Transforming Cross-Border Payout Capabilities for a Global E-Commerce Marketplace
Transforming Cross-Border Payout Capabilities for a Global E-Commerce Marketplace
Introduction
Our client, a leading global e-commerce marketplace, has been steadily expanding their business while supporting a growing array of customers – including small to medium businesses, online merchants, and individuals.
In this case study, we focus on how our client sought to enhance their payout capabilities for its customers, particularly in the ASEAN countries. The company aimed to provide a cost-effective and efficient solution for cross-border fund transfers to bank accounts and mobile wallets. To achieve this goal, the company partnered with TerraPay.
The Challenge
Expensive payouts
The high cost of moving money across borders is one of the biggest barriers, especially for small-value transactions. To enable seamless and cost-effective money movement, it was necessary to overcome challenges like expensive transaction and high FX rates
Lack of visibility & monitoring
As a tech company, our client is highly data-driven and was on the look-out for a partner who can meet & exceed their unique data requirements and offer visibility and ease in terms of monitoring critical transaction data
Complex & time-consuming payment processes
Meeting the stringent compliance and regulation requirements of individual banks & regions was not only becoming a mammoth operational task but also resulting in delayed payments
Diving deeper into our client’s payment needs, TerraPay identified that the e-commerce giant wanted to bring transparency, simplicity, security, and agility into an otherwise obscure and complex world of payments.
Why TerraPay
Our partnership with the e-commerce company is rooted firmly in meaningful collaboration, trust, and communication to drive success. While we became the partner of choice for our client because of our strong payment infrastructure, expanding network, and unmatched compliance capabilities, our ability & willingness to truly ‘collaborate to innovate’ and simplify payments for our client became a key differentiator.
- Our ability to customise the payout experience using diverse functionalities to offer the payees their preferred payout methods in their local currency
- Built-in compliance management specific to each country, each region
- Sending multiple and secure payouts such as fund disbursement to employees, sub-merchants, suppliers or customers
- Payouts to bank accounts & wallets & cards – across the globe
- Seamlessly integrating with TerraPay’s single API connects partners to our suite of global payment solutions and network of 140+ payout countries.
- As the only fintech with 31+ licenses & regulatory approvals, TerraPay handles complex regulatory compliance and develops agile routes to ensure safe, fast, and reliable access to an ever-expanding global financial ecosystem
The Solution
For a transaction to be completed, the following steps need to be taken
- Validate the beneficiary using the View Account Status API
- Create a quotation using the ‘create quotation’ API for applying the FX rate and rounding off rules
- Initiate a transaction using the ‘create transaction’ API to submit the transaction along with the sender and beneficiary KYC details
The Result
99 %
success rate
90 %
transactions delivered in <15 minutes
115 k+
unique receivers, across all leading banks in the region
99 %
success rate
90 %
transactions delivered in <15 minutes
115 k+
unique receivers, across all leading banks in the region
“We have adopted a proactive strategy of constant engagement with our partner…Our focus has been to assist our client in achieving success by listening to their challenges and seeking their feedback on consistently improving our services.”
