Malaysian payment firm Tranglo has rolled out a new business payment solution, dubbed Tranglo Business, to enable businesses to send and receive global payments with enhanced speed.

This solution is developed exclusively for corporates, specifically non-payment providers. These include e-commerce traders, cross-border travel agencies, global freelancing and outsourcing platforms, giggers and local vendors with regional suppliers and customers.

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Small-and-medium enterprises are said to face operational and technical challenges while making and receiving international payments. The company claims that its new solution is designed to eliminate such issues by leveraging a single-interface technology.

Tranglo Group CEO Jacky Lee said: “We developed Tranglo Business to help enterprises address their payment pain points. Our aim is to help them choose the most cost-effective way to send and receive money without sacrificing speed and security.

“As part of our guarantee of excellence, customers need to complete an onboarding process in Singapore before they can access Tranglo Business and its full suite of features.”

Claimed to be an all-in-one business payment solution, Tranglo Business will provide services such as FX and wallet management as well as multi-currency support and AI-assisted compliance screening to users.

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Additionally, users will be able to customise their payments using intelligent routing, API integration, and adjust approval management for different users.

It also offers volume discounts and special rates, while full transaction reports can be generated to ease reconciliation and account keeping.

Last November, Tranglo expanded its global remittance network with the launch of its cross-border payment corridor to Mongolia.

In March last year, Blockchain payments firm Ripple signed a deal to acquire a 40% stake in Tranglo to boost the reach of its ODL solution.