Payment corridors refer to the global network of currencies and countries financial institutions and intermediaries use to facilitate cross-border payments. Accessing local currencies and networks is critical to operating efficiently in emerging and frontier markets.
As local payment requirements become more prevalent in emerging economies, there is an increasing need for global businesses operating in these countries to make these payments more efficiently and transparently, especially when processing bulk payments in different jurisdictions.
The ability to pay and operate in local currencies is a more convenient, cost-effective way to transfer funds to beneficiaries or employees in different countries. Organizations can avoid the high fees and delays typically associated with traditional hard currency international wire transfers into these regions.
An NGO with its headquarters in the US needs to pay the salaries of field workers in a remote area in Kenya or needs to fund a specific project in Uganda. Instead of using traditional, costly, and time-consuming banking methods, they can benefit from IPT Africa payment corridors between the US, Kenya, and Uganda to make payments in local currencies. End beneficiaries in the receiving countries will receive the total amount with no deductions by their preferred payment method.
Embrace The Tech
One of the advantages of working with a fintech specializing in this area is currency corridors can be customized to suit the specific needs of different organizations. For example, some payment corridors may involve mobile money services or digital wallets as the final delivery method, which is popular in many African countries.
At IPT Africa, we believe digital payments to be the engine that will drive growth in emerging markets, creating economic opportunities and supporting local economies.
Our integrated payment platform gives you real-time transparent rates across 100+ emerging markets. At the same time, our technology ensures payments are credited with the total amount, and zero fees are charged for sending them. We reduce the stress of operating in emerging markets and provide security and monitoring solutions to ensure your payments remain fully compliant.