As per the information detailed in the press release, the launch marks Tranglo’s first large-scale expansion within the region and comes amid an influx of cross-border funds in recent years.
As cross-border payments have increased exponentially within the past 10 years, SEPA helps facilitate more than 43 billion transactions on an annual basis. Despite this, cross-border SEPA credit transfers and direct debits accounted for 3.5% and 4.5% respectively of such transactions in the region.
Following this announcement, Tranglo believes cross-border transactions to SEPA countries to gain significant traction in the months to come, predominantly amongst the growing number of European businesses and consumers abroad looking to leverage real-time payments.
In the initial launch stage, supported SEPA payout countries are the UK, Belgium, Croatia, Finland, Germany, Greece, Hungary, Netherlands, Portugal, Slovakia, Spain, and Sweden, with additional ones set to follow.
Commenting on the news, Tranglo Group CEO Jacky Lee advised that the decision to launch the offering follows the company’s aim in addressing the increasing demand for cross-border payments. As per their statement, its Tranglo Connect offering is integrated into SEPA, providing added value per transaction when talking about speed and coverage.
Furthermore, the announcement details that the company’s instant SEPA payout is available 24/7 and supports individual and business senders alike, together with beneficiaries, with all transacting bank accounts having the requirement to be identified by IBAN.
The press release further states that the Tranglo Connect proprietary cross-border payments solution helps financial institutions and businesses carry out payments and integrates payout and partner services, unifying end-to-end payment processes with direct API access. By leveraging Tranglo Connect, companies are enabled to make payments to more than 30 countries in a secure and reliable manner.
A 2008-founded company, Tranglo is a cross-border payment hub providing activating within the space of business payment, foreign remittance, and mobile payment solutions, with its global network spanning over 150 countries, 600 mobile operators, 1,300 banks/wallets, and 140,000 cash pickup points.
One of its developments marks the January 2022 expansion into Hong Kong, where the company announced that it had enabled near real-time payments leveraging the region’s Faster Payment system launched by the Hong Kong Monetary Authority.
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