make both personal (P2P) and B2B payments to China, India, and many other Asian countries. Connection to many banks or mobile wallets in the region will also be provided.
Raymond Koo, founder, and CEO of Geoswift stated that the cooperation of the two companies will provide customers with an exceptional digital payment experience with great convenience and efficiency to connect with families, friends, or business partners abroad.
As we have reported earlier, Asian banks to create a common contactless QR payments zone.