As per the official press release, this function is expected to benefit British and European SMEs that import from international markets. This capability allows these businesses to promptly pay their overseas suppliers free of charge, ensuring timely receipt of goods and cost savings to support their business growth. With World Account, SME import businesses can pay suppliers in over 200 markets worldwide using more than 90 currencies.
Enhancing payment capabilities for SMEs
SMEs in the UK and the European Union that source from China can now pay a wide range of suppliers in seconds, thanks to WorldFirst's client base in the country. In 2023, China was the largest import destination for both the UK and the European Union.
WorldFirst has also extended its one-business-day settlement capability to 90% of all World Account transactions. This allows SMEs globally to benefit from faster payments, increasing turnover and reducing costs. In the UK and Europe, WorldFirst supports same-day settlement for payments to markets in the Asia-Pacific (APAC) region, including mainland China, Singapore, Hong Kong SAR, Australia, Vietnam, Malaysia, Thailand, Japan, and New Zealand. This is a significant improvement over the typical 2-5 day processing time required by regional banks.
Payment speed is a big pain point for SMEs when it comes to global transactions. The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, lists speed, along with cost, transparency and access, as the four challenges in cross-border payment. A recent analysis shows that it takes between five to ten days for payments to reach their destined account. Consequently, many SMEs struggle to access international markets.
WorldFirst has introduced tailored solutions for ecommerce sellers aiming to expand their operations overseas. Sellers can open a World Account online in under a minute, providing access to over 30 local currency accounts and solutions, and allowing them to manage all their accounts across various online stores. This integrated platform also facilitates easy supplier payments and VAT handling. WorldFirst enables SMEs to quickly establish and scale their presence on more than 130 global e-commerce marketplace platforms, including Amazon, SHEIN, and Wayfair.
