Financial platform Juni has enabled its cross-border payments capabilities to expand its reach, now able to facilitate transactions to the US and China for European customers.
To enable its customers to transact with overseas vendors and partners, Juni is extending its Send Money product which will now allow EEA-based companies to make cross-border payments to China and the US. Payments can be made directly and securely from the customer’s Juni USD account.
“Legacy banks often struggle to offer competitive international transfers with a smooth customer experience and it’s something we know is incredibly important to our customers,” said Samir El-Sabini, CEO & Co-Founder of Juni.
“Our new cross-border payments feature ensures ecommerce businesses can pay vendors, suppliers and do intercompany transfers easily. This is one of many steps we’re taking to become a banking alternative for our customers.”
Data shows that the global B2B cross-border payments market is expected to total $56.1tn by 2030. Digital commerce businesses have been able to source inventory, pay vendors, contractors and do intercompany transfers on an international scale.
The launch is another step to realise Juni’s vision of becoming a banking alternative for digital commerce businesses, and strengthening its core banking feature offering.
Businesses working with global entities can use Juni to move money between multi currency IBAN accounts in USD, GBP, EUR, NOK and SEK, with account payments FX capped at 0.5%.
Shelley Havemman, Senior Director of Product at Juni, added: “We’re really excited to bring this feature to market.”
“By facilitating USD to USD international transfers simply and efficiently, we strengthen our banking proposition while laying the foundation for expanding our invoice management offering to include inventory payments. We will look to add additional jurisdictions in the coming months.”