Rapyd launches Virtual Accounts for businesses

The launch of Virtual Accounts facilitates businesses searching for payment support to allow them to tap into the global marketplace. While 93% of businesses report cross-border commerce is a high priority for their organisations in 2022, nearly 1 in 4 say supporting local payment methods is their biggest operational challenge holding them back, as per the press release.

Acting as local bank accounts without the typical transaction fees and extra operational costs, Virtual Accounts enable automatic global payments and payouts. Before Virtual Accounts, businesses would have to rely on cross-border wire transfers to a single bank account and manage separate accounts in each market. Several accounts mean higher administration costs, reconciliation errors, and complex operations. Now, businesses can accept payments in other countries, streamline operations, and offer international customers more local ways to pay.

Kadmos, a global salary payment platform of migrant workers, and embedded payments solution for B2B ecommerce Kontempo, trust Rapyd Virtual Accounts to simplify the payment of international salaries, and to build a B2B Buy Now, Pay Later solution, respectively. The offering can be set up to match the needs of businesses as they grow, with as many Virtual Accounts as required to collect and organise funds across countries, currencies, and customer needs. Using Rapyd's single API, Virtual Accounts can be used with Rapyd Collect, Rapyd Disburse, and Rapyd Wallet to enable local and cross-border payment acceptance and distribution.