E9pay has partnered with Currencycloud to launch its "E9pay Collection Service", which will enable Korea-based merchants, SMEs, e-commerce players and exporters to send and collect funds worldwide quickly.
E9pay provides secure real-time transfers so beneficiaries can receive money safely through the innovative Korean Open-Banking service. Similarly, Currencycloud gives businesses the capability to move money, however, across borders and transact globally in multiple currencies.
By integrating Currencycloud's APIs into its existing platform, South Korea-based money transfer operator E9pay has been able to develop and launch its "E9pay Collection Service."
This is allowing, for the first time, Korea's SMEs and merchants to collect cross-border payment funds conveniently.
The new service is key to E9pay's goal of facilitating international payments for Korea's globally-focused B2B market.
Hyuk Goo Jeon, CEO of E9pay, says he expects a large scale of growth from the new collections and partnership, using Currencyclould to bolster E9pay's transfer abilities worldwide.
"We are launching our new collections service called "E9pay Collection Service" with a well-trusted, global brand in Currencycloud," says Hyuk Goo Jeon.
"We expect this service to grow exponentially in the years to come as more of Korea's merchants and businesses use it to transfer funds worldwide, faster and at lower cost than they are currently experiencing."
Nick Briscoe, Country Manager of Australia at Currencycloud, champions E9pay on its success and expert services to South Koreans, excited to collaborate on a customer-focused solution to lead the way in multi-currency funds.
"E9pay has led the way providing individuals in South Korea with a remittance service to over 126 countries," says Nick Briscoe.
"With the launch of their Collection Service, they are now able to give Korea's merchants the ability to seamlessly collect multi-currency funds worldwide."
"We are delighted to be part of their customer-focused solution," says Nick Briscoe.
E9pay is the first company to acquire the Overseas Remittance Business No.1 License from the Ministry of Economy and Finance (MOEF) of South Korea, providing overseas remittance and receipt services to and from 126 countries as of March 2023.
E9pay also boasts global partnerships with major players in the market.
Currencycloud, too has a foothold on the global market, processing more than AUD $200 billion to over 180 countries since 2012, working with banks, financial institutions and Fintechs worldwide, including Starling Bank, Revolut and Lunar.
Based in London with offices in New York, Amsterdam, Cardiff, Australia and Singapore, Currencycloud works with partners including Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, the US, the EU and Australia and were acquired by Visa in December 2021.
Currencycloud's goal is to make it easier for clients to embrace digital wallets and embed finance into their business's core, no matter what industry they're in.