AltPayNet – UnionPay Deal Advances Cross-Border Payment Processes
October 11, 2021
Manila, Philippines, 11 October 2021 – The growth in cross-border B2B transactions surges and is forecasted to increase year after year. Though the international payments process has been in place for some time, a speedy, reliable, and secure payment process is a sought-after solution.
While Electronic Commerce levels the playing field in the Retail and Wholesale businesses; across the world, and how rapidly it expands; the more market players are seeking the best ways to transact globally.
A financial technology expert and a bank firm have partnered togetherto address the clamor of businesses and entrepreneurs; to have an ally and break this challenging barrier in global payments.
AltPayNet, a PCI-DSS-Certified Software-as-a-Service (SaaS) corporation, and UnionPay, a global payment brand that provides high quality, cost-effective and secure cross-border payment services to the world’s largest cardholder base, previously forged an agreement after the former acquired the Principal Acquirer status.
UnionPay International focuses on the growth and support of UnionPay’s global business.
Mr. Huiming Cai, General Manager, UnionPay International Southeast Asia said, "We are pleased to partner with AltPayNet to broaden our online acceptance to meet the payment needs of Filipinos. Consumers are increasingly shifting to cashless payment for hygiene purposes and in particular contactless payments and online shopping. This collaboration with AltPayNet will soon give UnionPay customers in the Philippines access to a wider range of e-commerce merchants as they transact in a quick, convenient and secure manner with UnionPay Card."
In the Philippines, a range of UnionPay Cards is issued by AllBank, Bank of China (BOC), Banco de Oro (BDO), Binangonan Rural Bank, Cebuana Lhuillier Rural Bank, Omnipay, Philippine National Bank (PNB), and Rizal Commercial Banking Corporation (RCBC) Bankard.
Cross-border payment happens when a payor sends money to a merchant from a different country.
Several decades ago, outsourcing goods and or services from suppliers - providers require traditional line of credits and guarantees. This is exposing to the risk of volatility of currencies. Transfer of cash from a local bank in the West to local banks in the East demands tedious forms and expensive fees and took days even weeks to complete.
Today, the advancements in financial technology provide companies and individuals to make instant payments. Payment modes like cross-border transactions, credit cards, e-wallet, alternative payment methods, and the likes, revolutionized international payments. AltPayNet has the expertise to facilitate and interconnect UnionPay’s services.
"We have been a financial technology aggregator for several years now. We strictly observe international standards in providing secure and fast payments solutions to our partners and merchants", says Ms. Leah Aba, Head of Compliance, AltPayNet.
AltPayNet is a certified Payment Card Industry Data Security Standards (PCI DSS), an information security standard organization that handles standardization of infrastructure security and management of data across major card schemes.
AltPayNet’s network has reached Hong Kong, the Philippines, Malta, Malaysia, Singapore, the USA, and Australia. The company has maintained global merchants solutions to clients and with partners in North America, Europe, Middle East, and Asia-Pacific.
AltPayNet is a licensed Operator of Payment Systems (OPS) issued by the Bangko Sentral ng Pilipinas (Philippines) and the Labuan Financial Services Authority (Malaysia).
UnionPay Cross Border B2B Payment & Service Platform offers comprehensive online payment services for import and export enterprises including global e-commerce, international and local trading enterprises. The platform provides safe, convenient, transparent, and efficient cross-border B2B payment solutions helps enterprise customers to realize requirements including cross-border online payment, online collection, order management, and promotes trade between China and countries or regions around the world.
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