Cross-border Mass Payouts Solution
Applicant name: TransferTo
Innovation Name: TransferTo’s Cross-border Mobile Payments Network
Innovation Type: Service
Innovation Description: In 2017, TransferTo expanded its product portfolio to offer more solutions across it’s cross-border money transfer network. We noticed a gap in the market to provide a service that enabled faster payments to multiple recipients across emerging markets, who didn’t necessarily have access to formal financial systems.
As a result, we began to facilitate mass salary payouts for corporates and non-for profit organisations to their contractors and employees. This solution enables companies to pay multiple recipients at once, in different countries and currencies in real-time, and to a payout option of the recipients’ choice (i.e. mobile wallet, bank account, or cash pickup).
Advantages for companies include:
Single access to over 200 payment partners across 60+ countries in TransferTo’s global network
Process unlimited numbers of transactions
End-to-end integration support and reporting tools
End-user benefits include:
Flexible, convenient, real-time
Receive funds in local currency and choice of payout option -no need for bank account
Status of Innovation: In-market
Innovation Active Since: 04/01/2017
Applicant Type: Private Company
Headquarter City: Singapore
Headquarter Country: Singapore
Year Founded: 2005
Main Category Choice: B2B Solution
Why do you think you should win this category?:
Our Mass Payouts solutions gives our network partners the ability to pay multiple recipients in emerging markets, at once, using multiple currencies; Delivering a single connection across 60+ countries, flexible payout options and experienced in-house technology team with full system integration and support.
We began to help Grab, a mobile ride-hailing and payments platform in South-East Asia, to enable real-time daily earning payouts for over 1.8 million Grab drivers across the region, by using their GrabPay mobile account as a means of collecting their salary.
Previously, the payouts were processed by dispatching salaries in batches. Grab received concerns from drivers who had to wait up to several working days to collect their earnings, yet required the money as soon as possible to support their livelihoods.
This new solution was essential and more cost effective, saving Grab time and resources from building their own system or integrating with multiple partners, where they could focus more of their efforts on their go-to-market.
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
TransferTo’s cutting edge money transfer tech infrastructure was built by our experienced in-house engineer team to facilitate cross-border mobile money transfers to-from emerging markets. The API integration provides a single connection to multiple payouts networks and is extremely adaptable, integrating with any pay-out system available globally. Our unique tech solution allows our partners the ability to expand their portfolio and geographical reach -quickly and seamlessly, and offer their customers a secure, cheaper and better way to send-receive money to and from emerging markets – especially in areas with low penetration of banking services and access to financial services is inadequate. Also benefits our partners by:
Being reliable & having a 99.99% system up-time
Providing real-time monitoring & 24/7 support
Full back office reporting
Our payments infrastructure is the gateway to driving financial inclusion, helping to bridge the gap between the services offered in developed markets with those available in emerging economies.
Full Name: Aik-Boon Tan
Role: EVP, APAC
TransferTo’s Mass Payout solution with Grab in South-East Asia: https://www.transfer-to.com/news/1109/Grab-and-TransferTo-partner-up-to-deliver-realtime-digital-payments-across-SouthEast-Asia
TransferTo’s Cross-border Money Transfer Solution: https://www.transfer-to.com/money-transfer#1
Full Name: Aik-Boon Tan
Role: EVP, APAC