Following this announcement, the new payments solution is expected to optimise the security and speed of cross-border payments for international small and medium-sized enterprises (SMEs) that purchase goods and products from suppliers based in the region of China. The service was developed especially for SMEs in international trade, while also aiming to ensure the prompt delivery of products for the customers.
WorldFirst will continue to focus on meeting the needs, preferences, and demands of its clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
WorldTrade was developed in order to protect the funds of SMEs buyers and customers by scrutinising sellers’ overall reliability, as well as improving the contractual commitment that can curtail the risk of financial losses. At the same time, the product can be leveraged once the trading parties enter into a contract, as the system will be enabled to initiate transactions and delivery of goods based on the payment conditions and timing stipulated in the contract.
In addition, WorldTrade is expected to facilitate immediate payment directly into the account of the sellers, while also offering worldwide buyers the flexibility and security to pay their suppliers by using a credit card, a debit card, or the WorldFirst platform World Account. The current channels usually process an international business-to-business (B2B) trade payment within a span of one hour to seven days.
In the moment that both the buyer and the seller use World Account, they will be given the possibility to save more on transaction fees and currency exchange costs. Furthermore, WorldTrade is set to facilitate smart contract fulfillment because of WorldFirst’s collaborations with banks, logistic providers, customs offices, and financial institutions. This will allow the solution to consolidate and validate crucial trade transaction information, including custom clearance, delivery, and payments.
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