Hyperwallet, a leading global payouts provider to millions of independent workers, announced today that they have added enhanced global wire transfers to their payments platform. Bolstered by Western Union’s Mass Payments technology, this new payout method helps reduce the cost of international wire transfers for higher-value transactions and to countries where local ACH networks aren’t available, while simultaneously providing earners with improved visibility into transfer fees and foreign exchange. Intended to augment Hyperwallet’s already-robust network of global bank partners, which enables local-currency direct deposits in more than 90 countries, the new full-value wire product makes it easier for two-sided marketplaces to offer a broad range of currencies in hard-to-pay markets.
Wire transfers remain an expensive and opaque method of moving funds across borders. Typically, there are fees both to send and receive a wire, in addition to the fees levied by intermediary institutions that help facilitate the transfer. Because many of these fees are not disclosed at the time of the transaction, payees who elect to receive a wire transfer may unknowingly lose a significant portion of their funds to hidden charges. Hyperwallet’s local-currency, full-value wire offering provides payees on the platform with improved visibility by presenting applicable fees and foreign exchange rates before the user agrees to the transfer.
Mike Monty, Hyperwallet’s Executive Vice President, and Head of Financial Networks, said of the enhanced functionality: “Having the ability to quickly improve payout speed, access, transparency, and method optionality is crucial for companies that are growing rapidly. Our integration with Western Union’s Mass Payments technology has enabled us to further support our clients’ growth. At the same time, we’re helping ensure their drivers, sellers, and distributors take home more of their hard-earned money.”
“In recent years, we’ve seen a proliferation of the ‘gig economy’ across the globe, so the need for quick and efficient payment solutions has never been greater,” commented Adam Tiberi, Head of Product at Western Union Business Solutions. “Through the introduction of global wire transfers through our enhanced Mass Payments product, users benefit from greater control of cross-border funding flows, increased speed and reduced costs, as well as access to real-time payment tracking and reporting functionality. Western Union has one of the most comprehensive payments ecosystems in the world, so for a payout provider like Hyperwallet—which has major clients paying individuals all over the world—that makes a significant difference.”