The partnership will provide Fintiv’s customers the capability of making person-to-person or business-to-business payments into China, India, and many other Asian countries, directly from wallet accounts. With Geoswift’s geographical reach through its ‘GeoRemit’ product line, Fintiv’s payment platform can now connect to an extensive number of domestic banks or mobile wallets in Asian countries and territories. For example, payments can be delivered instantly to either the UnionPay debit/credit cards or Alipay wallets of beneficiaries in China.
Officials from Fintiv said that they are happy to announce a partnership with Geoswift as part of their global digital currency network, and eager to expand their reach into China and Hong Kong. Supporting Geoswift’s platform with Fintiv technology while enabling clients to make payments and remittances in Yuan and Hong Kong Dollars is strategically beneficial.
According to Geoswift, the two companies share the commitment to make the world a more mobile and connected place. This collaboration will give customers an augmented digital payment experience with convenience and efficiency, to connect with families, friends, or business partners overseas.
In April 2020, NIUM chose Geoswift to enable overseas customers to remit money to China
The tie up allows NIUM’s customers worldwide to send funds directly to a receiver’s UnionPay card account with 14 banks in China in real-time, and another 50+ banks within 48 hours.
The partnership with Geoswift provides convenience and cost-savings to consumers and businesses looking to remit money into China, especially when social distancing measures were being implemented all over the world during the COVID-19 pandemic:
For overseas consumers looking to send money to their loved ones in China;
For businesses looking to make payments to workers or freelancers in China;
For banks and financial institutions looking to offer their clients remittance service to China.
Fintiv is a player in mobile payments and digital banking, having deployed over 75 ecosystems in more than 35 countries, for clients serving more than 1.5 billion consumers. Fintiv is also an innovator in mobile technology, having deployed one of the first mobile wallets in the USA in the early 2000s, resulting in growth achieving Unicorn status by 2015. During the same period the company built a significant and relevant patent portfolios globally, and is now managing over 150 patents. Fintiv operates several subsidiaries providing digital payments, commerce, and banking services.
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