Cross-border payments by SMEs has now become ‘bankless’, thanks to a whole new digital technology platform introduced by WorldFirst.
Specially designed for B2B small business network worldwide, the ‘WorldAccount’ solution by the UK-based fintech, WorldFirst, allows the business customers to transact money to world locations online without any bank facility in between, thus avoiding the banking system’s traditional fees and charges for the services.
Usually considered a prerogative of larger corporations who do large volumes of cross border payments, the facility under WorldAccount brings down the payment window option to SMEs worldwide, for the first time. WorldAccount enables inward and outward movement of money, the firm claimed.
Hailed as the ‘first multi-currency international payments platform for businesses’, the WorldFirst CEO said, “ …research shows that over 1.5 million SMEs are trading more than £78 billion [about $1 trillion] a month across international borders. This is a significant contribution to the U.K. economy. It’s time that small and medium-sized businesses enjoyed the same products, price and service that was only previously available to big businesses.”
There are no joining fee to conduct the transactions via WorldAccount.
It allows the business members to save fees on transactions by reducing the number of FX transactions.
“Our World Account should solve … businesses who buy or sell internationally enabling them to manage their international accounts in one single platform wherever and whenever they want,” he added.
World First will offer the platform in a mobile friendly format as well and will add more currencies into its list of traded currencies in the latter part of 2017.