Ahrvo Labs has launched a platform that allows any authenticated bank account to be used for cross-border transactions.
The company’s new Cross-Border Open Banking platform supports transactions in 185 currencies and eliminates the need for traditional layers of onboarding, Ahrvo Labs said in a Thursday (May 11) press release.
“Historically, cross-border payments have been characterized by their slow pace, high costs and complexity. These factors have posed significant challenges for individuals and businesses looking to transfer funds across international boundaries,” Ahrvo Labs CEO Appo Agbamu said in the release. “Our Cross-Border Open Banking protocol takes on these issues head-on, offering a streamlined and efficient platform for cross-border fund transfers.”
PYMNTS research has found that concerns about fraud, foreign exchange (FX) fluctuations and other cross-border payment frictions have inspired many United States and United Kingdom businesses to invest in digital innovations to make their cross-border payments operations smoother, simpler and more secure.
For example, 31% of these businesses are planning to automate their cross-border payables and 32% are planning to automate their cross-border receivables, according to “Innovating Cross-Border Payments: What US and UK Businesses Need to Know,” a PYMNTS and Visa collaboration.
The report also found that 40% of U.S. and U.K. businesses hope to expand their B2B payments offerings by enabling supplier payments to digital wallets and 11% intend to do so by enabling supplier payments to virtual cards.
Ahrvo Labs’ Cross-Border Open Banking platform allows customers to connect to open banking providers integrated within the protocol; use a variety of liquidity providers and wallet funding methods and currencies; and make secure, compliant payments enabled by the company’s know your customer (KYC) and know your business (KYB) solutions, according to the press release.
The platform is powered by Ahrvo Labs’ collaboration with partners like Thunes, Nium, Convera, MX, Trustly and Brankas, the release said.
“We’re excited to introduce our Cross-Border Open Banking service and play a significant role in promoting financial inclusion and accessibility on a global scale,” Agbamu said in the release. “Our solution is crafted to be user-friendly and efficient, promising our customers a seamless and secure experience for global fund transfers.”
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