UK-based fintech company Ebury has launched its new payments feature, ‘Ebury Instant’ which will allow its clients to make and receive payments immediately, regardless of currency and reduce the cut-off time that this usually involves. This feature will be available where both the parties are Ebury clients and payments will arrive in the recipient’s account immediately and in the currency, the funds were originally sent.
“Ebury Instant means international transactions which would previously have taken minutes or hours, are now immediate. Making global payments easier, faster, and more flexible is at the heart of what Ebury does,” said Juan Lobato, CEO at Ebury.
According to the press release, security has been not sacrificed for the speed and the double verification will be required before the first payments are made to the new beneficiary. All payments processed will be checked by Anti-Money Laundering & Screening systems and this service is automatically activated for all of Ebury’s clients.
“This is a natural progression for us, and one we believe will make a tangible difference to our clients who are able to improve their relationships with buyers and suppliers by using the Ebury global ecosystem. Chasing payments will be a thing of the past for our clients”. CEO Lobato further added.
This service will allow Ebury’s clients to accelerate their business operations and this would mean immediate cash flows and immediate payment settlements. The company hopes that this new feature would provide the timely difference for businesses during COVID-19 pandemic.
Earlier this year, Santander had acquired a 50.1% stake in Ebury for £350 million and the bank will support Ebury’s expansion in plans in Latin America and Asia for its payments platform.