Navro, the UK Fintech that aims to simplify international payments for businesses, announces an expansion of its real-time, pay-to-bank capability – that is, the ability for businesses to send funds instantly to someone’s bank account at any time of day, “irrespective of banking hours,” with funds arriving almost instantly.
Navro has now reportedly added 17 new real-time pay-to-bank corridors, meaning that it can now offer direct payments to bank accounts in 61 different countries.
The new payment capabilities allow businesses to potentially take advantage of speed, choice, and flexibility for paying contractors and workers, thus eliminating dependence on slower and more costly traditional international wire transfers.
The expanded payment network now aims to deliver operational and financial benefits for international workforce and contractor payments.
By allowing faster payments for contractor invoices, businesses can hold onto cash in “revenue-generating or interest-bearing accounts for longer – freeing up idle capital and making it more productive.”
The service reportedly aims to enhance payroll reliability, enabling businesses to address any end-of-month issues.
If an error occurs, the speed of real-time payments means “corrections can be made instantaneously, ensuring employees still receive their full pay on the day they expect it.”
The payment corridors increase Navro’s reach in high-potential markets across Asia, Latin America, and other regions, covering real-time payments to banking institutions in (and other global jurisdictions):
- Asia: Cambodia, China, Hong Kong, Indonesia, Malaysia, Nepal, Pakistan,
- Philippines, South Korea, Sri Lanka, Turkey, Vietnam
- Latin America: Costa Rica, Dominican Republic
In addition to expanding its existing global payment network, Navro has also increased its regulatory footprint, “having recently acquired the Florida Money Transmitter License.”
This latest approval in another major US state enables Navro to provide its full suite of cross-border payment services to businesses operating there.