WireWallet Opens SWIFT Channels for International Fund Transfer

WireWallet, a Cyprus-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform, has opened SWIFT channels for international fund transfers for all its users, along with already supported SEPA.

“The main goal for WireWallet is to continuously increase it's product range for it's Merchants,” Andrew Anastasiou, founder and CEO of the payments platform, told Finance Magnates. “With the new SWIFT connections, we hope to increase WireWallet's position on the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term world stage.”

He also stressed that this will facilitate SWIFT payments to the business categorized under the high-risk. To date, these businesses could only use SEPA to transfer funds within Europe.

“The unique selling point for us is the ability to process SWIFT for businesses in the high-risk sector. As a payments company, we know the difficulty our high-risk merchant face and we now hope to alleviate this,” Anastasiou added.

Easing international payments for businesses

The platform also partnered with multiple banks in Germany and Estonia which will provide access to its users to over 100 global currencies.

Wirewallet users also get access to “open banking” with the platform’s banking partnerships, meaning all IBANs linked to any Banks connected to WireWallet can be accessed from the customer’s account with one login account. The platform also allows sub-accounts to be issued under their master IBANs, easing the access to multiple accounts.

Founded in 2018, Wirewallet is registered in Cyprus and regulated under the Central Bank of Lithuania. The platform provides back-office services to businesses for fund transfers internationally.

The platform is also moving to launch a prepaid card that will be connected to its users’ accounts with Wirewallet. Though the company did not set any deadlines for the launch of the debit card, it is expected to hit the market sometime in the last quarter of this year.