Geoswift works closely with major Chinese banks and payment processors to offer a one-stop cross-border payment solutions to our merchants, while also helping our partners to bridge gaps in their payment value chains. Our strong physical and digital networks combined with our in-depth understanding of the payments landscape equips us to handle cross-border transactions under strict compliance.
Showcase 1: Bridging Gaps for the e-Comm Giant
With thousands of online shoppers in China, a global e-commerce company needs to collect and reconcile thousands of low value bulk payments from their shoppers on a daily basis which is extremely costly and time-consuming.
Geoswift works closely with major payment processors in China (such as UnionPay, Tenpay and Alipay) to process and clear low value transactions from Chinese online shoppers.
Our sophisticated GeoSwitch technology allows us to facilitate batch transactions with functions of information exchange, clearing, reconciliation and reporting. It is this unique ability to process many-to-one transactions that brings convenience and huge cost-savings to our partners.
Showcase 2: Helping the Travel Expert
An international transportation network company receives payments from their end-users via mobile means. They need to make payments to their vendors in China on a weekly basis, but encounter difficulties in wiring bulk payments due to high bank charges and complex cross-border payment regulations.
Geoswift allows merchants to transfer bulk payment and upload customizable batch instructions to process their payment transactions. Our real-time, online centralized processor GeoGateway, collaborating with Chinese banks and payment processors, to perform consolidation, clearing, currency conversion, reconciliation and reporting of transactions in a quick and efficient manner. Finally, by partnering with major banks in China, we deliver one-to-many settlement to vendors’ bank accounts.
Showcase 3: Resolving Complex Regulations Issues for our Partners
Western Union Business Solution (“WUBS”) helps global schools and universities collect tuition payments from overseas students. However, complex payment regulations and compliance in China makes it very challenging for them to c ollect Renminbi payments directly from Chinese parents.
Chinese parents can login to Geoswift and Western Union’s co-branded tuition payment system to make instant payments through major payments processors or banks in China. Our GeoGateway allows us to customize data input fields based on the business needs of WUBS, while keeping the user interface easy for parents to input student details and payment instructions. Geoswift works closely with payment partners in China on processing, clearing and currency conversion and at the same time working with WUBS on reconciliation, reporting and settlement of many-to-many tuition payments to the respective universities.