Geoswift launches P2P money transfer service to China

Source: Geoswift

Geoswift, a leading provider of cross-border payments between China and the rest of the world, launches GeoRemit, a P2P money transfer service at Money 20/20 Europe today.

GeoRemit will help consumers swiftly and securely transfer money to 90% of Chinese bank accounts, both debit and credit, in RMB, by utilising Geoswift’s network of banks in China.

In most countries, remitting money domestically is a relatively straightforward process. However, the challenge lies in remitting securely and swiftly between China and rest of the world. China’s complex regulatory framework and stringent laws governing the movement of money, make it extremely challenging for consumers looking to transact into China.

In GeoRemit, our comprehensive anti-money laundering (AML) monitoring for transactions and fraud control measures provide added layer of security for online transactions. This helps in creating a safe and transparent payment stream. For payments made into China, GeoRemit ensures that all transactions on its platform comply with the requirements from the People's Bank of China (PBoC).

Raymond Qu, Founder and CEO of Geoswift said, “GeoRemit is designed to speed up, streamline and simplify the money transfer remittance process within an ever-changing landscape where transaction values are getting smaller and transaction volumes are increasing. We realise how important it is for users to stay connected and transact with people in other parts of the world. We have built our technological infrastructure to bridge the payment gap separating foreigners, and Chinese living overseas from their mainland. Along with a seamless single API integration to GeoRemit, we have implemented rigorous compliance procedures in place to ensure that transactions are screened, legitimate, and securely delivered to the recipient. As a facilitator of cross-border payments, we take it upon ourselves to ensure that users continue to benefit from accessible, affordable and secure remittance services, and simultaneously protect the integrity of financial markets that we operate within.”

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