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  What Are Cross-Border Payments? Cross-border payments  are defined as payments sent from one country to another. There are a few different ways to make a cross-border payment. You can use a wire transfer, an international money order, or a bank draft. However, the most common way to send money cross-border is through an electronic transfer.   An electronic transfer is a payment sent electronically rather than by check or cash. The funds are transferred from one bank account to another bank account. This is the quickest and most convenient way to make international payments.   How Do Cross-Border Payments Work? Most cross-border payments today rely on correspondent banking relationships to carry out international money transfers.   This means that to make a cross-border payment, the transfer has to go through a correspondent bank where the recipient is located. That is; the sending bank will transfer funds to the correspondent bank, which will forward the money to the recipient's

  In the ever-growing era of globalization, the world is getting a smaller place. Migrant workers,  making money in jobs much from residence, sent more than $400 billion to their families back home in the early 2000 decades. Such compensations continue to be an important income for countless people in establishing countries: Food, housing, education and learning, health care, and also, even more, are spent daily by employees who generate income abroad. With an easy  money transfer service sending out cash residence has been a cakewalk. Those working professionals and students are truly sending heart-warming feelings and maintaining the balance work-life balance.    Unfortunately, a huge part of these compensations is taken in by the transaction prices of bank-to bank transfers worldwide. Offered the low incomes that migrants or students tend to gain, as well as offered the percentage of each transaction, too much money is invested in these money transfer services, decreasing the amoun

Online payments have evolved over the years to become the order of the day, as more people are choosing  e-payments over traditional bank  deposits and withdrawals. From mobile bank apps to virtual banking, down to mobile money services, there are just a whole lot of trends to aid seamless mobile payments across the globe. What is USSD Banking and How Does It Work? The acronym USSD stands for “unstructured supplementary service data,” and it’s a technology that has been around since the early ’90s. It was developed by the GSM Association, the trade organization behind most of the world’s cell phone standards.  USSD banking  is an SMS-based mobile banking service, where a USSD shortcode is used to access financial services like transfers, bill payments, airtime recharges, etc. USSD banking is a safe, convenient, and cost-effective means of accessing financial services on your phone without the use of an internet connection.   What makes USSD particularly appealing for financial services

  Virtual cards are a relatively new addition to payments, and they're quickly gaining all the popularity and acceptance they deserve. From the convenience they provide to the   safety and security of your funds   and card details. Virtual cards are the new future of payments, and we just can’t get over it. This article explores all you need to know about virtual cards, how they work, their features and benefits, and why you should feel left out. So, let’s dive in.    What is a Virtual Card, And How Does It Work? A virtual card is a  digital  version of the traditional plastic credit or debit card. It works by creating a unique 16-digit account number for each transaction stored electronically, with an expiration date and security code. They can be used only once or for a limited time, and they mask the actual card numbers to provide extra security.     Purchases made using virtual cards are processed like any other credit card transaction, but there's no physical card to swipe

  There are a lot of emerging cross-border fintech startups that allow you to send and receive money transfers online. These new services leverage technology to provide fast, efficient, and secure money transfers in different countries and currencies across the globe.    However, choosing the best money remittance platform can be a daunting task, as there are numerous money remittance companies with similar or slightly different offerings.    Nonetheless, the following tips can serve as a guide to help you in making the best choice of a  cross-border money transfer company . Read on to find out    6 Tips to Consider Before Choosing A Cross border Payment Company   Here are some of the factors you should consider before choosing a cross-border payment provider, to ensure that your transfer is as cost-effective and stress-free as possible.   Look Out for Regulated and Licensed Companies The money transfer company must be regulated and licensed. This will give you an assurance that the

  What Is Money Remittance? Money remittance is simply the movement or transfer of money/funds to another party. A popular example would be the transfer of money to another country by immigrants who need to send money home to their families. Remittances are also used for things like university fees, purchasing property overseas, or making an investment in another country.   Remittances are a key source of capital for developing countries, helping families support themselves and contributing to economic growth. According to the World Bank projection for 2021, Nigeria would receive about $17.6 billion in remittances as against $17.2 billion which was recorded in 2020. This represents a 2.5% increase in the annual projections for remittances from the Diaspora. These transfers help recipients meet basic needs such as food, clothing, shelter, and education.    Money remittance can be divided into two categories, They include:   Inward Remittances : Inward remittances refer to the process o

Many new companies in the financial technology sector facilitate international financial transactions. These innovative services use cutting-edge technology to facilitate quick, easy, and risk-free international money transfers in a variety of currencies. Yet, with so many options available, choosing the finest money remittance platform can feel like a Herculean undertaking. However, the following advice can serve as a roadmap to assist you to select the most suitable international money transfer service. Take a look below to discover out 6 Tips to Consider Before Choosing A Crossborder Payment Company Look Out for Regulated and Licensed Companies Compare Exchange Rates and Fees Choose a Company With a Good Reputation Consider The Payment Options.  Transaction Speed Security Finally, To the same degree that the funds you wish to move are crucial, so too is your decision over which money transfer firm to use. Always verify any information you receive from an unknown source to reduce you

With economic integration, cross-border payments are expanding quickly in both the financial and trade sectors. Additionally, as a result of economic globalization, many people are looking for simpler ways to transfer money between continents and countries. An estimated 1.7 billion people are active on e-commerce platforms, with over 3 billion people utilizing the Internet every day. Hence the constant requirement for international trade. Cross-border payments are, however, fraught with difficulties, including high costs, sluggish transactions, and a lack of transparency on the part of the major participants, to name a few. This post will cover everything you need to know about cross-border payments, as well as how to use Transfy to overcome their difficulties. Transfy is a pan-African fintech platform that offers an alternate mode of payment for international transfers and money transfers. On the Transfy Platform, it's simple to send, receive, and make cross-border payments to pe

 To run efficiently, every firm needs to have a larger cash flow. Because of this, a lot of firms have begun to favor receiving payments online. Business owners can save time and money by using electronic payment methods. You can handle payments quickly with electronic payments. You can rapidly apply for cash via the e-payment systems, and you can accurately reconcile your financial records. By doing this, you'll be able to maintain your data organized and eliminate accounting errors. The benefits of employing an electronic payment method, however, go beyond this. The following are some crucial advantages of electronic payments: 1.   Instant Payment Compared to more conventional payment options like cash or checks, electronic payments are significantly faster. You are not limited by time or place when making payments online. Payments are simple to make at any time, from anywhere in the world. Payments can now be made online, negating the need to visit a bank. Your consumers no long

 The efficiency of domestic and international payments in Africa was worse than it had been in prior years. When it comes to remittances and foreign payments, both individuals and businesses in Africa have encountered numerous barriers. Due to the lack of access to digital financial services a few decades ago, people had to deal with large amounts of currency transfers. The amount of clients banks could serve each working day was constrained by the number of offices they possessed. Since the majority of Africans at the time lacked access to a cell phone, mobile payments were still only a pipe dream. But thanks to the global e-commerce boom, the cashless policy, and the technology growth, everything has changed. Today's payments are more frictionless and straightforward than ever before. There are a tonne of alternatives when it comes to payments, ranging from online banking to cross-border payment options and even down to digital payment platforms. With that said, let's examine