#United States #Las Vegas #Visa Direct #Global Payments #MassPay

MassPay Streamlines Global Payouts

In a significant breakthrough for global transactions, MassPay, a prominent financial orchestration platform and partner of Visa Direct, has just unveiled a game-changing update that profoundly alters how businesses execute payouts around the world. This new capability allows companies to pay out to 180 countries in the local currency of the payee, all while requiring just one foreign exchange conversion.

The Challenge of Traditional Payment Processes

Historically, businesses engaging with a global workforce or seller network faced considerable hurdles with international payments. They often had to convert funds into a widely accepted intermediary currency, such as USD, only to convert again into the recipient’s local currency. This two-step process not only incurred additional foreign exchange costs but also created operational complexities that could diminish profitability. Furthermore, it was often the payees—the very individuals or companies receiving the funds—who experienced a reduction in overall payment value due to unfavorable currency conversions.

MassPay’s Solution: Simplifying Payments for All

With MassPay’s enhanced multi-currency solution, the focus shifts to providing greater financial value directly to payees. Instead of undergoing multiple conversions, which typically strips value from transactions, MassPay enables businesses to fund payouts in the currency they currently hold. This results in a streamlined process in which payees receive their funds in the currency they use daily.

Ran Grushkowsky, CEO and co-founder of MassPay, noted, “Every time money changes currency, a little value is lost, and it's almost always the payee who feels it. Businesses shouldn't have to convert into dollars just to convert out of them again. With a single FX hop, our clients fund in the currencies they already hold, and their payees are paid in the currency they live and spend in. It’s simpler for the business, and more money reaches the people who earned it.”

Key Advantages of MassPay’s Payout System

The introduction of this payment system boasts several advantageous features for both businesses and their payees:

• - Local Currency Payouts: Businesses can make payments in the local currency of recipients in 180 countries, ensuring that payees receive funds in the currency they need without facing additional conversions...
• - One FX Hop: This new system bypasses the traditional need for intermediary conversions, allowing for a straightforward transfer of funds.
• - Reduced FX Costs: The reduction in currency conversion steps translates to lower foreign exchange costs and better financial outcomes for payees.
• - Simplified Treasury Operations: Companies can now manage their payments more efficiently by working with the currencies they currently have on hand.

This latest capability is supported by MassPay’s robust global payout infrastructure, which includes real-time push-to-card, bank account, and wallet payouts facilitated through Visa Direct. Additionally, MassPay maintains an impressive transaction success rate above 99.3% and offers around-the-clock support for its clients, ensuring seamless financial operations across various time zones.

Now Available for Clients

This innovative payment capability is currently available to select clients of MassPay. Existing users can quickly begin utilizing the new functionalities for currency collection and payouts, with no disruptive changes to their existing integrations. New clients looking to explore MassPay’s offerings can easily start by visiting www.masspay.io.

About MassPay

Headquartered in Las Vegas, Nevada, MassPay is at the forefront of financial orchestration, enabling businesses to collect funds in a diverse array of currencies while facilitating local currency payouts to 180 countries. As a partner of Visa Direct, MassPay is committed to delivering rapid and reliable payouts, always prioritizing the needs and benefits of the payees. For more details on how MassPay can streamline your business payouts, visit their website at www.masspay.io.