- Function to enable instant international payments between World Account users globally
- WorldFirst furthers increases transaction speed, with World Account now settling 90% of payments within one business day
- World Account supports same-day settlement of payment from UK and Europe to APAC region, compared to usual 2-5 days by most banks
- World Account supports global collection in 30+ currencies and global payments in nearly 100 currencies
WorldFirst, a one-stop digital payment and financial services platform for global businesses, especially serving SMEs in international trade, has launched a function to enable real-time payment between holders of its flagship multicurrency business account World Account as WorldFirst continues to increase speed and efficiency of secure international business payment.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240730289426/en/
Fresh4u Produce, a wholesale importer of fruits and vegetables, has experienced significant growth and success by leveraging WorldFirst's international payment solutions. With WorldFirst's support, Fresh4u Produce could pay suppliers more easily while managing currency fluctuations and low profit margins, enabling them to expand across Europe and bring diverse produce to market. (Photo: Business Wire)
This function will benefit British and European SMEs that import from international markets. This capability allows these businesses to promptly pay their overseas suppliers free of charge, ensuring timely receipt of goods and cost savings to support their business growth. With World Account, SME import businesses can pay suppliers in over 200 markets worldwide using more than 90 currencies.
In particular, SMEs in the UK and the European Union that source from China can now pay a wide range of suppliers who are also World Account users within seconds, thanks to WorldFirst's extensive client base in the country. In 2023, China was the largest import destination for both the UK and the European Union.
WorldFirst has also expanded one-business-day settlement capability to cover 90% of all World Account transactions, providing SMEs worldwide with speedy payments to increase turnover and save on costs. In the U.K. and Europe, WorldFirst supports same-day settlement for payments to markets in the APAC region, including the Chinese mainland, Singapore, Hong Kong SAR of China, Australia, Vietnam, Malaysia, Thailand, Japan and New Zealand, compared to the typical 2-5 days banks in the region usually require.
Payment speed is a big pain point for SMEs when it comes to global transactions. The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, lists speed, along with cost, transparency and access, as the four challenges in cross-border payment. A recent analysis shows that it takes between five to ten days for payments to reach their destined account. Consequently, many SMEs struggle to access international markets.
"We are providing speedy payment that is secure with client funds deposited at the world's leading banks, whom are our long-time partners," said Sumit Arora, Managing Director UK Europe at WorldFirst. "WorldFirst also leverages AI and other technologies to comprehensively conduct fraud prevention and risk evaluation, ensuring a streamlined and secure payment process for our clients."
WorldFirst tailored industry solutions for e-commerce sellers looking to expand overseas. Within one minute and fully online, e-commerce sellers can open a World Account to access over 30 local currency accounts and solutions while managing all their accounts across different online stores. This integrated platform also enables them to pay their suppliers and handle VAT payments effortlessly. WorldFirst helps SMEs quickly establish and scale their presence on over 130 global e-commerce marketplace platforms, including Amazon, SHEIN, Wayfair, etc.
WorldFirst is a leading Payment Service Provider in the U.K; offering local currency accounts. By offering more local currency accounts, WorldFirst widens the opportunities for its e-commerce clients to sell in more countries, as most local e-marketplaces will only pay out sales proceeds to accounts based within the country the e-marketplace operates in. For businesses that receive money directly from their customers, they can receive funds more quickly and cost-effectively by having their customers settle into a locally currency account.
About WorldFirst
WorldFirst is a one-stop digital payment and financial services platform for global businesses, especially SMEs in international trade. WorldFirst empowers SMEs to successfully execute their strategic growth plans with technology. The World Account, by WorldFirst, caters to SMEs engaged in international business, supporting online businesses selling on marketplaces and websites, as well as importers and exporters. Services include receiving payments, making payments, currency conversion, risk management and supply chain financing to help customers reduce costs, improve turnover efficiency to generate more revenue and sales, and quickly capture global business opportunities. Founded in London in 2004, WorldFirst joined Ant Group in 2019.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730289426/en/
Contacts:
Media
Media@worldfirst.com
