Self-styled ‘fintech as a service’ company Rapyd has expanded its mass-payout platform in response to the coronavirus pandemic and an increasing reliance on digital services amid national lockdowns.
Rapyd Disburse, a cross-border payments platform built on a global network that enables transactions to be carried out using local infrastructure and currencies, is now available in 26 countries across Asia, as well as the US, Brazil, and Mexico.
Coverage in the Europe, Middle East and Africa region has broadened to France, Germany, the UK, the United Arab Emirates and Kenya.
Rapyd plans to extend wider coverage for bank payouts across Africa in the next two quarters.
A simplified user interface for clients to onboard has been developed, so that clients can begin to more quickly disburse funds locally or cross-border.
Rapyd Disburse bypasses legacy mass-payout platforms by providing APIs that improve the user experience and supports multiple disbursement use cases including business-to-business supplier payments, business-to-consumer mass payouts for digital platform businesses and peer-to-peer transfers for remittance firms and banks. Built-in platform features help prevent fraud, cover regulations and compliance, and manage foreign exchange conversion.
Rapyd chief product officer Helcio Nobre said: “In this quickly changing economic environment businesses are looking for a modern disbursement solution that leverages speed-to-market, provides global payout reach and offers flexible technology options to support rapidly changing use cases. Enabled through the Rapyd Global Payments Network, Rapyd Disburse gives businesses unparalleled reach and scale providing highly localised payment experiences based on consumer payment preferences.”