nanopay launches B2B payment platform
Canada-based payments platform nanopay has unveiled its new B2B payments solution for international trading, reports David Penn at Finovate (Banking Technology’s sister company).
The new platform, which is scheduled to be available to users in February and is currently in private beta, will initially support cross-border payments between the US and Canada. nanopay expects to extend the service to India and China in the second quarter of 2018.
CEO and founder of nanopay Laurence Cooke pointed to the difficulty in paying and getting paid by international trading partners – as well as a lack of visibility – as the challenge the new platform solves. “Business relationships are founded on trust and the nanopay platform eliminates payment risk as an impediment to working together,” he says. “With UPS-like tracking you always know the status of your payment request.”
nanopay’s B2B platform supports account-to-account payments, providing full visibility and payment context. This includes ISO 20022 metadata to provide for straight-through processing (STP), and avoids the need for transferring sensitive banking information back and forth. Payment originators will have full visibility of foreign exchange costs when invoices are paid in a different currency, and the platform will be accessible both via API as well as online as a web app.
Last month, the company partnered with Interac e-Transfer, providing Canadians with another real-time payment option. Also this fall/autumn, nanopay announced a pair of C-level hires, adding new chief revenue officer Nilesh Dusane and a new chief risk officer Amir Sunderji. With more than $10 million in total funding, nanopay includes APAGM, Rohatton, Jarnac Capital Management, and Goldman Sachs among its investors.
