The use of remittance and money transfer services is synonymous with expats sending their hard-earned income back to their country of origin. This has undoubtedly been a considerable contributor to the GDP of several developing nations, with the total volume of overseas transactions being expected to touch a trillion dollars within the next five years.
Since the acceleration of tech, individual remittances have been increasingly facilitated by digitisation and instantaneous payments. However, cross-border corporate (business-to-business) remittances have continually been admitted to traditional and expensive channels, a responsibility that is bound to rise over the coming years with the direct increase of domestic and international trade.
According to recently published research by Ripple, cross-border SMA business-to-business payments value the market between $10 to 15 trillion dollars; which remains a largely untapped sector.
In addition to this, the study inferred that B2B cross-border payments, in general, are expected to cross $35 trillion in 2022; after hitting a Covid-related low of $27 trillion in 2020.
With the intention of making cross-border trade transfers both more affordable and increasingly instantaneous, WorkerAppz Business, a segment of WorkerAppz Worldwide Payments focused on corporate (B2B) money transfer, is catered towards providing banks, money exchanges, and neobanks with a platform for facilitating business-to-business remittances & payments for their corporate and small & medium enterprises (SMEs) account holders or clients at competitive rates.
Praveen Chandiramani, Founder & CEO of WorkerAppz Worldwide Payments comments, “SMEs are usually the largest in number in most countries but yet, quite often fail to access financial services that are priced reasonably at an affordable level and that’s the crux of our offering. The usual timelines for trade transfer range anywhere between 48 hours to 7 days and are highly-priced which is extremely unreasonable in today’s extremely competitive era. To disrupt this space, our solution is crafted to bring down the cost of such trade transfers to as low as $10 per transaction and credit within 24 hours.“
“Banks & money exchanges usually sit on an extremely high number of corporate clients which are quite often untapped as the funds are routed through alternative channels thereby causing a low of earnings for them. WorkerAppz Business integrates with their current platform through API and enables these institutions to provide their corporate clients seamless & fully AML-compliant business-to-business remittance services,” added Praveen.
In a short span of time, WorkerAppz has partnered with banks, finance houses, and money exchanges in Europe, UAE, India, Bahrain, and China for its cross-border B2B transfers and will soon be launching this service in other countries in the GCC.