Global payments and FX risk management solutions provider Moneycorp Americas has bolstered its in-country payment capabilities by providing access to alternative payment rails in APAC, LatAm, and Africa.

The company stated that this enhanced infrastructure will help in those hard-to-reach jurisdictions where payments can be received within an hour.

These payment rails, driven by APIs, come outside of the SWIFT network traditionally used by payment providers, and therefore, help increase transparency, remove correspondent bank fees, and boost the delivery speed to the end beneficiary.

Moneycorp Americas CEO Bob Dowd said: “Hard-to-reach jurisdictions have long been one of the sector’s unique challenges.

“In addition to access, hurdles have traditionally included cost, speed, security and transparency – all of which we aim to address with our tech-enabled, digitally-forward solutions.”

He further added: “For our partners, the ability to provide these solutions to their customers is particularly important as it eliminates lifting charges, reduces delays, and ultimately provides our partner’s customers a better service experience.”

Moneycorp stated that with these expanded offerings, it can provide partners a ‘growth path’, as well as make B2B and B2C transactions easier and secure.

The firm also claims to have bolstered its cross-border capabilities by providing more than 50 currencies with real-time payment rails.

Commenting on the new capabilities by Moneycorp, Worksuite CEO Joey Frasier said: “The rapid acceleration of remote work and digital infrastructure in the global business landscape has led to a dramatic need for innovative payment rails that are quick, reliable, and cost-effective.

“These expanded payment capabilities offered by Moneycorp allow us to give our customers the ultimate cross-border payment experience. By eliminating some of these long-standing pain points of the past our customers are assured that they’re receiving their full payments on time, every time.”