Canadian payment service provider OTT Pay is bringing its cross-border transaction processing solutions to the U.S. to more efficiently serve global eCommerce companies.
OTT Pay’s subsidiary company OTT Pay USA is partnering with global payment leaders to offer eCommerce merchants worldwide payment collection and settlement solutions that can help them save on cross-border transaction costs, according to a press release on Friday (Sept. 16).
“A more efficient solution for cross-border transactions is critical for e-commerce companies, particularly at a time when there is fierce competition to expand business and win market share globally,” said Stanley Yu, CEO of OTT Pay.
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Partnering with major global financial institutions helped OTT Pay and its regulated subsidiaries streamline its payment services, per the release. Its proprietary system aims to provide increased security and a higher level of efficiency as well as thorough tracking of every transaction. Strong risk monitoring and control help keep compliance in check.
With its partner banks, OTT Pay USA operates under the oversight of U.S. regulators to serve customers anywhere around the world. All funds are held in bank custody until the transfer meets business compliance standards.
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Custodial accounts can only accept funds from bank-approved eCommerce platforms. Conversely, funds can only be sent to designated and pre-approved fund receivers. This process is intended to stop money from ending up where it shouldn’t.
“It is critical that the funds are secure and protected when customers pay and get paid,” said Alex Liu, Executive Vice President of OTT Financial Group. “The priority of our payment services is to process transactions in a secure, reliable, and convenient manner.”
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Connecting cross-border eCommerce platforms with American banks and overseas payment institutions, OTT Pay USA’s big data platform consolidates small transactions for centralized clearing and settlement. Real-time transaction monitoring and active risk management allow for real-time transaction monitoring.
OTT Pay is a subsidiary of the financial services group OTT Group, founded in 2006 and headquartered in Toronto.
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