Hong Kong-based fintech firm XanPool has introduced its new payment routing technology solution dubbed as ‘XanPay’.

The new product is aimed at reducing cross-border routing and settlement costs for payment service providers (PSPs), their merchants, and end-consumers.

It leverages XanPool’s proprietary C2C-routing-technology and its network of Digital Currency Liquidity Providers.

This software integrates with XanPay’s REST API to route and settle cross-border payments without any custody risk.

PSPs using XanPay can settle payments between merchants and customers instantly at low-cost, the company claims.

XanPool already has integrations with more than 20 PSPs in Asia region. Its routing technology supports more than 15 countries and currencies.

This includes Hong Kong, Pakistan, Bangladesh, Russia, China, Japan, Korea, Australia, New Zealand, Singapore, Malaysia, Philippines, Indonesia, India, and Vietnam.

Commenting on the launch, XanPool director of banking relationships Daniel Weyer said: “I am incredibly excited about the XanPay product.

“I have big ambitions for XanPay and am excited to grow it into an organization with global capabilities making it the go-to routing provider for local, regional and global clients.”

XanPay business manager Evonne Tan said: “Our aim is to offer our business partners and merchants the quickest and most affordable infrastructure for the routing of money across the region.

“The interesting thing about XanPay’s infrastructure is that the more businesses use it, the faster and cheaper it becomes.

“This occurs when our C2C network volumes increase, which allows us to optimize our network liquidity better.”