Transpay, a B2B/B2P cross-border payments platform, announced the expansion of its direct-to-bank payment network to Ukraine through a partnership with the country's largest commercial bank, PrivatBank.
Since 2012, Transpay's platform and proprietary bank network has enabled businesses to send mass, rapid payouts to recipients and businesses in more than 120 countries and 60+ currencies. Now, with the availability of Ukraine, Transpay's business clients have a cost-effective payment method to send funds same-day, directly into PrivatBank's 17 million account holders.
"We welcome this partnership with Transpay that allows us to provide deposits from around the world to our customers," says Maria Strashko, Head of Cross-Border Payments. "As Ukraine becomes a larger part of the global digital economy, we look forward to more possibilities and opportunities with this partnership."
According to market research from GFK, 49% of Ukrainian depositors entrust their savings to PrivatBank and PrivatBank's vast footprint includes 2,500 branches, 7,500 ATMs and 12,200 self-service kiosks.
The need for same-day payments to Ukraine continues to grow as the country has become a hub of freelance talent. Specializing in software development, ecommerce and IT, Ukraine's tech industry is worth about $5 billion and Ukrainian freelancers earned $61m in 2014, according to Upwork.
"As businesses and marketplaces tap into Ukraine's growing freelance and tech industry, we are excited to enable payments to Ukraine for our clients and have PrivatBank on board as a partner," says Nagarajan Rao, SVP of Transpay.