Rapyd, a global Fintech as a Service company, announced today a major expansion of Rapyd Disburse, an industry-leading mass-payout platform.
The company has made significant investments in the Rapyd Global Payments Network in Europe and the Americas, and now offers more payout methods in Asia than any other payout platform. A simplified user interface for clients to onboard is now available, so clients can begin to more quickly disburse funds locally or cross-border.
By expanding core disbursement functionality and deeply integrating them with Rapyd’s Fintech as a service technology stack - Collect, Issuing and Wallet - businesses can now leverage a single, unified cloud-based solution that delivers the broadest array of payment acceptance and disbursement capabilities with reach to more than 100 countries. The Rapyd Global Payments Network provides significant global reach including 26 countries across Asia including Singapore, India, Taiwan, and Japan. Expansion across the Americas has also occurred with more payout coverage in the United States, Brazil, and Mexico. And depth of coverage in the EMEA region has been broadened in France, Germany, the United Kingdom, United Arab Emirates, and Kenya. Rapyd will be extending wider coverage for bank payouts across Africa in the next two quarters.
Significant changes in the economic landscape are moving businesses to get online and pay their suppliers, workers, and partners electronically quickly and easily. Yet, both new and existing online businesses are finding it challenging to pay efficiently, at low cost, and in the preferred local payment methods they need, including local and cross-border bank transfers, into ewallets, push-to-card, or even in cash.
Rapyd Disburse bypasses legacy mass-payout platforms by providing APIs that improve the user experience and supports multiple disbursement use cases including B2B supplier payments, B2C mass payouts for digital platform businesses and P2P transfers for remittance firms and banks. Built-in platform features help prevent fraud, covers regulations and compliance, and manage foreign exchange conversion.
Rapyd Chief Product Officer Helcio Nobre stated, “In this quickly changing economic environment businesses are looking for a modern disbursement solution that leverages speed-to-market, provides global payout reach and offers flexible technology options to support rapidly changing use cases. Enabled through the Rapyd Global Payments Network, Rapyd Disburse gives businesses unparalleled reach and scale providing highly localized payment experiences based on consumer payment preferences.”
The global disbursement market is expanding quickly worldwide, and notably in Asia. According to research from the “Rapyd 2020 State of Disbursements: APAC Outlook” which surveyed consumers across 7 countries in the Asia-Pacific region and found that bank transfers are the preeminent way consumers prefer to receive funds. Consumers choose to receive a bank transfer 53% of the time, followed by cash (16%) and ewallet transfers (14%). Additionally, Rapyd found consumers are most concerned about security, speed and the costs of the funds being received. The full research report which focuses on Asia-Pacific payment trends will be publicly released on 4 May 2020.
The global economy is re-focusing to a new playing field and a changed set of market realities. Digital businesses such as marketplaces, content delivery networks, gaming, and online education applications support a growing number of entrepreneurs with new income streams. Marketplaces and gig-economy platforms that can support cross-border payouts for remote workers, and B2B suppliers stand to benefit considerably as the world adapts to new market conditions. Rapyd Disburse solves these global disbursement challenges by simplifying the complexity of local and cross-border payouts so new markets can be reached faster.