Inpay launches recurring cross-border cash payments platform PostalCheque

Tuesday 6 July 2021 15:16 CET | News

Denmark-based Inpay launches PostalCheque, a new international postal money order product, helping financial institutions with recurring cross-border cash payments.

PostalCheque is intended to be a cost- efficient, faster alternative to bank cheques and SWIFT-to-cheque. It is made for high volume, low value, recurring cash payments, such as international pension or insurance payouts.

Inpay’s direct access to domestic clearing channels means that customers can pay a fraction of the cost for this service, as this eliminates the usually expensive bank wire transfer fees and deductions, as the press release says. PostalCheque also removes the operational complexities and costs of sending recurring bank cheques internationally, which can take many weeks to be mailed and cashed out by the recipient’s bank.

Via an agreement and integration, PostalCheque connects customers to Eurogiro’s global network of 86,000 post offices in 28 payout countries. This includes remote and rural locations, making it a suitable option for recipients without bank accounts, or in hard-to-reach locations.

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Keywords: product launch, cross-border payments, SWIFT, recurring payments
Categories: Banking & Fintech | Payments General
Countries: Europe
This article is part of category

Banking & Fintech