Xpress Money, Geoswift collaborate on China remittance service
Finabler’s Xpress Money cross-border transfer service has partnered with Geoswift to enable consumers in global markets to send funds in real time to Chinese bank accounts.
The move enables consumers outside of China to send funds instantly to recipients in China who have a UnionPay card account at one of 14 participating banks.
The collaboration leverages Geoswift’s cross-border remittance network, which has robust connections to colleges and universities, international e-commerce companies and global travel operators, the companies said.
Xpress Money, which Finabler acquired last year, expects the partnership will expand its overall reach in Asia by connecting Chinese consumers to its own expanding payments network. A mix of national and regional banks will support the service, including ICBC, Bank of China, Bank of Shanghai and Guangdong Rural Bank, the companies said.
“The know-how and commitment that Geoswift brings is a testimony to its growth in the payments technology space,” Sudhesh Giriyan, Xpress Money’s CEO, said in a press release Tuesday.
Geoswift, in turn, sees advantages in relying on Xpress Money’s remittance technology to enhance its own services.
“The payments ecosystem is always ever-changing, in particular for cross-border money transfers in and out of China,” Raymond Qu, Geoswift’s CEO, said in the release.
Finabler, which is based in the Abu Dhabi in the United Arab Emirates, also announced a memorandum of understanding with UnionPay for a possible collaboration to extend the reach of their networks.
The two operators will work toward enabling UnionPay card customers to access Finabler's retail and cross-border payment services in 170 million countries, and visitors to China could use Finabler's network to make cashless payments through UnionPay's network.
Other goals include enabling UnionPay to leverage Finabler's platform for cross-border payments from international markets into China, and providing UnionPay customers with ATM access, shopping and digital VAT refund solutions when they travel abroad.
"We are excited to leverage Finabler's global presence and their portfolio of payments technology solutions to realize our vision of further expanding the reach of our network to international markets and consumers," Larry Wang, a vice president at UnionPay International, said in a press release.