South Korean money transfer operator (MTO), E9pay, has forged a strategic partnership with Currencycloud, a company specialised in simplifying business in a multi-currency world.
E9pay, a pioneering enterprise in acquiring the Overseas Remittance Business No.1 License from the Ministry of Economy and Finance (MOEF) of South Korea, excels in overseas remittance and receipt services, offering secure real-time transfers through its innovative Open-Banking service. On the other hand, Currencycloud, a Visa solution, is renowned for facilitating seamless global transactions in multiple currencies.
The alliance aims to revolutionise the way Korea’s merchants, including SMEs, e-commerce players and exporters, manage their global fund transfers. In particular, the partnership will launch the “E9pay Collection Service”, specifically designed to enable these Korean merchants to send and collect funds worldwide more efficiently, with the US as the initial focus.
E9pay is the first company in South Korea to obtain a license for overseas remittance, enabling it to provide services to and from 126 countries as of March 2023. By utilising new IT technologies, E9pay has been able to differentiate itself from traditional financial services, earning recognition as an innovative financial service from MOEF.
Currencycloud, headquartered in London with global offices, provides solutions that help businesses move money across borders and transact globally in multiple currencies. Since its inception in 2012, Currencycloud has processed more than $200bn in transactions to over 180 countries and has collaborated with leading banks, financial institutions and FinTechs worldwide, including Starling Bank, Revolut and Lunar.
E9pay’s partnership with Currencycloud involves integrating the latter’s APIs into its platform, thus enabling the development and launch of the “E9pay Collection Service”. This new service marks a key step in E9pay’s goal of facilitating international payments for Korea’s globally-focused B2B market.
E9pay CEO, Hyuk Goo Jeon, shared his excitement over the partnership: “We are launching our new collections service called “E9pay Collection Service” with a well-trusted, global brand in Currencycloud. We expect this service to grow exponentially in the years to come as more of Korea’s merchants and businesses use it to transfer funds worldwide, faster and at lower cost than they are currently experiencing.”
Rohit Narang, managing director of APAC at Currencycloud, echoed this enthusiasm: “E9pay has led the way providing individuals in South Korea with a remittance service to over 126 countries. With the launch of their Collection Service, they are now able to give Korea’s merchants the ability to seamlessly collect multi-currency funds worldwide. We are delighted to be part of their customer-focused solution.”
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