Juni has enabled its cross-border payments capabilities. It will now allow EEA-based companies to make cross-border payments to mainland China and the US. Payments can be made directly and securely from the customer’s Juni USD account. This will enable its customers to transact with overseas vendors and partners.
Data shows that the global B2B cross-border payments market is expected to total $56.1trn by 2030. Digital commerce businesses must be able to easily source inventory, pay vendors and do intercompany transfers on an international scale. This is a step in Juni’s goal of becoming a banking alternative for digital commerce businesses.
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Juni to make the feature available in the UK in 2024
Businesses working with global entities can use Juni to move money between multi-currency IBAN accounts in USD, GBP, EUR, NOK and SEK. Cross-border Payments to the US and mainland China will be available for ecommerce businesses across the EEA. The aim is to make the feature available to businesses in the UK in the second half of 2024.
Samir El-Sabini, CEO & Co-founder of Juni, said: “Legacy banks often struggle to offer competitive international transfers with a smooth customer experience. It’s something we know is incredibly important to our customers. Our new cross-border payments feature ensures ecommerce businesses can pay vendors, suppliers and do intercompany transfers easily. This is one of many steps we’re taking to become a banking alternative for our customers.”
Shelley Havemman, Senior Director of Product at Juni, commented: “We’re really excited to bring this feature to market. By facilitating USD to USD international transfers simply and efficiently, we strengthen our banking proposition while laying the foundation for expanding our invoice management offering to include inventory payments. We will look to add additional jurisdictions in the coming months.”
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