Rapyd (PC42 profile), a global fintech-as-a-service platform, has announced the launch of Virtual Accounts enabling businesses to expand globally while supporting local payments. The new offering provides corporations worldwide with the ability to securely and reliably accept local bank transfers in over 40 countries in more than 25 currencies, including the US, UK, EU, and APAC regions. Virtual Accounts act as local bank accounts without the typical transaction fees and additional operational costs, enabling simple, confidential and automated global payments and disbursements.
Before Virtual Accounts, companies relied on expensive cross-border transfers to a single bank account and had to maintain separate accounts in each market. Multiple accounts meant higher administrative costs, reconciliation errors, and complex processes. The adoption of virtual accounts is crucial for companies looking for cross-border payments.
“Paying employees on time and in their local currencies is very time-consuming, inefficient, and costly, and it takes several days for all employees to be paid and for the money to reach them. By partnering with Rapyd, Kadmos clients are experiencing a whole new way to pay their international employees. Thanks to Virtual Accounts, it’s faster, digital and much more affordable – helping employers pay the more than 180 million migrant workers worldwide more efficiently” says Sasha Makarovych, co-founder of Kadmos
Kadmos, the global payroll platform revolutionizing the payroll experience for millions of migrant workers, relies on Rapyd Virtual Accounts to make paying international salaries easier. Kadmos uses Virtual Accounts to make it easy for companies to pay global wages worldwide seamlessly. Your employees can transfer and spend their money anywhere. Kontempo, the Mexico City-based embedded payment solution for B2B e-commerce, is leveraging Rapyd’s suite of offerings, including Virtual Accounts.