What is a Cross-Border Payment?

With Ashish Bahl at the helm, KyckGlobal has opened up the door for cash bill payments from the U.S. to Ecuador by partnering up with Easypagos. This type of payment is what we call a “cross-border payment”. Cross-border payment is a transaction that is sent from one country and received in another country. These types of payments can be between two individuals, an individual and a business or banking institution that want to transfer funds across territories.

How Do Cross-Border Payments Work?

When doing a cross-border payment, you need to work with a Payment Service Provider (PSP) that offers a secure payment gateway. A payment gateway facilitates funds that are being transferred between different people within the payment network. This allows funds to be securely passed between customers, merchants, and other financial institutions. It’s important to use a gateway that offers a variety of payment and settlement currencies.

What are Some of the Challenges When Using Cross-Border Payments?

As you might be able to guess, there are often some challenges that come with processing cross-border payments. Here are some of the most common problems when processing cross-border payments: 

1. Slow processing payments

As you probably already know, your payment can be stopped at any point during the long process of cross-border payments. This can cause delays in payments being made and also unsatisfied customers on both sides. The most common reasons for payments getting stopped are incomplete payment information, anti-money laundering checks, fraud, and the need for sanctions conduct.

2. Personal data privacy regulations

There are various regulations on what information can or cannot be shared, this is not even factoring in the fact that during cross-border payments someone will have to translate those regulations. Banks need to follow these regulations which are very important but also very time-consuming.

What is Easypagos?

Easypagos is an Ecuadorian company that started in 2000 and specializes in sending and receiving money nationally as well as internationally. Currently, Easypagos operates within 400,000 offices around the world.

To send money through Easypagos, all you need to do is find one of their agencies by using their agency locator, gather all the information you need as well as your ID or passport, complete the transaction and let the beneficiary know.

What are some of the benefits of using Easypagos?

First, with more than 1,000 agencies throughout Ecuador, it’s easy to find a location that is close to you. Second, they have an excellent schedule. With a majority of the agencies working weekends and holidays, you can send or receive your money almost anytime you want to. Third, Easypagos has excellent rates for shipping and has improved exchange rates. Lastly, their account deposit service is available in every bank cooperative and mutualist in Ecuador.

KyckGlobal Teams up with Easypagos to provide cross-border payments from the US to Ecuador

With Ashish Bahl leading KyckGlobal, Easypagos and Kyckglobal have partnered up in order to provide cross-border payments from the US to Ecuador. This partnership will allow people who live in the US to pay bills in Ecuador via cross-border payments using cash. By doing this, customers can avoid costs and delays that are associated with money orders and physical checks.

This partnership shows exactly how KyckGlobal can streamline payments which ultimately improves the customer experience both locally and worldwide.

Published On: April 15th, 2021 / Categories: Payment Industry / Tags: /