Rapyd elevates embracing of virtual accounts 

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Rapyd is enhancing its embracing of Virtual Accounts, which it described as ‘a vital product’, as the firm is strengthening its backing of businesses that desire enhanced expansion. 

The group is seeking to allow global organisations to securely and reliably accept local bank transfers across over 40 countries in more than 25 currencies.

Sasha Makarovych, Co-Founder of Kadmos commented on the move: “When it comes to getting employees paid on time and in their local currencies, it is very administration heavy, inefficient, costly and takes many days to process and reach employees. 

“By partnering with Rapyd, Kadmos clients experience a completely new way of paying their international workforce. Thanks to Virtual Accounts, it is faster, digital, and much cheaper – ultimately helping employers pay the more than 180 million global migrant workers more efficiently.”

Furthermore, it also comes at a time when engaging with the global marketplace has never been more important for firms, as they seek to grow their business and embrace a wider demographic of consumers. 

Kontempo, the embedded payment solution for B2B e-commerce based in Mexico City, uses Rapyd’s suite of offerings, including Virtual Accounts, to help achieve their mission of building Latin America’s go-to B2B Buy-Now-Pay Later solution.

Matthew Meehan, Co-Founder and CEO at Kontempo added: “Partnering with Rapyd and implementing Virtual Accounts has been instrumental in the growth of Kontempo’s business as we look to scale our BNPL offering to markets throughout Latin America. With Virtual Accounts, we’re able to offer our small business customers flexible repayment methods and our merchant partners a faster, risk-free way to get paid that can also boost sales by more than 50%.”

Khyati Soparkar, Head of Global Product Marketing at Rapyd stated: “One of the key factors that holds businesses back from expanding globally and reaching the next level of growth is the lack of infrastructure to support local payments. Virtual Accounts provide businesses the confidence to grow worldwide knowing they have a trusted payments solution in place. Now, it’s never been easier to reach more countries, currencies and customers – all businesses need is one Rapyd account.”

Virtual Accounts can be added to Rapyd Wallet, the underlying platform that acts as a financial hub for businesses by supporting a range of services like bill pay, cash withdrawal and load, and funds transfer.