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Rapyd to launch multi-currency Treasury Solution

Thursday 3 November 2022 11:43 CET | News

Fintech Rapyd has announced the launch of a multi-currency Treasury Solution for international payments operations’ optimisation in the APAC region. 

 

A collection of cash management features and solutions, Treasury Solution is believed to help with enhancing financial relationships of companies that are engaged in cross-border trade. CFOs, treasurers, and controllers alike will be enabled to customise how they manage liquidity, balance currencies, mitigate currency risk, while simultaneously working towards the improvement of their Singapore-based treasury hub. With the multi-currency solution, global firms will be enabled to carry out fund management without having to go through the complexity, frustration and additional costs associated with the handling of different banking relationships, payment providers, and funds flows across countries and currencies. 

Suited for companies of any size, be those mature international enterprises looking to enhance treasury operations or finance professionals at emerging regional exporters who are looking to compete more effectively, the solution is believed to help companies achieve costs that are 70-90% lower than conventional methods. This result is thought to be accomplished by lowering the number and frequency of required wire transfers, decreasing fees associated with cross-border banking, offering competitive FX rates, and having fund collection and disbursement operations optimised. 

Fintech Rapyd has announced the launch of a multi-currency Treasury Solution for international payments operations’ optimisation in the APAC region.

Treasury Solution capabilities

When using the multi-currency Treasury Solution, businesses are enabled the following:
  • Funds’ collection in more than 100 countries, as well as local payment receival into Rapyd Virtual Accounts in over 40 countries and 25 currencies, without there being a need to open and manage multiple overseas bank accounts;

  • Instant bank transfers funds’ receival through local Real Time Payments systems, including FAST, PayNow, and PromptPay;

  • Other local collection methods that include cards and e-wallets, amongst others;

  • Funds’ concentration by having them aggregated from multiple accounts from across the world intro a central multi-currency Singapore-based account, under MAS supervision;

  • Funds’ disbursement to suppliers, employees, and partners in over 190 countries from the same account, with Real Time Payments, Local ACH, and SWIFT, amongst other local options;

  • And fast settlement of the remaining funds to their local lead bank, enabling businesses to maximise credit and interest benefits, and maintain core banking relationships.

Having these capabilities, the Treasury solution is believed to bring businesses the following key benefits:

  • Instant, same-day access to funds that have been collected in Rapyd Virtual Accounts and via Real-Time Payments to carry out immediate pay out with Rapyd Disburse in order to seize supplier discounts, lower credit costs, and other financial-related benefits;

  • FX costs optimisation at collection, disbursement, and settlement through means of real-time FX conversion and tight spreads;

  • Improvement of core banking relationships, while also reducing the number of secondary bank accounts required abroad, as well as operational expenses and cost associated with the collection, pay out, and rebalance of funds. 

When speaking on the announcement, company officials have stated that this product launch follows the challenge CFOs and treasurers face when trying to simplify multiple banking relationships, while also ensuring that they can get paid by customers and in turn pay their suppliers, partners, and staff abroad. With the solution, the company is looking to remove this challenge, enabling merchants to build a payments hub within the Rapyd platform, while simultaneously helping them strengthen their lead bank’s relationship. 

For more information about Rapyd, please check out their detailed profile in our dedicated, industry-specific Company Database.


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Keywords: product launch, cross-border payments, cross-border ecommerce, FX , cash management, treasury
Categories: Payments & Commerce
Companies: Rapyd
Countries: Singapore
This article is part of category

Payments & Commerce

Rapyd

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