dLocal partners with USI Money to provide cross-border payments

Following this announcement, the partnership will enable secure and efficient cross-border transactions by facilitating direct transfers into bank accounts and digital wallets, such as Bkash and Nagad in Bangladesh, M-Pesa and Airtel in Kenya and Uganda, or UPI in India.

In addition, the solution will prioritise efficiency, ensuring competitive rates and fast processing times as well. By developing a safe environment for customers to conduct their financial transactions, both firms aim to tackle the challenges of high costs, slow speeds, and limited accessibility in cross-border payments.

More information on the dLocal x USI Money partnership

The Financial Stability Board highlights the high costs, slow speeds, and limited access that represent significant challenges in cross-border payments, particularly in emerging markets. According to FSB, over 40% of transactions take more than a day to settle, causing delays in fund availability. At the same time, 65% of clients prioritise instant payments, while many are dissatisfied with the flow processing times and inefficiencies of traditional systems, according to Mastercard Insights. 

By partnering with dLocal, USI Money will have the possibility to leverage its optimised technology and extensive network in order to enhance its service offerings across the region of Asia and Africa. The companies will continue to focus on ensuring that users can access their funds quickly and affordably, a process that will improve the cross-border payment experience in these high-developmental regions. The partnership will also address the global challenges of cross-border transactions and make significant steps in the process of overcoming the barriers that users face. 

Furthermore, the collaboration underscores dLocal’s commitment to emerging markets, while also enabling the firm to facilitate fast and secure cross-border transactions and improve accessibility in the current financial landscape. Both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries as well.