Challenges abound for secure gateways for cross-border payments, but GEOSWIFT’s CEO and Founder, RAYMOND QU is confident that innovation, commitment and partnerships are crucial to the company’s success.

China is one of the key global markets for cross-border payments. Global commerce is reaching the far corners of the world with developing and emerging markets embracing the fortunes and benefits of the internet and mobile commerce.

There are several challenges surrounding cross-border payments for enterprises conducting business in China and the general sentiment is that there is a lack of cross-border facilities and frameworks in the country. With the rise in the China B2B sector, research has indicated that the sector has attracted 5 billion Yuan in 2015, a year-on-year increase of about 699%. “We believe Geoswift will be able to facilitate the growth of this sector even further,” says Raymond Qu, CEO and Founder of Geoswift. 

Custom Solutions

Geoswift was founded in 2010, driven by the desire to leverage the internationalization of the RMB and address the increasing need for cross-border payments to and from China. “We leverage on our proprietary technology, partnership network and deep understanding of the payments industry with the aim of transforming the global payments landscape and creating more efficient and innovative payment solutions.” says Qu.

“Our technologies and infrastructure allow us to create customizable solutions for our clients either by completing merchant’s payment process, or by completing the missing pieces to a partner’s payment value chain.”

“Geoswift provides clear navigational directions and solutions for partners and clients that need a China cross-border payments solution. We integrate regulatory compliance, operational and technical custom solutions to provide niche product that facilitate end-to-end one stop payment flow. ”

“Our services span across payment settlement, payment collection, remittances, card solutions and foreign exchange services to meet the needs of consumers for tuition payments, eCommerce travel and pre-paid cards. Our main markets are Canada, China, Hong Kong, United Kingdom and United States – with plans to expand into other regions.”

Exceeding Expectations

“Geoswift is fully regulated in all its operating regions. By the implementation of a robust compliance program and regulatory framework, Geoswift continues to meet all global compliance standards while ensuring our clients’ are also fully adhering to global regulatory standards.” explains Qu.

“With the increasing numbers of cybercrime around the world, data protection is an issue we take seriously. In collaboration with TRUSTe, we ensure clients’ data and privacy are protected and benchmarked against industry’s standards.”

“To ensure the Geoswift brand continues to be protected in the marketplace, Geoswift is forward-thinking and adapts well to changes. This includes being committed to keeping abreast of the fast moving compliance and legislative developments worldwide. In an increasingly complex and highly regulated environment, Geoswift takes great pride with the safety and soundness of each transaction that it processes through the Geoswift system.”

“In brief, we are a one-stop shop for our clients. Geoswift provides hassle-free solutions to ensure all payment transactions to and from China are secured, simplified and frictionless.”

Glocal Service

As a first mover in China, Geoswift is fully licensed and is well trusted by global companies in enforcing complex regulations related to payments to and from China. The company has secured strong partnerships with global leading regulators, financial institutions and payment service providers such as Thomson Reuters, UnionPay International and Western Union Business Solution. The company also partners with MasterCard for pre-paid card services. Geoswift also supports cross-border transactions via multiple payment channels of clients’ choices, including online (Alipay, Tenpay, UnionPay etc) and offline methods (Bank Transfer).

“We view ourselves as a ‘glocalized’ company whereby we serve local markets that incorporate local culture and language that provides a global market perspective. For example, we offer a service hotline in Mandarin that caters specifically for Mandarin-speaking students who require tuition payments to be made abroad. We offer value added services that includes pre-paid cards and FX retail outlets.”

“Our aim in the next few years is to continue to strengthen our core competitive advantage and focus on funds flowing in and out of China. At the same time and in line with our goal for expansion to other markets, we plan to explore transactions within the emerging markets. Looking further to the future, our longterm goal is to be recognized as a financial service group that provides highly efficient transaction services globally.”

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