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PYMNTS – Rapyd Debuts Virtual Accounts, a Local Payment Tool

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  • PYMNTS – Rapyd Debuts Virtual Accounts, a Local Payment Tool

FinTech-as-a-service platform Rapyd has launched Virtual Accounts, a product designed to let businesses expand globally while still supporting local payments.

According to a company news release Wednesday (May 4), the product lets businesses anywhere in the world accept local bank transfers in more than 25 currencies, including from the U.S., U.K., European Union, and the Asia-Pacific region.

“The launch of Virtual Accounts comes at a crucial time for businesses searching for payment support to allow them to tap into the global marketplace,” the release said. “While 93% of businesses report cross-border commerce is a high priority for their organizations in 2022, nearly 1 in 4 say supporting local payment methods is their biggest operational challenge holding them back.”

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