Toronto’s Buckzy Payments have announced an enhancement to its real-time cross border network by including real-time cross border bill pay through a single connection, solving a longstanding challenge to international bill payments.
Despite many industry leaders attempting to find real-time cross border bill payment solutions, Buckzy is the first to present a functional real-time bill pay network, now available to financial institution partners.
“There have been a lot of rumblings in the industry, with various attempts at developing a cross border bill pay solution, but we’re the first to actually offer a real-time network, with access to a wider international biller base, through our unified API,” said Abdul Naushad, CEO of Buckzy.
“The friction that has existed until now makes it very tedious, specifically within the consumer experience, but fortunately we’re able to piggyback on our real-time network, ultimately allowing financial institutions to offer this solution to their customers by providing an innovative alternative for cross border bill pay.”
Historically, customers have been required to either open bank accounts in other countries, or use expensive bank drafts, wire transfers or currency exchanges to settle such transactions, all of which come at a steep cost and inconvenience to all parties involved.
The service will first be offered in India, China, Philippines and the United States, with more than 25 additional countries to be live on the network by the end of 2019.
Buckzy is currently working with multiple leading bill consolidators around the world with a goal of rapidly bringing hundreds of thousands of billers into the network over the coming months.