August 20, 2020
Global eTrade Services (GeTS), a global trade platform company, has partnered TranSwap, a Singapore-based cross border-payments platform to launch CALISTA TranSwap Pay. This new service will facilitate global trade payments seamlessly and efficiently, especially for SMEs facing challenges with cross-border payments.
The new CALISTA TranSwap Pay service is added to the CALISTA Finance module on the CALISTA global trade platform. The service is able to digitalise and facilitate global payments to more than 180 countries in over 120 currencies, for quick cargo clearance and shipment fulfilment. It also enables global collections from 57 countries and 38 currencies by allowing businesses to collect and pay in local currency, while avoiding unnecessary conversion fees.
Targeted at SMEs in ASEAN (Singapore, Hong Kong and Indonesia with more markets in the pipeline), CALISTA TranSwap Pay has a suite of financial automation solutions to make cross-border payments easy and seamless when executing trade. Features include automated credit assessment, dedicated customer service, fees transparency for easy reconciliation, and enabling businesses to manage and track their funds end-to-end in real time.
Benjamin Wong, Co-Founder and CEO of TranSwap said: “Our mission is to make cross-border payments cheaper, faster, safer, more convenient and borderless for all businesses. We are excited to partner with GeTS to enhance its payments capabilities on its global trade platform CALISTA and deliver a seamless financial process for its users.”
With the launch of CALISTA TranSwap Pay on CALISTA Finance’s suite of services, the global trade platform (CALISTA) can now further expand its service offerings to more markets. To date, CALISTA Finance has successfully helped finance over 300 businesses in ASEAN and China in accessing financing from banks and traditional financial institutions. The whole trade financing process is digitalised and can be achieved with a turnaround of 48 to 72 hours, from application to disbursement (the norm is usually weeks to get financing). CALISTA Finance is able to provide financiers deeper insight into their potential borrowing clients through know-your-customer (KYC) checks powered by its credit engine, making it easier for SMEs to get financing.
Chong Kok Keong, CEO of GeTS said: “We are excited to be partnering TranSwap to launch a cross-border payment platform, which will facilitate more convenient, less costly access to cross-border payment options. We will continue our mission of making cross-border trade more accessible and easier, especially for SMEs.”