Digital payment service WorldFirst has launched a new function that enables real-time cross-border payments for its multi currency business account; World Account.
Users and businesses of the WorldFirst account can pay international suppliers and other businesses with increased speed and efficiency with the new functionality of the World Account.
The function will benefit British and European SMEs in particular that import from international markets. This capability allows these businesses to promptly pay their overseas suppliers free of charge. SME import businesses can pay suppliers in over 200 markets worldwide in more than 90 currencies.
SMEs in the UK and the European Union that source from China can also now pay a range of suppliers who are also World Account users within seconds, due to WorldFirst’s extensive client base in the country. In 2023, China was the largest import destination for both the UK and the European Union.
WorldFirst has also expanded one-business-day settlement capability to cover 90% of its World Account transactions, seeking to provide SMEs with quick payments to increase turnover and save on costs.
The financial service supports same day settlements for payments made in Asia, including China, Singapore, Malaysia, Thailand and more.
Sumit Arora, Managing Director UK & Europe at WorldFirst, said: “We are providing speedy payment that is secure with client funds deposited at the world’s leading banks, who are our long-time partners.
“WorldFirst also leverages AI and other technologies to comprehensively conduct fraud prevention and risk evaluation, ensuring a streamlined and secure payment process for our clients.”
WorldFirst highlighted the need for a faster cross-border settlement process from SMEs. Recent research from the Financial Stability Board found that it takes between five to 10 days for payments to reach its intended destination, with many SMEs losing time to market on this process.
By offering more local currency accounts, WorldFirst intends to widen the opportunities for its e-commerce clients to sell in more countries. They can receive funds more quickly and cost-effectively by having customers settle into a local currency account.