We know entering new markets without having a local presence can be tricky. It often goes hand in hand with a need to open a bank account overseas which involves lengthy and tedious compliance checks, travelling across the continents and branch visits with no actual guarantee of success.
Having Dyninno Group’s experience of working in 50 markets, we understand the pain points of the businesses dealing on a global scale. This is why we set on a mission to facilitate cross-border transactions, and we have started with the local US accounts for UK and EU entities.
Konstantin Zaripov, Managing Director at MultiPass, adds, “The days of the long and old-fashioned cross-border transactions are gone. Modern FinTechs can provide businesses worldwide with more payment schemes than traditional banks have ever offered. Whether our customers come from Europe or the United Kingdom, the solution we’ve built lets them deal in the US efficiently, whether they are already in the market or simply wish to test the waters.”
This is how:
Local payment rails
Our clients can use ACH payment rails to collect payments in the USA cheaper – it’s the same as what locals use daily. These transactions usually happen on the same day, and the incoming payment fee is just 1 EUR.
Move money instantly across your own accounts
We all know time is money. With MultiPass you can collect money from your American clients within a day and move it to your European MultiPass account instantly. This allows you to invest it back into your business straight away – whether on sourcing or producing a new batch of goods, business development or other needs. We help you avoid jumping between your own bank accounts elsewhere as well as costly and slow SWIFT payments. This entire process lets you accelerate your cash flow 2-5 times and is up to 20 times cheaper. Pretty impressive if you think about it.
Collect payments in your name
Although a number of digital banks and EMIs already offer inexpensive local payments in the US, many of them have one drawback in common – your payments are collected in a correspondent bank’s name instead of your company name. Not great for trust and reputation, right?
With MultiPass you can avoid these issues with your own named US account details. And you don’t even need to have an office in the States for that.
Save on FX with wholesale rates
The money you receive can be held in USD or converted into other currencies with a couple of clicks, straight on our online payment platform. MultiPass offers a foreign exchange service with favourable FX rates that guarantee significant savings versus traditional banks.