KoronaPay is one of the largest money international transfers services with $1bn in monthly remittances. The company has 13m users and is acquiring over 10,000 new users weekly offering payments across 79 countries in Europe, the CIS, Middle East, and Asia. By partnering with Clear Junction it can take advantage of the UK’s Faster Payments infrastructure, enabling KoronaPay to receive funds from individuals paying in pound sterling and immediately release the funds for collection in the destination country. Unlike traditional wire transfers that take several days to process and bear substantial charges, this solution is a fast, reliable and affordable way to send money outside the UK.

In the World Bank Bilateral Remittances Matrix, the UK is the fourth largest donor country globally. Furthermore, despite the challenges of Brexit and COVID-19, in 2021 the country managed to issue more work visas than in both 2020 (+55%) and pre-pandemic 2019 (+9%). These numbers clearly show the continued popularity of the UK among labour migrants and indicate strong prospects for the UK remittance market.

“The UK is one of the priority markets for KoronaPay as we expand our offering in Europe,” said Gleb Kozlov, CEO at KoronaPay. “Being able to process transfers in GBP using the infrastructure and expertise provided by Clear Junction is a major competitive advantage for us and a more convenient and efficient remittance experience for our users. The UK has enormous growth potential for us and we will do our best to ensure the highest level of service there.”

“Clear Junction is delighted to partner with global payment service providers to help them expand their remittance and money transfer services to individuals across the UK,” says Dima Kats, Chief Executive of Clear Junction. “We are selective about the types of financial institutions we work with, but KoronaPay is clearly a highly respected business that provides much-needed services to people around the world. We look forward to assisting the team in expanding their coverage across the EU and enjoying a long and fruitful partnership.”

After the initial launch, KoronaPay and Clear Junction will be exploring additional opportunities to expand their collaboration, including support for Euro payments across the EU.

According to World Bank the volume of payments to low- and middle-income countries from former residents working overseas has surpassed the sum of overseas aid and foreign direct investment from richer nations. In its recent report on the remittance market it encouraged governments to help facilitate remittance flows from migrants in order to provide further relief to strained households and support a global recovery from the pandemic.

KoronaPay now expects the total volume of remittances from Europe in 2022 to exceed 2019 levels by 10-12%. At the same time, the share of online remittances continues to grow due to the convenience and attractive pricing of digital remittances (both desktop and apps).