Global financial settlement network EMQ has introduced new enterprise payment solution for businesses with same day settlement capabilities.

The new solution will enable businesses and other institutions to expedite international mass payments and ensure transparent cross-border settlements.

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According to EMQ, the new enterprise payment solution supports same day settlement in local currencies across China, Singapore, India, Indonesia, Malaysia, Philippines, Japan and the UK.

EMQ co-founder and CEO Max Liu said: “Enterprises are increasingly international in scale and it is fuelling the explosive growth in cross-border B2B payments — valued to exceed $218 trillion by 2022.

“Given today’s B2B payments process remains cumbersome and friction-filled, enterprises will need a robust network infrastructure like EMQ that combats the complexities in processing real-time international payments.

“Pairing the capabilities of EMQ’s extensive global reach and local market expertise, the business community can take advantage of our enterprise settlement solution for compliant and efficient cross-border transactions while quickly scaling in multiple markets.”

Businesses, banks and other financial institutions can utilise the solution to further their footprint in strategically important markets.

EMQ’s API infrastructure is designed with high availability. It will enable companies with high transaction volumes to automate workflows and reduce associated costs.

Liu added: “At EMQ, we are laser-focused in delivering a network infrastructure that streamlines B2B and B2C cross-border transactions that best serve our global businesses. In the coming months, we will continue to invest and expand our enterprise capabilities to high-growth markets across the world.”

In March, EMQ joined Singapore’s Fast and Secure Transfers (FAST) network.