WorldFirst, a one-stop digital payment and financial services platform for global businesses, with a focus on small and medium-sized enterprises (SMEs) in international trade, has launched ‘WorldTrade’, a new payment solution for global sourcing.
WorldFirst explained it hopes the launch will bolster the security and speed of cross-border payment for international SMEs that procure goods from suppliers based in China, while ensuring the prompt delivery of products for the SME buyers.
Ma Qisheng, head of global B2B business at WorldFirst, discussed the news: “The launch of WorldTrade aims to build trust in B2B trade through digital means. WorldTrade facilitates intelligent payment processing aligned with agreed trade terms, minimising trade barriers and streamlining global business interactions.”
As a fresh addition to WorldFirst’s suite of global sourcing payment solutions, WorldTrade employs smart contract fulfilment technologies to protect and improve SME buyers’ sourcing operations. It looks to protect SME buyer funds by scrutinising sellers’ reliability and enforcing contractual commitments, which can curtail the risk of financial losses due to fraudulent transactions.
Once the trading parties enter into a contract using WorldTrade, the system initiates payment and delivery of goods based on the payment conditions and timing stipulated in the contract.
Supporting international buyers sourcing from China
WorldTrade also facilitates immediate payment directly into the accounts of the sellers while offering international buyers the flexibility to pay their suppliers using a credit card, a debit card, or the WorldFirst platform World Account. Current channels usually process an international B2B trade payment in anywhere from one hour to seven days.
When both the buyer and seller use World Account, they can save more on transaction fees and currency exchange costs. An SME conducting annual trade worth $10million through WorldFirst could realise an estimated savings of at least $10,000 in transaction costs each year.
WorldTrade is able to facilitate smart contract fulfilment because of WorldFirst’s extensive collaborations with banks, customs offices, and logistics providers, enabling WorldTrade to consolidate and validate crucial trade transaction information, including payments, customs clearance, and delivery.
In addition to WorldTrade, WorldFirst also supports international buyers in sourcing from China with the cross-border pay solution in partnership with 1688, one of China’s largest wholesale marketplaces. The solution offers international SME buyers the option to make payments to 1688 sellers without the need to set up an onshore bank account in China, and to benefit from highly competitive foreign exchange rates.
