Geoswift, a cross-border payment service provider, has introduced a new P2P money transfer service called GeoRemit at Money 20/20 Europe.

The new service will enable consumers to transfer money to 90% of Chinese bank accounts, both debit and credit, in domestic currency.

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It is expected to facilitate the process of sending money between China and the rest of the world, where a complicated regulatory framework of laws controls the transactions.

Every transaction made through GeoRemit is monitored by its anti-money laundering and fraud control measures.

The service also ensures that all the payments made towards China comply with the necessary regulatory rules of the country.

Geoswift founder and CEO Raymond Qu said: “GeoRemit is designed to speed up, streamline and simplify the money transfer remittance process within an ever-changing landscape where transaction values are getting smaller and transaction volumes are increasing.

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“We realise how important it is for users to stay connected and transact with people in other parts of the world.

“We have built our technological infrastructure to bridge the payment gap separating foreigners, and Chinese living overseas from their mainland.

“Along with a seamless single API integration to GeoRemit, we have implemented rigorous compliance procedures in place to ensure that transactions are screened, legitimate, and securely delivered to the recipient.”