Worldpay adjusts cross-border tech to offer quicker, cheaper processing
As fintechs and merchant acquirers build cross-border payments technology for e-commerce companies, Worldpay Inc. is expanding its bank-direct service and accommodating faster processing for lower-value transactions.
Worldpay is combining the Worldpay Bankout solution, which will now deliver to 154 direct bank disbursement destinations, and Worldpay FastAccess enabled by Visa Direct. The number of direct banks involved has increased from 65.
With the payout options, partners and customers will no longer wait for days to receive funds or refunds, instead obtaining them to their payment cards in near real-time to a mobile wallet or directly to a local bank account.
“As more and more companies send payments at lower values, cross-border, it will become a competitive differentiator to send quicker payouts to consumers and inexpensive disbursements to vendors and suppliers," Shane Happach, executive vice president, head of global enterprise e-commerce at Worldpay, said in a Thursday press release.
Bankout is for businesses needing to make a large number of global payments to, or on behalf of, their customers and suppliers. With 89 new local markets, Worldpay says it now provides seamless cross-border payouts for businesses in local currencies without the expense of making multiple international bank transfers.
Dynamic payouts allow businesses to make faster, seamless card-based payouts in near-real time within a maximum of 30 minutes. Building on its launch in the U.S. last year, FastAccess is now available to Worldpay customers in more than 50 new markets across Europe and Asia.
The payouts will benefit various industries, such as travel and tourism companies and marketplaces being able to pay accommodation vendors or send disbursements to travelers in a variety of countries and currencies, Worldpay said.
Payments technology provider and processor Vantiv acquired Worldpay Group in late 2017 for $11.6 billion, one of the largest transactions in the payments industry that year.
Within a year after that deal, Worldpay had strengthened its partnership with Mastercard and its Vocalink real-time payments scheme, essentially offering its e-commerce customers Mastercard's Pay by Bank app as a payment option.