Transpay Launches Guide to Local Bank Transfers

Transpay has shared the first instalment of its guide series that explores the intricate world of mass global payouts, entitled Getting to Know Local Bank Transfers: What They Are and How They Can Work for You. The guide series will provide an overview of the alternate ways of getting money into a bank account other than what has been traditionally offered by the banking system.

A local bank transfer is a payment structure that makes it possible to send funds from a company’s bank account directly into a recipient’s bank account, in the local currency of the recipient, without using the traditional bank networks. Local bank transfers travel by way of a network built not by the global banking system, but by a payments provider. Users can send international payments on demand, across that network, into the bank accounts of individual recipients anywhere the network reaches.

With the growth of the digital economy, businesses need to make regular, mass global payouts to their recipients around the globe. Facilitating these payouts in a timely, cost-effective, secure and transparent fashion is increasingly critical for business success. Local bank transfers can be used by a wide range of businesses, from payroll companies who pay out employees to publishers who pay out their affiliates.

Future instalments of Transpay’s Ultimate Guide to Local Bank Transfers will help develop readers’ knowledge of mass business payouts, look at payouts from the recipient’s point of view, and share case studies that illustrate how local bank transfers function. Once published, the next instalment of the series will also be available for download.