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A feature that allows instant international payments between World Account users around the world
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WorldFirst has further improved transaction speed, with World Account now settling 90% of payments within one business day.
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World Account supports same-day settlement of payments from the UK and Europe to Asia Pacific, a significant improvement over the typical 2-5 day settlement times taken by most banks.
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The World Account supports global collections in over 30 currencies and global payments in approximately 100 currencies.
London, 30 July 2024–(BUSINESS WIRE)–WorldFirst, a one-stop digital payments and financial services platform for global businesses, particularly SMEs, involved in international trade, has launched a feature to enable real-time payments between holders of its flagship multi-currency business account, World Account, as it continues to improve the speed and efficiency of secure international business payments.
This feature benefits UK and European SMEs importing from international markets, allowing them to make free and fast payments to their overseas suppliers, ensuring they receive their goods in a timely manner, saving them money and helping them grow their business. World Account allows SME importers to make payments to suppliers in over 200 markets around the world using over 90 currencies.
In particular, UK and European Union small and medium-sized businesses sourcing from China can now make payments within seconds to a wide range of suppliers who are also World Account users, thanks to World First's extensive customer base in the UK. In 2023, China was the largest import destination for both the UK and the European Union.
WorldFirst has also expanded its one-business-day settlement capacity to 90% of all World Account transactions, providing faster payments to small and medium-sized businesses around the world, helping them increase sales and reduce costs. In the UK and Europe, WorldFirst supports same-day settlement for payments to markets in Asia Pacific, including mainland China, Singapore, Hong Kong SAR, Australia, Vietnam, Malaysia, Thailand, Japan and New Zealand, compared to the two to five days typically required by banks in the region.
When it comes to international trade, payment speed is a major pain point for small and medium-sized businesses. The Financial Stability Board (FSB), an international body that monitors and advises on the international financial system, lists speed as one of the top four challenges in international payments, along with cost, transparency, and access. A recent analysis found that payments take between five and 10 days to reach their destination account. As a result, many small and medium-sized businesses struggle to access international markets.
“We provide safe and fast payments with customer funds deposited with our long-standing partners, some of the world's leading banks,” said Sumit Arora, WorldFirst's managing director for the UK and Europe. “WorldFirst also leverages AI and other technologies to conduct comprehensive fraud prevention and risk assessments to ensure a streamlined and secure payment process for our customers.”
WorldFirst provides customized industry solutions for e-commerce merchants looking to expand internationally. E-commerce merchants can open a World Account fully online in less than a minute and manage all their accounts for different online stores while accessing accounts and solutions in 30+ local currencies. The unified platform also makes it easy to pay suppliers and process VAT payments. WorldFirst helps small businesses quickly establish and expand their presence on 130+ global e-commerce marketplace platforms, including Amazon, SHEIN, and Wayfair.
WorldFirst is the leading UK payment service provider offering local currency accounts. By offering additional local currency accounts, WorldFirst opens up the opportunity for its e-commerce clients to sell in more countries, as most local e-marketplaces only pay into accounts within the country in which the e-marketplace operates. Businesses that receive money directly from their customers can receive their funds more quickly and cost-effectively by having their customers pay into a local currency account.
About World First
WorldFirst is a one-stop digital payment and financial services platform for global businesses, especially SMEs involved in international trade. WorldFirst helps SMEs leverage technology to successfully execute their strategic growth plans. WorldFirst's World Account targets SMEs involved in international business, supporting online businesses selling on marketplaces and websites, as well as importers and exporters. Services include payment receiving, payment making, currency conversion, risk management and supply chain financing, helping customers reduce costs, increase revenue and sales through improved turnover, and seize global business opportunities faster. Founded in London in 2004, WorldFirst joined Ant Group in 2019.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730289426/en/
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