WorldFirst, a one-stop digital payment and financial services platform for global businesses, especially serving SMEs in international trade, has launched a function to enable real-time payment between holders of its flagship multicurrency business account World Account as WorldFirst continues to increase speed and efficiency of secure international business payment.
This function will benefit British and European SMEs that import from international markets. This capability allows these businesses to promptly pay their overseas suppliers free of charge, ensuring timely receipt of goods and cost savings to support their business growth. With World Account, SME import businesses can pay suppliers in over 200 markets worldwide using more than 90 currencies.
In particular, SMEs in the UK and the European Union that source from China can now pay a wide range of suppliers who are also World Account users within seconds, thanks to WorldFirst’s extensive client base in the country. In 2023, China was the largest import destination for both the UK and the European Union.
WorldFirst has also expanded one-business-day settlement capability to cover 90% of all World Account transactions, providing SMEs worldwide with speedy payments to increase turnover and save on costs. In the U.K. and Europe, WorldFirst supports same-day settlement for payments to markets in the APAC region, including the Chinese mainland, Singapore, Hong Kong SAR of China, Australia, Vietnam, Malaysia, Thailand, Japan and New Zealand, compared to the typical 2-5 days banks in the region usually require.
Payment speed is a big pain point for SMEs when it comes to global transactions. The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, lists speed, along with cost, transparency and access, as the four challenges in cross-border payment. A recent analysis shows that it takes between five to ten days for payments to reach their destined account. Consequently, many SMEs struggle to access international markets.
“We are providing speedy payment that is secure with client funds deposited at the world’s leading banks, whom are our long-time partners,” said Sumit Arora, Managing Director UK & Europe at WorldFirst. “WorldFirst also leverages AI and other technologies to comprehensively conduct fraud prevention and risk evaluation, ensuring a streamlined and secure payment process for our clients.”
WorldFirst tailored industry solutions for e-commerce sellers looking to expand overseas. Within one minute and fully online, e-commerce sellers can open a World Account to access over 30 local currency accounts and solutions while managing all their accounts across different online stores. This integrated platform also enables them to pay their suppliers and handle VAT payments effortlessly. WorldFirst helps SMEs quickly establish and scale their presence on over 130 global e-commerce marketplace platforms, including Amazon, SHEIN, Wayfair, etc.
WorldFirst is a leading Payment Service Provider in the U.K; offering local currency accounts. By offering more local currency accounts, WorldFirst widens the opportunities for its e-commerce clients to sell in more countries, as most local e-marketplaces will only pay out sales proceeds to accounts based within the country the e-marketplace operates in. For businesses that receive money directly from their customers, they can receive funds more quickly and cost-effectively by having their customers settle into a locally currency account.
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