dLocal and USI Money’s partnership will enable direct transfers to bank accounts and digital wallets like UPI in India.

dLocal, a cross-border payment platform, has joined forceswith foreign exchange provider USI Money, aiming to enhance payment services in Asia and Africa.

This collaboration will focus on addressing the challenges of high costs, slow speeds, and limited access in cross-border transactions.

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The Financial Stability Board (FSB) has identified that over 40% of cross-border payments take more than a day to settle, leading to delays in fund availability.

Moreover, most of the consumers demand instant transactions, a need that is not being met by traditional payment systems.

USI Money EMEA business development senior vice president Sohail said: “By joining forces with dLocal, we can leverage their innovative technology and extensive network to enhance our service offerings across Asia and Africa.

“Together, we are dedicated to ensuring that users can access their funds quickly and affordably, fundamentally improving the cross-border payment experience in these high-growth regions.”

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The latest partnership will enable direct transfers into bank accounts and digital wallets, such as Bkash and Nagad in Bangladesh, M-Pesa and Airtel in Kenya and Uganda, and UPI in India.

It is expected to result in competitive rates and quicker processing times.

dLocal EMEA head Agustin Botta said: “This partnership underscores our commitment to emerging markets and enables us to facilitate fast and secure cross-border transactions, enhancing accessibility in today’s financial landscape.

“By empowering USI Money with innovative solutions, we are collectively addressing the global challenges of cross-border payments and making significant strides in overcoming the barriers that users face.”

In February this year, USI Money collaborated with Enjaz Payment Services Company to enable real-time payment processing in Saudi Arabia.