• Published on 10 April 2020
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TranSwap to launch virtual accounts in US, EU, UK and Indonesia

TranSwap, a home-grown cross-border payments platform for businesses, announced that it is set to launch a new service that offers free Global Borderless Virtual Account (GBVA) in the United States, European Union, United Kingdom and Indonesia in May.

TranSwap’s customers will soon be able to open bank accounts virtually. By using TranSwap’s GBVA, businesses could conveniently collect payments in the abovementioned locations, convert foreign currencies and send cross-border payments to over 180 countries worldwide. 

Customers will also be able to hold funds in their GBVA in 34 currencies (the virtual account for Indonesia is in Rupiah only). TranSwap’s global outreach is to over 180 countries, of which payments to 89 countries can be executed through local automated clearing house payment rails, thereby making it cheaper and faster.

The GBVA is integrated via application programming interfaces to TranSwap’s global cross-border payment cloud platform to provide businesses with a single interface for multiple currencies, help relieve their administrative burden and streamline payment or collection processes. 

Developed to ease the international payments issues that businesses face, the GBVA provides customers with the ability to easily track transactions in real time and enjoy transparency in fees and exchange rates. Meaning, there will be no surprise hidden fees. Businesses will be able to manage cash flow smoothly and bolster competitive advantage in their local markets by paying and receiving money in local currency.

TranSwap’s chief executive officer and co-founder Benjamin Wong said, “Our mission is to make cross-border payments cheaper, faster, safer, more convenient and borderless for our customers. By launching our Global Borderless Virtual Account, we can help businesses, especially small and medium-sized enterprises (SMEs) and startups, to accelerate their growth into new markets. They will be able to streamline payment and collection processes through a virtual account, all through a few clicks on our online platform.”

“Businesses are effectively able to create and manage their own global treasury through our Global Borderless Virtual Account where they can hold money in 34 currencies and pay to over 180 countries,” Wong added.

With the GBVA, businesses can surmount the challenges of global growth and get a headstart in the markets that they are eyeing for expansion, investments and even future payments. For example, they will be able to look out for favourable rates in United Kingdom and accumulate funds in pound sterling when the exchange rate is excellent.

If certain currencies are used frequently, the SMEs could tap on GBVA to secure favourable foreign currency exchange rates that will reduce their foreign exchange costs. Besides, SMEs can also enjoy massive savings in conversion costs on inbound and outbound payments when they leave money in those currencies in their virtual account.  

Re-disseminated by The Asian Banker