The virtual business account provider Statrys has become a member of the SWIFT network, set to streamline international business transactions.
SWIFT is a financial messaging network used by more than 11,000 financial institutions in over 200 countries to communicate with one another.
Its latest member, the Hong Kong-based fintech, plans to leverage its position within the network to redefine the cross-border transaction experience for its clients. The company’s newfound bank identifier code (BIC) will be used to equip customers with the ability to collect cross-border payments with a single set of account details; in the enhancing of international business transactions.
When making an international wire transfer, a BIC code (also called a SWIFT code) is used to authenticate the identity of the banks or financial institutions, ensuring that money is transferred to the right account.
“Our SWIFT code streamlines our identification process and saves our customers time and money,” reveals the fintech’s founder, Bertrand Théaud.
“It’s a new milestone because we know how trust and convenience are important in fintech services. This is why we join the SWIFT network, to serve our clients with the utmost accountability and transparency,” Théaud continues.
Founded in 2018, Statrys offers a variety of services, including advanced foreign exchange (FX), corporate cards and virtual IBAN accounts. These services are helping Hong Kong companies to digitalise while making Hong Kong more accessible and closer to foreign companies.
The company has undergone some positive changes over the past few months, including the adoption of multi-factor authentication (MFA), the expansion of its Hong Kong office, and now, becoming a member of the SWIFT network.