Can you recall the last time you initiated a cross-border transaction? Would you label the process as ‘seamless’? If your answer was ‘no,’ you’re not alone.
Whether it’s due to delayed settlements or broken payment rails, cross-border transactions aren’t convenient for everyone. Businesses in emerging markets still struggle to make international payments, and bottlenecks like these stifle their growth opportunities. When a business issues payments through slow or insufficient payment rails, order fulfilment and customer satisfaction become difficult, harming the business in the long run.
To solve for speed and other inefficiencies, some businesses make payments through middlemen such as unlicenced brokers or informal currency swaps with peers in other countries. While this might seem convenient in the short term, potential problems compound. On one hand, enterprise funds are exposed to unregulated entities that can abscond with the business capital. Some banks may freeze funds due to fraud suspicion when large volumes of money go through unlicenced entities.
Foreign exchange and cross-border challenges such as these are what Glo currency is designed to solve.
Cross-border payment made seamless
Founded in December 2013 by Jamilah Alli, Glo Currency has addressed the international payment challenges faced by businesses in emerging markets for over a decade. As an authorised payment institution licenced in the UK, payments made with Glo Currency are secure and regulated. The payment infrastructure is built on rails such as the UK Faster Payments (FPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Clearing House Automated Payment System (CHAPS). While cross-border payments are settled between the same day and the following day, payments made within the UK can be settled on this dependable payment rail at any time between a few seconds and a maximum of the same day.
These payment rails also allow for faster, safer, and more reliable transactions without intermediaries. Other features of Glo Currency include:
- Multi-currency named accounts: Businesses and individuals can obtain multi-currency accounts in their own names, which increases credibility with partners. These accounts also allow for direct international payments and exchange rates that are much closer to the interbank or ‘real’ rates. These cost efficiencies minimise fees compared to traditional correspondent payment channels.
- Risk mitigation: By using Glo Currency, businesses avoid common pitfalls such as frozen funds or lost payments, which can occur when dealing with unlicensed channels or informal arrangements.
- Broader access: The service supports both B2B (for fintechs, importers, and manufacturers) and B2C transactions. Aside from businesses issuing cross-border payments for services and goods, students can make international tuition payments, enabling a wide range of customers in emerging markets to have access to reliable international payments.
- Invoice payment: Glo currency enables businesses to issue invoices to maintain good legal and financial records.
- IBAN API integration: Through this API, Nigerian fintechs can seamlessly plug into global payment rails, bridging local SMEs to international markets and customers in the diaspora.
What’s in the works?
The fintech, backed by a regulated bank, is set to roll out card issuance and digital asset support. This direct connection to core banking systems secures customers’ funds. For seamless cross-border transfers, visit glocurrency.com. To visit Glo Currency’s office in Nigeria, head to 86 Allen Avenue, Ikeja, Lagos State.
