LONDON – Rapyd, a global fintech-as-a-service platform, today announced the launch of Virtual Accounts, a vital product empowering businesses to expand globally while supporting local payments. This new offering allows organizations anywhere in the world to securely and reliably accept local bank transfers across over 40 countries in more than 25 currencies, including the US, UK, EU, and APAC regions.
The launch of Virtual Accounts comes at a crucial time for businesses searching for payment support to allow them to tap into the global marketplace. While 93 percent of businesses report cross-border commerce is a high priority for their organizations in 2022, nearly 1 in 4 say supporting local payment methods is their biggest operational challenge holding them back1.
Acting as local bank accounts without the typical transaction fees and extra operational costs, Virtual Accounts enable simple, familiar and automatic global payments and payouts. Before Virtual Accounts, businesses would have to rely on expensive cross-border wire transfers to a single bank account and manage separate accounts in each market. Several accounts mean higher administration costs, reconciliation errors and complex operations. Now, businesses can easily accept payments in other countries, streamline operations and offer international customers more local ways to pay.
Kadmos, the global salary payment platform revolutionizing the experience for millions of migrant workers to receive their salary, trusts Rapyd Virtual Accounts to simplify the payment of international salaries. Powered by Virtual Accounts, Kadmos makes it easy for companies to seamlessly pay international salaries across the globe, and for their employees to remit and spend their earnings everywhere.
Sasha Makarovych, Co-Founder of Kadmos comments: “When it comes to getting employees paid on time and in their local currencies, it is very administration heavy, inefficient, costly and takes many days to process and reach employees. By partnering with Rapyd, Kadmos clients experience a completely new way of paying their international workforce. Thanks to Virtual Accounts, it is faster, digital, and much cheaper – ultimately helping employers pay the more than 180 million global migrant workers more efficiently.”
Kontempo, the embedded payment solution for B2B e-commerce based in Mexico City, uses Rapyd’s suite of offerings, including Virtual Accounts, to help achieve their mission of building Latin America’s go-to B2B Buy-Now-Pay Later solution.
Matthew Meehan, Co-Founder and CEO at Kontempo comments: “Partnering with Rapyd and implementing Virtual Accounts has been instrumental in the growth of Kontempo’s business as we look to scale our BNPL offering to markets throughout Latin America. With Virtual Accounts, we’re able to offer our small business customers flexible repayment methods and our merchant partners a faster, risk-free way to get paid that can also boost sales by more than 50%.”
Khyati Soparkar, Head of Global Product Marketing at Rapyd comments: “One of the key factors that holds 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 the confidence to grow worldwide knowing they have a trusted payments solution in place. Now, it’s never been easier to reach more countries, currencies and customers – all businesses need is one Rapyd account.”
Virtual Accounts can be set up to match the needs of businesses as they grow, with as many Virtual Accounts as required to collect and organize funds across countries, currencies, and customer needs. Using Rapyd’s single API, Virtual Accounts can be used with Rapyd Collect, Rapyd Disburse and Rapyd Wallet to empower local and cross-border payment acceptance and distribution.
- Rapyd Collect allows businesses to securely and easily accept payment types from over 100 countries. With Virtual Accounts, businesses can add even more options in the form of local bank transfers, making it easier to reach more customers no matter where they are located.
- Virtual Accounts adds to Rapyd Collect payment collection capabilities that include Hosted Checkout, Checkout Toolkit, Virtual Terminal, Global Invoicing, and third-party plugins such as Wix and WooCommerce.
- Using Rapyd Disburse, businesses can disburse funds to more than a hundred countries in locally preferred payout methods like ewallets, banks, cards and cash.
- Together with Virtual Accounts, clients can send a payout to one sender or multiple recipients around the world.
- Virtual Accounts can be added to Rapyd Wallet, the underlying platform that acts as a financial hub for businesses by supporting a range of services like bill pay, cash withdrawal and load, and funds transfer.
- Businesses can have as many Virtual Accounts as needed and allocate them by country, currency or customer, but still only use a single Rapyd Wallet.