Throughout the years, we have developed efficient infrastructures and proprietary technology using the industry’s best practices. With our deep understanding of the end-to-end payment value chain and China’s payment landscape, Geoswift helps banks and financial institutions bridge missing gaps in their payment value chains.
Our technologies allow us to help our partners build missing infrastructure and processes to complete their payment value chains.
We utilize our competitive advantages to minimize operational costs and turnaround time of payment transactions.
We support multiple payment channels, including online and offline methods when helping our partners in processing their transactions.
Fully Regulated Services
As a first mover advantage, we are fully licensed in our operations and are well trusted by global companies for handling of complex payment regulations and compliance.
Here at Geoswift, we seek cooperation rather than competition with banks, financial institutions and payment processors – hence the name “partners”. We create partnerships and use our competitive advantages and networks to lower the cost and turnaround time of bulk payment transactions.
Our capability in providing end-to-end cross-border payment solutions ensures that we can cater to different partner needs, while also building strong partnerships with the best companies in the industry.
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 collect 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 payment 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 payments 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.
As a trusted payment provider for students in more than 140 countries studying at more than 300 education institutions worldwide, Western Union Business Solutions’ collaboration with UnionPay and Geoswift reinforces its global commitment toward advancing education opportunities.
The partnership with Geoswift connects HomeSend to the important Chinese receiving market, further reinforcing HomeSend’s position as the backbone of the international money transfer market.