Malaysia-based cross-border payment solution provider Tranglo has launched instant SEPA (Single Euro Payments Area) payments to Europe. The firm anticipates that real-time cross-border payments will benefit millions of people and businesses in the region.
The cross-border payments launch marks the first large-scale expansion by Tranglo in Europe, coming amid an influx of cross-border funds in recent years.
SEPA currently facilitates over 43 billion transactions per year, as cross-border payments have grown significantly in the last decade. Despite this, cross-border SEPA credit transfers and direct debits accounted only for 3.5 per cent and 4.5 per cent of such transactions in the region, respectively.
Tranglo expects cross-border transactions to SEPA countries to pick up significantly in the coming months, especially among the increasing number of European businesses and consumers abroad looking for real-time payments.
At launch, supported SEPA payout countries are the United Kingdom, Belgium, Croatia, Finland, Germany, Greece, Hungary, Netherlands, Portugal, Slovakia, Spain and Sweden, with plans for more to also follow at a later date.
Tranglo’s instant SEPA payout is available 24/7 and supports individual and business senders and beneficiaries.
‘Increasing demand for instant cross-border payments’
Jacky Lee, CEO of Tranglo Group, commented on the launch of the new offering: “We decided to launch this offering to cater to the increasing demand for instant cross-border payments. Our business partners will also be delighted to know that Tranglo Connect is integrated seamlessly into SEPA, offering more value per transaction in terms of speed and coverage.”
Tranglo looks to help financial institutions and businesses pay through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services, unifying the end-to-end payment process with direct API access. With Tranglo Connect, companies can make payments securely to over 30 countries.
The cross-border payment hub’s network spans more than 150 countries, 600 mobile operators, 1,300 banks and wallets, as well as 140,000 cash pickup points.