Take Remittance Payments to the Next Level with APIs
Using digital wallets is the first step; fully benefit from a global payments platform by using APIs to embed payment capabilities in your tech stack.
The intelligent way to manage payments
Manage multi-tiered partner and customer funds
Manage funding, reports and connected accounts
Multiple sources & currencies
Provide users the choice of how to receive payment
Global compliance and tax reporting
Highly secure infrastructure
Global compliance and tax reporting
XTRM Insights and Analysis
Business are finally warming up. Digital e-wallets provide fast, secure and convenient payment options for both consumers and businesses. Learn More.
Business is finally warming up to the idea of digital e-wallets, thanks to their many benefits. They provide a fast, secure, and convenient payment system. Since global e-commerce is beginning to pick up and gather pace, the demand for an efficient digital wallet increases.
In other words, today’s businesses are looking for the best and most convenient digital wallet to manage their payment processes.
While digital and mobile wallets are not a new concept, the popularity of these quick payment methods increases by the day. Why now? The answer is simple. Consumers and businesses get more done in less time, software makers and service providers gain an edge over their competitors by switching to digital wallets.
Contrary to popular belief, a digital or e-wallet is not the same as a mobile wallet. That’s because a mobile wallet can be the same as having a wallet full of credit cards. However, a digital wallet refers to an intelligent payment system that works more like a dashboard full of banks and a wallet full of different currencies needed to conduct businesses in other countries and markets.
The latest digital wallets offer a revolutionary payment technology that connects accounts to global banks through open API access. These wallets work much like a bank or, more precisely, a collection of banks. Combine this with the ability for users to select their preferred form of payment – transfer to their bank via ACH or EFT, virtual or prepaid debit, digital gift card, or rapid transfer to a prepaid card in a matter of seconds. All of this provides far more flexibility for software and service providers to embed these capabilities in their solutions to make payment distribution far easier and more economical for their customers, relying on platforms AML (Anti-Money Laundering) and KYC (Know Your Customer) compliant through automation tools.
One of its most important features of a digital e-wallet is that it provides users the flexibility to store funds in multiple currencies in purpose-driven and currency-specific wallets within a single account, eliminating the need to create local bank accounts globally. Meanwhile, the platform handles AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance through automation tools far more efficiently than traditional banks do. This greatly enhances users’ and companies’ ability to more efficiently manage funds according to their business structure and connect to an extensive ecosystem of suppliers, partners, contractors, and customers.
Here are a few features of digital e-wallets that make the best system of payment today:
After looking at these benefits, we can safely conclude that digital wallets offer exceptional benefits to both payers and payees. That’s one reason why digital wallets are developing at a rapid pace.
XTRM offers a revolutionary payment system to help businesses send, receive, and exchange funds in a quick and hassle-free manner. You can exchange funds in 35 currencies in a borderless environment and then transfer them into your local bank. Software and service providers can embed any payment option and manage their customers’ portfolio of funds securely in smart wallets and multiple currencies.
The platform is KYC and tax compliant. Hence, you can make, manage, and receive payments anywhere through a sophisticated payment system without fearing any fraudulent activities.
Thanks to the increasing popularity of digital wallets, sending and receiving payments from/to customers, suppliers, and partners are now easier than ever. For nearly a decade, XTRM has developed and deployed advanced and qualified integrated security measures to ensure all transactions are secure. XTRM provides multiple ways for your company to fund your wallets through your financial source or your customers or partners.
Using digital wallets is the first step; fully benefit from a global payments platform by using APIs to embed payment capabilities in your tech stack.
XTRM APIs now feature new Tax Information API to enable XTRM partners to embed access to tax reporting data directly from within their application.
Improving payment processes may seem an unlikely area for significant impact to profitability; however, it can be an area rich with opportunity, particularly if your business serves others with processes that include moving money among multiple entities.