WorldFirst is launching a new service called World Account, which is a multi-currency payments platform for online sellers trading globally.
Designed to help marketplace sellers overcome some of the hurdles and costs associated with international commerce, The World Account allows online sellers to open one or more accounts in multiple currencies around the world enabling them to collect payments in, hold balances and make payments out in local currencies. World Account removes the need for online sellers to open up bank accounts in new international markets.
With the World Account there is no cost to open or maintain accounts. The product can also save you money by reducing the number of foreign exchange transactions associated with each international trade as sellers can hold funds from one overseas creditor (e.g. EUR) until such time as they need to pay a supplier in the same currency.
The new platform will be available to online sellers in the UK and Europe on limited release during the summer of 2017 both online and through a newly launched mobile app. Additional functionality including more currency accounts and a WorldFirst card will be added later this year. You can register your interest here.
WorldFirst CEO Jonathan Quin: “We’re very excited to be launching the World Account, the first multi-currency international payments platform for online sellers.
As cross-border marketplace selling continues to grow, it is clear sellers’ needs are not being met by the speed or flexibility of the payments propositions on offer. It’s why we’re once again looking to give online sellers access to the same service and capabilities that have previously been reserved for big business.
In this day and age where we shop, communicate and work internationally, managing global payments should be a fast, flexible and frictionless process – and it’s not. Our World Account should solve what is a pain point for many online sellers who buy or sell internationally enabling them to manage their international accounts in one single platform wherever and whenever they want.”