Rapyd, the fintech platform for global payments, payouts and business everywhere, has announced the launch of a multi-currency Treasury Solution, which is reportedly the “first of its kind” for the APAC area.
This solution is described as a collection of cash management features/solutions that optimize the cost and effort of international payments operations.
As mentioned in the announcement, Rapyd’s Treasury Solution allows companies engaged in cross-border trade to enhance their financial relationships. CFOs, treasurers and controllers are able to customize how they manage liquidity, balance currencies, and mitigate currency risk while also improving their treasury hub in Singapore.
The multi-currency Treasury Solution allows global firms to manage funds without the complexity, frustration and added costs of handling different banking relationships, payment providers and funds flows across nations and currencies.
It is suited for companies of any size – from mature international enterprises that aim to enhance treasury operations to finance professionals at emerging regional exporters who want to compete in a more effective manner.
By lowering the number and frequency of wire transfers required, decreasing associated cross-border banking fees, providing competitive FX rates, and optimizing operations for fund collection and disbursement, companies may achieve 70-90% lower costs than conventional methods.
A multi-currency Treasury Solution allows businesses to:
- Collect funds in over 100 countries, including:
- Getting paid locally into Rapyd Virtual Accounts in 40+ countries and over 25 currencies without needing to open and manage multiple overseas bank accounts
- Receiving instant bank transfers funds via local Real Time Payments systems including FAST, PayNow, and PromptPay
- Other local collection methods include cards, eWallets, and more
- Concentrate funds by aggregating these from multiple accounts from across the globe into a central multi-currency account located in Singapore, supervised by the high standards of the MAS
- Disburse funds to suppliers, employees and partners in 190+ countries around the world from the same account, with Real Time Payments, Local ACH, and SWIFT and other local options, and
- Settle the remaining funds as fast as instantly to their local lead bank, enabling businesses to maximize credit and interest benefits, and maintain their core banking relationships
Key benefits of working with our Treasury Solution include:
- Gain instant same-day access to funds collected in Rapyd Virtual Accounts and viam Real-Time Payments to pay out immediately with Rapyd Disburse to capture supplier discounts, lower credit costs, and other financial benefits
- Optimize FX costs at the time of Collection, Disbursement and Settlement with real-time FX conversion and tight spreads
- Complement and grow core banking relationships, while reducing the number of secondary bank accounts required abroad; reducing the daily operational overhead and cost associated with collecting, paying out, and rebalancing funds
Joel Yarbrough, VP APAC and MD Rapyd Ventures, said:
“CFOs and Treasurers are constantly faced with the complex and nerve-wracking challenge of simplifying their multiple banking relationships while ensuring they can get paid by customers and pay their suppliers, partners and staff abroad – which are the core pillars of enabling their businesses to expand their global reach.”
Joel added:
“Now, merchants can build a payments hub within the Rapyd platform, while making their relationship with their lead bank stronger. Businesses in Singapore have been asking for a cohesive Treasury Solution for years, and the Rapyd team is pleased to be the first in the market to bring this game-changing solution to our clients in APAC.”