Singaporean cross-border payments platform, TranSwap, is set to widen operations and is offering a free new service called the Global Borderless Virtual Account (“GBVA”) which gives users borderless bank accounts.
Starting in May, the new service is available in the United States, European Union, United Kingdom and Indonesia, giving TranSwap customers virtual bank accounts in each nation. TranSwap customers will also be able to hold funds in their GBVA in 34 currencies (the virtual account for Indonesia is in Rupiah only).
Integrated using API’s on TranSwap’s latest global cross-border payment cloud platform, GBVA looks to give businesses working with various currencies the ability to organize and streamline users in and out payments. Tracking in real-time as well as transparency in fees and exchange rates are all features of the GBVA and make it so that users are not hit by any surprises or hidden fees.
Not only that, but this new GBVA feature works alongside the already existing payment channels on TranSwap which stretches 180 countries worldwide. TranSwap also executes payments through local ACH payment rails in 89 countries thereby making it cheaper and faster.
Speaking after the announcement of GBVA’s launch, Benjamin Wong, CEO and co-founder of TranSwap said, “By launching our Global Borderless Virtual Account, we can help businesses, especially SMEs and start-ups, to accelerate their growth into new markets. They will be able to streamline payment and collection processes through a virtual account, all through a few clicks on our online platform.”
Wong also shared more about the company’s vision, saying: “Our mission is to make cross-border payments cheaper, faster, safer, more convenient and borderless for our customers.”