Buckzy Payments, a fintech firm headquartered in Canada, has launched a real-time cross border bill pay solution targeted at financial institutions.
In order to settle these transactions, customers previously had to open bank accounts in other countries or rely on bank drafts, wire transfers and currency exchanges.
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By GlobalDataInitially, the new offering will be available in India, China, Philippines and the US.
The service is expected to be launched in another 25 countries by this year-end.
Buckzy CEO Abdul Naushad said: “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.
“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.”
Earlier this year, Buckzy Payments completed a $1.75m seed round.
The round was led by venture capital firms Mistral Venture Partners and Revel Partners, which are based in Canada and New York, respectively.
