Trans-Fi Launches Cross-Border Payments Platform With AI-Powered Dynamic Routing
Global payment infrastructure firm Trans-Fi has launched a unified platform called BizPay that enables instant, compliant cross-border transactions with more than 250 payment methods across more than 100 countries.
BizPay enables businesses and individuals to send and receive money, initiate payouts and accept pay-ins, in minutes, the company said in a Thursday (May 23) press release.
The platform uses artificial intelligence-powered dynamic routing and more than 70 back-end integrations to optimize payouts or pay-ins for the fastest and most cost-effective route using fiat or stablecoin rails, according to the release.
It also has a self-onboarding feature that allows users to sign up, connect their details and start moving money in minutes, the release said.
BizPay features transparent pricing, real-time foreign exchange (FX) rates and zero hidden fees, per the release.
“For many [businesses], this could mean the difference between expanding into a new market — or holding back due to unpredictable costs and delayed settlements,” the release said.
Businesses have faced significant friction when using traditional cross-border payment methods, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”
The report found that slow speeds, lack of transparency and high costs have been core pain points for these payments.
However, new payments solutions are providing a range of benefits to chief financial officers and corporate treasurers, including simpler payment execution, streamlined compliance, and improved cash flow and liquidity management, according to the report.
In another, separate development in this space, OpenFX said Thursday (May 22) that it raised $23 million in initial funding for its real-time cross-border payments platform and settlement network. The OpenFX platform connects traditional banking rails with digital-native systems and enables 90% of transactions to settle in under 60 minutes.
On Wednesday (May 21), Circle said its stablecoin-powered cross-border payments network, the Circle Payments Network (CPN), is now live. CPN enables financial institutions to exchange payment instructions and settle transactions on open, public blockchains.
Thunes said April 28 that it raised $150 million in a Series D funding round to strengthen its cross-border payments platform and accelerate its expansion in the United States. Thunes’ Direct Global Network enables real-time payments across more than 130 countries, 80 currencies and 550 direct integrations.
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