Zimpler has launched instant cross-border payouts for the 20 eurozone countries.
The new account-to-account (A2A) payment solution is available for both B2C and B2B clients and allows them to send payments directly to a recipient’s bank account, Sweden-based Zimpler said in a Monday (May 15) press release.
“Zimpler’s cross-border payouts launch marks a significant milestone for the company, establishing a truly pan-European presence,” Zimpler Chief Growth Officer Nicolas Köllerstedt said in the release. “The feature has multiple use cases in segments Zimpler already operates in such as lending, salary payouts or cashback.”
Zimpler’s new cross-border payout solution is delivered through the Single Euro Payments Area (SEPA) and requires no hidden fees or complex administrative work, according to the release.
Sending payments straight to a recipient’s bank account provides businesses with an alternative to checks, wire transfers and other conventional payment methods, the release said.
The Zimpler solution is based on an application programming interface (API), so businesses can integrate it into their existing software systems, per the release.
“We recognize that SEPA payout is a highly sought-after solution for businesses operating in Europe as it offers a cost-effective, swift and secure way of sending payments,” Zimpler Internationalization Manager Joan Migioia said in the release. “Because it is standardized, businesses can use it to make payments in the same way across countries.”
SEPA is a European Union-led initiative intended to harmonize the way cashless euro payments are made across Europe.
The basic premise of SEPA — that euro payments between any two member states should be as easy and frictionless as domestic ones — is one of the central pillars of the single market.
First introduced in 2017, SEPA instant payments have been plagued by a slow rollout and low adoption by banks in the eurozone.
To remedy this, the European Commission published a proposal in October to force banks and other payment service providers (PSPs) to offer 24/7 instant euro payment services without charging customers an additional fee.
Zimpler’s launch of its new instant cross-border payments solution comes about a year after the firm announced a new round of equity funding and said it would use the investment to continue its growth, broaden its customer base and develop new customer verticals.
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