Sokin launches platform to aid business payments

Rapid digitisation of commercial payments in the past year has led to a flurry of product and service initiatives. Start-up fintechs such as Currencycloud, TransferWise, EMQ, Ebury, Nium etc have emerged as potent competitors to traditional payment companies in this space.

This week, London based fintech Sokin has launched Sokin Enterprise which according to the company would aim to provide a better payments experience for large organizations. With this platform, Sokin would let organizations make unlimited instant payments and FX transfers for a ‘transparent fixed fee’.

As an unregulated startup, Sokin is acting as a front-end to white-labelled electronic payment services offered by Malta-regulated Transact Payments, similar to a recent initiative of Germany’s Pliant.

The service will go live on April 16th, 2021. The company touts this as a ‘faster, more convenient payment and instant settlement’. It will onboard its first tranche of business customers which includes Fulham Football club and several other large clients. This service will initially be rolled out across the UK and Europe with Canada and other markets to follow later this year.

Last week, Currencycloud announced a partnership with Norway-based mobile payments company, Settle to add foreign exchange and cross-border payments for its wallet users and business customers across Europe.

Sokin back in 2020 partnered with Currencycloud to integrate its local payments network onto its money transfer service in 150 countries and 35 currencies.

The company also noted in the press release that it is following and working on additional B2B products for sole traders and SMEs and from June 2021 it will ‘offer consumers unlimited international money transfers and payments with no mark-up on transactions’.

“When it comes to making payments, businesses have long suffered from high fees and time-consuming transactions”, said Vroon Modgill, CEO, Sokin.