A Canadian-based financial technology company is expanding south of the border.
Toronto-born OTT Pay, a payment service provider, has launched a subsidiary OTT Pay USA to provide more convenient payment collection and settlement solutions “to help global e-tailers save even more on cross-border transaction costs.”
“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,” says Stanley Yu, CEO of OTT Pay.
OTT Pay and its regulated subsidiaries have built partnerships with global financial institutions to streamline payment services. The company has designed a proprietary system to provide customers with secure and efficient services, which offers tracking of each transaction and risk monitoring to ensure compliance with applicable rules and regulations.
“It is critical that the funds are secure and protected when customers pay and get paid,” notes 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.”
OTT Pay USA connects cross-border e-commerce vendors and platforms with American banks and overseas payment institutions. It employs a big data platform to consolidate scattered, small-amount transactions for centralized clearing and settlement, similar to those handled by large financial institutions.
Over the summer, OTT Pay extended its payment tech to students at the University of Toronto. International students at the UofT can now make purchases in campus bookstores by paying in Chinese yuan, broadening a partnership to streamline campus shopping.
The OTT Group of Companies was founded in 2006.
Canada’s hot fintech scene has several players in the payments space. Check out their innovation here.