- New GeoRemit service allows international money transfers between China and rest of the world
- Users gain access to roughly 90% of Chinese debit and credit bank accounts
- Makes P2P transfers safer and easier for users sending funds into and out of the country
Leading international money transfer provider Geoswift has announced a new P2P payments platform to facilitate better service to China.
The new cross-border payments solution, called GeoRemit, makes it easier for consumers to send and receive money quickly and securely to approximately 90% of all bank accounts in China – debit and credit – in RMB thanks to Geoswift's vast bank network in the country.
For most consumers, domestic remittances are a simple, straightforward transaction. In China, however, a complicated regulatory environment and strict laws regarding the movement of money across borders makes it difficult to send and receive money transfers both within the country and from overseas.
With GeoRemit, users benefit from a state-of-the-art anti-money laundering technology and fraud prevention measures to ensure that funds sent online to and from China are secure. Payments sent into the country with GeoRemit are subject to regulatory approval and must fully comply with all requirements of the People's Bank of China. These added security measures ensure that all money transfers are safer and more transparent than other service providers.
According to Raymond Qu, Geoswift founder and CEO, GeoRemit will make even small transactions easier and safer.
"We realise how important it is for users to stay connected and transact with people in other parts of the world. We have built our technological infrastructure to bridge the payment gap separating foreigners, and Chinese living overseas from their mainland. Along with a seamless single API integration to GeoRemit, we have implemented rigorous compliance procedures in place to ensure that transactions are screened, legitimate, and securely delivered to the recipient," said Qu.
