Transpay is launching a mass payout feature which allows users of its cross-border payments platform to send funds to a recipient's bank account within minutes.
The business-to-business platform is available for businesses in more than 100 countries in Europe, Asia, Latin America and Africa. Transpay's Mass Payout Solution allows businesses to pay recipients with only an email address or a phone number.
"Businesses need a more efficient and easy way to send funds globally," said Nagarajan Rao, senior vice president of Transpay, in a Feb. 10 press release. "Traditional wire transfers, international prepaid cards and e-wallets are an expensive and often slow way of moving money around the world."