NEW YORK, Feb. 10, 2015 /PRNewswire/ -- Transpay today announced the worldwide launch of a new platform that enables businesses of all sizes in the U.S. and overseas to send low value funds within minutes to a recipient's bank account via a proprietary direct bank transfer network in more than 100 countries across Asia, Latin America, Europe and Africa.
The sophisticated platform finally provides a solution that allows businesses to bypass the antiquated bank wire system when sending cross-border payments. With Transpay, senders don't have to worry about collecting complicated bank wire details or receiver bank accounts. Businesses can log onto Transpay's secure site and send money to a bank account thousands of miles away in seconds, reducing costs and improving transfer time of cross-border payments to freelancers, contractors, developers, suppliers and more.
"Businesses need a more efficient and easy way to send funds globally," says Nagarajan Rao, Senior Vice President of Transpay. "Traditional wire transfers, international prepaid cards and e-wallets are an expensive and often slow way of moving money around the world. We're addressing a core need of businesses of all sizes, making cross-border payments simpler than ever before.
"Another unprecedented way in which our Mass Payout Solution simplifies payments is that technology integration is not required and there are no complex regulatory hurdles or cumbersome beneficiary registration processes," says Rao.
Transpay's new platform delivers funds quickly, and in some cases the money is available in minutes. As importantly, Transpay has a distinct cost advantage over traditional wire transfers and international prepaid cards. And, unlike sending to an e-wallet, this new platform enables direct transmission into the recipient's bank account, all with the very best foreign exchange rates and minimal fees.
Transpay, a disruptive international payments platform, is always striving to offer a better user experience via its mature cross-border payments network that delivers funds to recipients in developed and emerging countries in a reliable, compliant manner.
"This new service delivers functionality to small businesses that's normally seen only in payments systems used by much larger corporations able to undergo an IT integration process," says Rao.
Transpay, headquartered in New York City, is a division of TRANSFAST, LLC, a regulated financial institution and money service business. Transpay makes the complex global payments landscape user-friendly with secure, fully compliant, easy-to-use solutions. Transpay provides global STP (Straight Through Processing) services for any organization that would like to move funds to multiple international locations. For more information, visit www.transpay.global or call 212-994-0345.
Newsmaker Group Public Relations for Transpay