Fintech company Navro has announced that it has expanded its real-time, pay-to-bank capability, with the company now allowing direct payments to bank accounts in 61 countries.
With this solution, businesses can send money instantly to an individual’s bank account, regardless of the time of day, banking hours, with funds arriving immediately. Navro has now added 17 new real-time pay-to-bank corridors, allowing it to provide direct, real-time payments to bank accounts in 61 countries.
Increased operational efficiency through real-time payments
The newly provided capabilities allow businesses to benefit from scaled efficiency, choice, and flexibility for paying contractors and employees, mitigating reliance on traditional wire transfers, which can be slower and more expensive.
With the expanded real-time payment network, Navro aims to facilitate operational and financial benefits for the global workforce and contractor payments. Enabling just-in-time payments for contractor invoices will support businesses in holding onto cash in revenue-generating or interest-bearing accounts for longer. Additionally, the service improves payroll reliability, allowing businesses to fix end-of-month issues. If an error occurs, the capabilities of real-time payments enable instant corrections. This ensures that employees receive their full pay on the day they expect it.
Furthermore, the new payment corridors scale Navro’s reach in high-potential markets, spanning across Asia, Latin America, and Africa. They cover real-time payments to banks in:
- Asia: Cambodia, China, Hong Kong, Indonesia, Malaysia, Nepal, Pakistan, the Philippines, South Korea, Sri Lanka, Turkey, and Vietnam;
- Latin America: Costa Rica and the Dominican Republic;
- Africa: Ethiopia, Kenya, and Nigeria.
Besides scaling its international payment network, Navro has also expanded its regulatory footprint, with the company obtaining the Florida Money Transmitter Licence. The approval represented a significant milestone for Navro, as it enabled the company to provide its full suite of cross-border payment services to businesses operating in Florida.
