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WireBarley: Hassle Free Cross Border Payment Solution Excellence Without Borders
The remittance of money from one account to another, especially in a cross border payment scenario can be cumbersome for both a sender and beneficiary. As the existing approach can take up to 2-5 days to create a transaction and complete the movement of funds in multiple currencies, it often creates a rift between the involved parties. Addressing these problems and aiding the Asian diaspora in maintaining good records is WireBarley, a leading cross border remittance platform provider. “We have a deep rooted understanding of the cultural payment practices of Asians that enables us to be Asia’s leading cross border payment solutions provider. We have expertise in serving the Asian cross border market and provide glocalized service to our customers from individuals to conglomerates,” says Jihong Kim, CCO at WireBarley.
By making it possible for instantaneous international payment through its proprietary platform, WireBarley is transitioning from a global remittance service provider to a cross-border payment solutions provider. “We are expanding vertically covering global payments (remittance) for individual, SMEs, conglomerates, financial institutions, and government entities, and horizontally providing a wide range of services including multi currency wallet, eCommerce payment, as well as an upcoming offline travel and overseas card spending powered by WireBarley’s global payment ecosystem,” comments Kim. As digitalization continues at an accelerated pace across the financial and banking sector, WireBarley is working very closely with its clients to help them overcome their accounts payable and receivable technology challenges and deploys a fully online approach for clients to have quick access to its services.
As the financial sector is highly regulated, it is difficult for individuals and non-financial institutions to comply with statutory and regulatory requirements. Customers can leave all cross-border hassles to WireBarley a robust architecture such that customers can seamlessly adopt the leading services and technology
With the COVID-19 pandemic still acting as a cause of concern for individuals to visit a branch and make a payment, WireBarley solves these pain points not just for its own customer groups but also helps clients with their customers. For financial institutions and other similar firms, the immediate and on time collection results in a stable flow of cash and a highly profitable stream. “We offer a strong and technically sound platform for corporates that want to provide embedded finance products and options to their customers, and at the same time aid financial institutions and banks in solving their requirements for cross-border payment collection,” elucidates Kim.
Over the last two years, WireBarley has seen an exponential increase in transactions and the monthly volume has grown by 90 times as compared to the same period in 2018. Presently, the cross-border remittance solutions and services provider covers over 300 corridors, including Asia, the U.S., and Europe. Heading into the future, WireBarley will be providing a multi currency wallet to empower consumers and corporates to engage in global eCommerce transactions and offer a truly glocalized experience. “We are working alongside our global leading partners to deliver a new multicurrency wallet and will begin serving customers early next year. Our mission is to solve all cross border payment problems for Asians; individual customers, and corporates alike,” concludes Kim.