Juni enables cross-border payments for European customers

To allow its customers to transact with global vendors and partners, Juni extended its Send Money solution, enabling EEA-based companies to make cross-border payments to mainland China and the US. Payments can be completed directly and securely from the user’s Juni USD account. Through this launch, Juni supports its objective of becoming a banking alternative for digital commerce businesses and improving its core banking feature offering.

According to officials, the new cross-border payment capabilities aim to ensure that ecommerce businesses can pay vendors and suppliers easily, with Juni’s customers that work with global entities being able to move money between multi-currency IBAN accounts in USD, GBP, EUR, NOK, and SEK, with account payments FX capped at 0.5%. By facilitating USD-to-USD international transfers, Juni wants to strengthen its banking position while creating the foundation for expanding its invoice management offering to include inventory payments. Representatives confirmed that the company wants to include additional jurisdictions in the upcoming months.

Cross-border payments to the US and mainland China will be available to ecommerce businesses across the EEA, with Juni aiming to make the capabilities available to UK enterprises in the second half of 2024. 

Launched in 2020, Juni aims to provide businesses in digital commerce with the financial tools and technology to manage their cash flow. By offering virtual Juni Mastercard Corporate cards, multi-currency accounts, and banking, accounting, and advertising integrations, the company works on increasing revenue and cashback for enterprises. Some of Juni’s customers include companies such as waterdrop, NUDIENT, Pomme, BidBerry, and Boltshop, among others.

At the end of March 2023, Juni announced that Amazon sellers can integrate their stores with the company’s platform. Through this, Juni wanted to allow businesses to improve their financial decisions with unified insights into all their Amazon stores’ financial data in one, real-time overview.

Moreover, in October 2022, Juni secured its Electronic Money Institution (EMI) licence from the Swedish regulator Finansinspektionen. This enabled Juni to issue e-money in Sweden, with plans to expand across Europe. The EMI licence allows Juni to be more flexible and create tailored offers for customers, introduce additional compliance procedures, as well as improve its existing payments technology. 

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