Fairexpay is set to facilitate Cross-Border Payments in India
- ByStartupStory | July 29, 2022
Fairexpay, a global aggregator platform that provides a technology stack for finding and providing the best currency exchange rates from various exchange partners and processing them for businesses all over the world, has announced that it has received approval from the RBI to conduct cross-border payments in India
Fairexpay fintech products were evaluated based on mutually agreed-upon test scenarios and predicted outcomes, according to the statement. Following the completion of the regulatory sandbox scheme’s test phase, the Reserve Bank of India deemed Fairexpay and the other three businesses feasible for cross-border payments. According to the RBI, the product can be evaluated for adoption by regulated organisations if all applicable regulatory conditions are met.
Fairexpay’s launch in India enables Indian customers to participate in a fully integrated digital journey that includes comparing exchange rates provided by different service providers, initiating payments, realising savings and costs associated with transactions in real-time, tracking transaction status, and having digital access to SWIFT copies and TCS certificates.
Fairexpay spokesperson Raj and the CEO of Fairex Solutions said, “With our induction into the Indian digital payment network following RBI approval, we at Fairexpay look forward to easing cross-border payments in India and enabling Indian individuals, businesses, and enterprises to use our extensive global network of licenced partners and save 3-7% on all forex payments.”
About Fairexpay
Fairexpay, developed by Raj, is a global aggregator platform that provides the best currency exchange rates from numerous exchange partners across the world for businesses of all kinds to send, receive, and manage cross-border payments. The introduction of Fairexpay to the Indian market will benefit Indian fintech companies by allowing organisations such as Neo Banks, Investment applications, Travel companies, and others to provide simple remittance solutions.
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