WorldFirst, a global leader in international payments, today announced the launch of its multi-currency payments platform, World Account, for U.S.-based businesses and online sellers.
The solution was launched by WorldFirst’s Co-founder and CEO Jonathan Quin and Managing Director Jeff Parker on stage at Money20/20 USA, the world’s leading fintech, payments and financial services event in Las Vegas.
World Account allows businesses to open and manage accounts in seven different currencies (USD, GBP, EUR, CAD, JPY, AUD and NZD) under one umbrella, streamlining expansion into new markets around the world and bypassing the complexities and bureaucracy traditionally associated with international business banking. Opening new currency accounts around the world, and transferring between the accounts, can now be completed on one easy-to-use platform.
“Our World Account solution allows U.S. companies to conduct business like a local in different markets around the world, making it easier to expand globally by helping them collect money from their customers and pay their suppliers in local currencies,” said Jonathan Quin, CEO of WorldFirst. “Tapping into new markets is not an easy feat, but making payments and getting paid should not be a headache for globally ambitious entrepreneurs in 2018. With World Account, we’re making it easier to manage money around the world from one easy-to-use platform, giving executives and entrepreneurs more time and resources to dedicate to growing their business through increased global trade.”
With World Account, U.S.-based businesses and online sellers can:
• Open local currency accounts around the world - with no fees - much quicker than working with traditional financial institutions
• Make and receive international payments at no cost using one, simple online platform
• Hold balances in a range of different currencies
• Move money instantly between accounts
• Make significant savings when converting between currencies with competitive exchange rates
The launch of World Account in the U.S. comes at a time when businesses are increasingly turning to fintechs to fill gaps left by financial institutions that are slower to innovate, especially when it comes to commercial payments. Fintechs pave the way for businesses to find opportunities to obtain financing, manage accounts and more.
“World Account levels the playing field for smaller businesses and online sellers to conduct business overseas by providing them with the flexibility that has traditionally been given to larger, global organizations. We’re on a mission to build the world’s best platform for international trade and the launch of World Account is a key milestone on our journey,” said Darren Hutchinson, Head of Commercial, Americas at WorldFirst.
WorldFirst launched its multi-currency payments solution in the U.K. in June 2017 and in Asia a year later. World Account is also now available in Australia and Singapore. World Account serves as a catalyst for future innovation within the organization, as it plans to roll out increased banking functionality in the future.