Hoping to at least alleviate some of the financial pain of being a smaller business—at least in the area of cross-border remittance, Jared Ang and Nicholas See, two friends with backgrounds in private equity and management consultancy, founded EasyPay Transfers aiming to provide smaller businesses and SMEs a way to do remittances and financial transfers at competitive prices.
“SMEs in Malaysia are often not the focus client groups of traditional banks, and are under-served by the banking community,” said Jared and Nicholas. “As such, we see many SMEs frequently having the hassle of going to banks and being given high FX rates and processing fees due to the size of their transactions as compared to larger businesses and multinationals.”
“EasyPay Transfers is not your regular Fintech company, we’re one of the few Fintech players that have chosen to focus on the B2B space squarely,” the founders said. “We have our own proprietary integration-transaction gateway that allows quick and easy interoperation with third party host systems.”
For brevity, the way EasyPay Transfers works is simply by signing up on their website, uploading the necessary documents, and then finally transferring funds.
And reinforcing this ease-of-use is a host of other behind-the-scenes components that allows the service to function better and cut more costs compared to banks and traditional financial institutions.
For instance, instead of having to go through the process of SWIFT Telegraphic Transfers (TT) at banks, EasyPay Transfers allows entrepreneurs to instead go through customer on-boarding and transaction origination through their web browsers, saving valuable time, and also concurrently making the whole process far more transparent.
All this comes with the added benefit of cost-saving, with EasyPay Transfers claiming to be able to halve the cost of bank transfers simply by virtue of using their software instead of having to deal with the overhead that comes with a traditional institutional business, like a bank.
“Banks are not keen to offer preferential FX rates because their high cost base doesn’t justify lowering them to accommodate small value payment transactions,” said Jared and Nicholas.
Read full article at https://vulcanpost.com/648739/easypay-transfers-remittance-malaysia/