Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world, and PayEase, a licensed Chinese Payment Services Provider, announced a new joint solution that enables overseas merchants to clear and settle cross-border payments efficiently.
The integrated solution carries out domestic collection in Renminbi (RMB). It also settles cross-border and overseas mass payment in multiple major currencies across the world's top financial centers.
"Joining hands with Geoswift will help us deepen and widen the reach of our product offerings by leveraging their strong global banking relationships, comprehensive end-to-end compliance approach and robust technology infrastructure across the world.
This joint solution will enable us to better serve our clients to meet their growing needs for cross-border and overseas settlement," said Frank Zhou, CEO of PayEase.
PayEase is one of the few Chinese payment service providers which have attained both VISA's Qualified Service Provider Certification and Cross-Border Payment License. With their strong history of providing payment services for Fortune 500 clients, and solid background in compliance and governance, the partnership will further cement Geoswift's position as a leading cross-border payment solutions provider. It is also in tune with Geoswift's mission to provide intelligent, frictionless and fully compliant cross-border fund flow for its clients.
Payments solution is among the fastest growing segments of the fintech industry, especially in China. One of the major drivers for demand for payment solutions is e-Commerce. China is one of the largest cross-border e-commerce markets for both exports and imports. According to Research and Markets, the trade value of China's cross-border e-Commerce is expected to exceed RMB 14 trillion by 2020.
Looking forward, Mr. Raymond Qu, CEO and Founder of Geoswift, is optimistic about the future demand for cross-border payment solutions. "The demand for payment efficiencies is ever-increasing," he said. "Cross-border payments can be difficult because of the rapidly changing regulatory environment, especially when it comes to China. One needs to deal with the disparities in regulatory requirements, compliance controls, payment behavior, and the complexity in routing methods for different types of cross-border transactions."
"It is our job to provide cost-efficient, timely cross-border payment solutions that are easy to use and understand."