TORONTO, Dec. 06, 2017 (GLOBE NEWSWIRE/Korea IT times) -- nanopay Corporation, a real-time payment platform that provides instant settlement across a variety of currencies, is announcing a new solution to enable international trading partners to easily and securely process B2B payments between bank accounts. In addition to domestic payment opportunities in Canada, users can begin using the platform in February for business cross-border payments between the United States and Canada, with India and China to follow in Q2 2018.
“Businesses are becoming increasingly global and it’s typically a slow and expensive process for companies to pay and get paid by international trading partners – not to mention the process often lacks transactional visibility,” said Laurence Cooke, founder and CEO of nanopay. “Business relationships are founded on trust and the nanopay platform eliminates payment risk as an impediment to working together. With UPS-like tracking you always know the status of your payment request.”
The U.S. and Canada have had a long standing trading relationship and this corridor is the second largest in the world after China. This presents the perfect opportunity for nanopay to launch its global B2B payment platform. More than half of these payments are processed by cheque with many businesses often paying for expensive wires as their other option. The nanopay B2B platform enables businesses to securely link their bank account to send payment requests to business partners. nanopay’s platform simplifies and accelerates international cross-border payments by enabling businesses to focus on international expansion rather than finding ways to make payments.
The nanopay B2B platform provides account to account payment with full visibility and payment context with ISO 20022 metadata to enable straight-through processing (STP). Businesses no longer have to exchange sensitive banking information and can instead link their current accounting system to initiate a request for payment. The platform helps account receivables teams have better access to the status of payments, whether the payment is scheduled, pending or complete. This flexibility also enables the payer to control cash flow more effectively while reducing the cost and risk that payees face when using expensive credit cards.
The nanopay B2B platform reduces the complexity of cross-border payments by providing originators of B2B payments to have full visibility of the FX costs when paying an invoice in another currency. The platform will be available as a web-based application as well as an API to make it easy for third-party application developers to integrate B2B payments into their software-as-a-service applications.
“nanopay’s vision for simple and secure global B2B payments made it an easy choice to implement its platform,” said Sam Andary, CEO, s2H Business Information Systems. “Offering a platform with unmatched visibility and simplicity sets us way ahead of our competition. Our customers will benefit from knowing where their money is at all times and trusting that it’ll be delivered securely – capabilities that customers are growing to expect in this digital age.”
The nanopay B2B platform is currently in private beta with public availability beginning February 2018. We are open to working with banks, accounting software providers and businesses to offer them the best next generation cross-border B2B payment experience. For more information about joining the early launch partners, contact a nanopay solution representative at firstname.lastname@example.org or visit nanopay at www.nanopay.net/solutions/b2b-payments/.
Founded in 2013, nanopay is a Fintech company based in Toronto that provides a real-time payments platform to enable banks, payment service providers and businesses to modernize their payment systems and deliver instantaneous and secure global payments. nanopay's platform was built for payment innovation with solutions for cross-border & B2B payments, digital cash and settlement in capital markets.
At the heart of the nanopay platform is its unique patented technology, acquired from the Royal Canadian Mint in 2015, which securely stores and moves value between users, instantly and without intermediaries. nanopay's open and flexible APIs ensure easy integration and reduces the time, cost and complexity of implementations. nanopay's platform has been live in Canada since June 2016.
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