Modern Treasury has released Global ACH, a service that lets people use local rails to send payments across borders.
Silicon Valley Bank has agreed to offer the service to its clients. This will allow them to automate international payments using payment rails in other countries that are similar to ACH and RTP.
Modern Treasury says that Global ACH is a faster and cheaper alternative to the Swift network and other third-party options that charge FX markups. The company also says that its service makes the final amount that payees get more predictable because there are no hidden or lifting transaction fees.
The company says it thinks Global ACH will be popular with marketplaces that pay out users and suppliers in international markets, shipping and logistics companies that send money to vendors and suppliers abroad, financial services providers like payroll and lenders that send money to international recipients, companies with a lot of international suppliers and contractors, and software companies that offer accounts payable services for clients who pay out globally or internationally.
“Payments are in the midst of a massive transformation, and it’s critical that we support our customers with an international footprint in the same way we support them domestically,” says Dimitri Dadiomov, CEO, Modern Treasury. “Global ACH means providing customers with more choice, greater efficiency, and lower costs.”
