Geoswift has launched Geoswift X. It is a new suite of products and services to enable quick and cost-effective cross-border payments.

The solutions, collectively called Geoswift X, have been designed as a platform-as-a-service (PaaS) model. The new suite comprises Geocollection, Geosettlement, Georemit, Geocard and Geofx.

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Geoswift expands cross-border capabilities

Geocollection will be used by international merchants for the acceptance Renminbi payments and legal conversion into foreign currencies for clearing.

A multi-channel payment switch, Geosettlement connects to a network of domestic payment service providers and Chinese banks. It will route each payment transaction through trustworthy and reliable channel, thus ensuring a quicker completion time.

The Georemit remittance platform is intended for P2P money transfer and connects to various domestic banks.

Meanwhile, Geocard is a comprehensive card and wallet scheme, and Geofx is a network of currency exchange stores across China. It suppors 20 types of currencies.

Geoswift founder and CEO Raymond Qu said: “The arrival of Geoswift X marks a new frontier in our business as it provides our customers with the next generation of cross-border payment solutions.

“With Geoswift X, our team of global and local experts can help both international and Chinese clients navigate the complexity and uniqueness of the Chinese market.”

Geoswift has also partnered with Chinese payment services provider PayEase to introduce a joint solution for overseas merchants to clear and settle cross-border payments.

The solution can also settle mass payment in various major currencies across certain financial centres globally.