Rapyd has come up with Virtual Accounts, a product which includes features that enable companies to outreach their footprint across the globe while they can still make local payments. Virtual Accounts, the product has been created in a way that ensures entrepreneurs and vendors across the globe accept local bank transfers in over 25 currencies.
The product allows for faster fund access, and multi-currency capabilities, and streamlines companies and reconciliation of collected payments. Global payments have always been a difficult target to achieve and to make it easy for consumers sitting at diverse places in the world, Rapyd’s Virtual Accounts will help a lot.
Rapyd’s Virtual Accounts acts like a local bank. The London-based organization’s product will reduce operational expenses and transaction fees as well as enable quicker and easier payments.
The Fintech-as-a-service platform asserts that this new product is capable to replace the traditional way of making cross-border wire transfers to a single bank account and maintaining individual accounts for every market.
Khyati Soparkar, Head of Global Product Marketing, Rapyd, stated, “One of the key factors that hold businesses back from expanding globally and reaching the next level of growth is the lack of infrastructure to support local payments. Virtual Accounts provide businesses with the confidence to grow worldwide knowing they have a trusted payments solution in place.”
Rapyd also stated organizations can use multiple Virtual Accounts when required to collect and manage funds across currencies, countries and customer needs. Virtual Accounts can also be coupled with Rapyd Disburse, Rapyd Wallet offerings, and Rapyd Collect apps of Rapyd Payment Network.
900 payment methods in more than 100 countries and global payment in over 200 countries rely on the payment network of Rapyd. Earlier in 2022, the organization acquired Neat, a cross-border trading platform that allows SMBs, and startups to trade on its platform.