Rapyd launches virtual accounts and payments platform for commercial businesses
The provision of virtual accounts by payments companies has become a key feature in enabling businesses to transact globally.
In such, Rapyd, a London-based B2B payments provider has announced the launch of Virtual Accounts which is a product for businesses trying to expand globally while supporting local payments. Under this, it would allow organizations anywhere in the world to accept local bank transfers across over 40 countries in more than 25 currencies, including the US, UK, EU, and APAC regions.
A flurry of competitor initiatives has already hit the market. Airwallex rolled out multicurrency virtual cards while Mastercard also launched virtual card solutions for B2B payments.
Rapyd claims that its product would act like a local bank account which is ‘without the typical transaction fees and extra operational costs’ and would also enable ‘simple, familiar and automatic global payments and payouts’.
Last year, Rapyd upgrades its B2B payments infrastructure to expand its presence globally and it also partnered with Dock and Banco Rendimento to launch an all-in-one solution for Brazil.
The company also highlighted that before virtual accounts, businesses ‘would have to rely on expensive cross-border wire transfers to a single bank account and manage separate accounts in each market’, thus increasing administration and operational costs.
“One of the key factors that holds businesses back from expanding globally and reaching the next level of growth is the lack of infrastructure to support local payments”, said Khyati Soparkar, Head of Global Product Marketing at Rapyd.
For businesses using Rapyd’s API, Virtual Accounts can be used with Rapyd Collect, Rapyd Disburse and Rapyd Wallet.
Rapyd is a payments company which lets businesses access payments through their network and transact in local as well as cross-border transactions. The platform unifies payment systems across the globe by bringing 900-plus payment methods in over 100 countries. It has payment licenses in the UK, Europe, Brazil, India, Japan, Malaysia, Mexico, Singapore and the US.