Clear Junction has recently announced it is providing a range of cross-border payments services to NovaPay, the payment arm of one of the “major” retail logistics brands in Ukraine.
The Nova Poshta group is a postal and courier company that “provides express delivery services for individuals and businesses.”
Its headquarters are in Ukraine, but in recent years it “has expanded into Moldova.”
NovaPay is the Nova Poshta group’s payment arm and Clear Junction’s partnership with them will “help facilitate cross-border payments between Ukraine and the rest of the world.”
According to the National Bank of Ukraine, in the first half of 2021 NovaPay had “a leading share in 40% of the local money transfer market, with a total of 3,600 locations operated in NovaPoshta outlets.”
Clear Junction has “worked to identify the most suitable payments solutions and has provided NovaPay with a correspondent account for its accounts receivables in euros.”
Andriy Kryvoshapko, CEO of NovaPay, said:
“We support the development of trade between Ukraine and European countries and we want both the parcel delivery from abroad and the payment for them to be as convenient and fast as possible. It is important for us to be a reliable business partner and therefore we began working with Clear Junction. This will allow us to improve settlements with senders of parcels from EU countries.”
Dima Kats, Chief Executive of Clear Junction, added:
“Clear Junction is proud to add the Nova Poshta Group to its list of our clients in Ukraine. We see this as a very logical step for us, especially considering the military actions in Ukraine which have caused major disruption to the existing logistics infrastructures. We would like to take part in the facilitation of the further expansion of the economic and business ties between Ukraine and the European Union.”
Clear Junction’s service provision in Ukraine and Moldova “helps demonstrate the importance of financial institutions from that region working with a global payments solutions provider with routes into countries around the world.”
NovaPay’s partnership with Clear Junction will “provide many benefits for Nova Poshta’s clients, but will also enhance the capabilities of the business.”
As noted in a release, Clear Junction “is a global financial company that offers end-to-end regulated electronic money and payments solutions based on proprietary in-house technology.”
As a provider of correspondent accounts and a partner of leading financial institutions and technology providers, Clear Junction “enables financial institutions to gain control over their cross-border payment collection and remittance processes.”
As mentioned in the update, Nova Poshta “is a private Ukrainian postal and courier company, the leader of the logistics Ukrainian market that provides express delivery of documents, freight and parcels for individuals and businesses.”
The company “delivers shipments through more than 8700 branches, 7000 lockers and to the address.”
In 2021 Nova poshta “delivered over 372 million shipments throughout the country.”
As noted in the announcement, NovaPay “is a financial division of the Nova Poshta group which manages all its domestic and international payment activities.”
It operates a payment system “registered with the National Bank of Ukraine.”