Reducing Cross Border Routing and Settlement Costs For Payment Service Providers and Their Merchants
Hong Kong-based Fintech Company XanPool (the “Company”) having just raised raised it’s US$4.3 million in a Pre-A financing last quarter, is pleased to announce that it has launched its latest, product XanPay.
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XanPay is a unique payment routing technology that utilizes the Company’s proprietary C2C-routing-technology and its network of Digital Currency Liquidity Providers to enable cross-border payments between payment service providers, merchants and their customers. XanPay’s software allows its partners to instantly route and settle their cross border payments without any custody risk, simply by integrating with XanPay’s REST API.
What this means in practice, is that payment service providers that use XanPay’s routing technology, are now able to settle their merchant payments instantly, at minimal cost. Whereas conventional payment routing requires long settlement times – from days to weeks – to clear payments between merchant and customer.
The Company is currently already integrated with over 20 payment service providers and merchant acquirers in Asia, helping them route cross border payments in seconds instead of days, without taking custody of their customers’ funds throughout the entire process.
XanPay’s routing technology currently supports over 15+ countries and currencies including but not limited to Hong Kong S.A.R., Pakistan, Bangladesh, Russia, China, Japan, Korea, Australia, New Zealand, Singapore, Malaysia, Philippines, Indonesia, India, and Vietnam, connecting the currencies and local payment methods of over 50% of the world’s population into a single software stack.
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Commenting on the XanPay launch, Daniel De Weyer, previously the Global Clients Director at SWIFT (the world’s oldest and most established payment routing company), now having joined XanPay full time, said, “I’m incredibly excited about the XanPay product. Having worked for over 20 years at SWIFT, I instantly saw the value of XanPay’s C2C-rounting-technology alongside the usage of Digital Currencies. I have big ambitions for XanPay, and am excited to grow it into an organization with global capabilities making it the go to routing provider for local, regional and global clients.”
Evonne Tan, Business Manager at XanPay, said, “Our aim is to offer our business partners and merchants the quickest and most affordable infrastructure for the routing of money across the region (to enable cross-border payments); The interesting thing about XanPay’s infrastructure is that the more businesses use it, the faster and cheaper it becomes. This occurs when our C2C network volumes increase, which allows us to optimize our network liquidity better.”
Merchants in Asia are encumbered by legacy payments routing institutions, intermediaries, and infrastructure, forcing these merchants to have to contend with high costs and long settlement periods. Digital Currencies routed through XanPay’s C2C network can enable instant, cross-border routing and settlement, cutting out a lot of middlemen. Such as, for example, a Bangladeshi merchant will be able to accept Singapore dollars with Paynow, while receiving Bangladeshi Taka into his bank account within a few minutes.
Jeffery Liu, Chief Executive Officer at XanPool, and Daniel De Weyer, Director of Banking Relationships at XanPool are available for interviews.
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