Transpay, the US-based business-to-business/business-to-partner (B2B/B2P) cross-border payments platform will expand its direct-to-bank payment network to Ukraine through a partnership with the country’s largest commercial bank, PrivatBank.
Originally launched in 2012, Transpay’s platform and proprietary bank network enables businesses to send mass, rapid payouts to recipients and businesses in more than 120 countries and in over 60 currencies.
The addition of Ukraine opens up a cost-effective payment method for business clients to send funds same-day, directly into PrivatBank’s 17m account holders.
According to market research from GFK, 49% of Ukrainian depositors have their savings with PrivatBank and its network in the country has 2,500 branches, 7,500 automated teller machines (ATMs) and 12,200 self-service kiosks.
Transpay comments that the need for same-day payments to Ukraine continues to grow as the country has become a hub of freelance talent. Specialising in software development, ecommerce and IT, Ukraine’s tech industry is worth an estimated US$5bn and Ukrainian freelancers earned US$61m in 2014,according to the global freelancing platform Upwork.
“As Ukraine becomes a larger part of the global digital economy, we look forward to more possibilities and opportunities with this partnership,” said Maria Strashko, PrivatBank’s head of cross-border payments
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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