Hyderabad: While digitisation is changing the world, cross border payments between businesses is still a very complex process. Traditional systems like Swift, individual banking applications, and other manual processes make the payment very cumbersome and non-transparent. In order to help enterprises have a transparent and seamless platform for cross border payments, Fairexpay was conceptualized a year ago and launched in 2020.
Founded by Raj and Abhilash Reddy, the Hyderabad-based company helps enterprises – both large and small – to make cross border payments by choosing service providers of their choice and get the best exchange rate in real time. Other than this, enterprises can save around 3-7 per cent per transaction when they transfer money using the platform.
“We work differently from the traditional platform which have typical problems like high banking and processing fee, high rate of commission and a lot of manual interventions. Through our platform, enterprises can do transactions in 200 countries in 130-plus currencies. Even local transactions in the local currency can be done. The platform is secure and real-time with seamless integration of SAP which was provided by our partner BeOne Solutions,” said Raj.
The platform counts TransferWise, WesternUnion, Veem, OFX, Currencycloud, Cambridge global payments, CurrencyFair and XE as its partners. It offers transaction options in 50-plus currencies from across the globe. It is working in an industry which has a transaction volume of $150 trillion in B2B global payment transactions and is growing at 4 per cent year-on-year.
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