WorldRemit: business to business payments set to become easier

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • WorldRemit for Business set to launch in UK, with global scope
  • Faster payment times are key advantage
  • “We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business”, says WorldRemit’s founder

 

A leading name in the online payments space has announced it will launch a new product designed to make business to business online money transfers easier.

WorldRemit, which is known as a leading provider of remittance services and other cash transfer products, has announced it will offer its Nigeria-based customers “WorldRemit for Business”.

The new service will give employers who run small- to medium-sized businesses the chance to authorise payments for employees in almost 150 nations across the globe.

These will include major Sub-Saharan African economies such as Kenya, Nigeria and more. At first, the new services will only be available to senders who are making payments originally authorised in the UK.

The advantages of the new scheme are expected to be significant.

Currently, for example, it can in some cases take a week for a payment to reach Nigeria when made through a bank.

WorldRemit, however, is able to process such payments immediately.

It will also offer customers added convenience, such as access to the WorldRemit app – which monitors what stage a transfer is at in real time.

This app will also offer exchange rate comparison services to help find the best time.

According to WorldRemit’s founder, the move came from a desire to improve services both for individual consumers and for firms.

“When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer”, said Ismail Ahmed, the company’s Founder and Executive Chairman.

“Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.”

“Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many businesses have to pay, especially when sending to Nigeria. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”

Shane Lennox, the firm’s Senior Product Manager for Business, added that it would solve “a number of pain points”.

“This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors”, he argued.

“This new product launch will enable millions of SMEs to benefit from our award-winning convenient service.”

When people in the online money transfer space think of digitalisation, the first image which often comes to mind is of the money-savvy individual consumer transferring a personal sum to friends or relatives abroad. However, as this move from WorldRemit shows, there is a big demand for better B2B money transfer systems as well – especially when it comes to keeping staff loyalty in place. In the long run, it’s likely that the money transfer space will see more and more options like these.

Check out more about WorldRemit and other firms over at our magazine.


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