Fintechs come in all shapes and sizes. Two types of fintechs that may find the Airwallex Global Accounts solution particularly useful are challenger banks who are looking for a global presence and lending platforms who are looking for more control over repayments.
As a domestic banking upstart or challenger bank, you offer a modern small business banking app to customers within your operating jurisdiction. You try to set yourself apart from the legacy banks by making fees more transparent, telling a brand story, leveraging the latest and greatest local payment technologies, and just an overall better user experience end-to-end.
Now you are starting to see demand from your customers for collecting funds from their counterparties abroad in other currencies and that they would like to then repatriate those funds into their current domestic bank accounts. Also your customers’ counterparties may prefer to transfer funds using their local payment methods. In order to fulfill this customer need, you need different local banking partners around the world who can support the use case.
Airwallex is the most suitable partner in this case with our Global Accounts. You do not need to work with different partners in various countries. Instead you only need to integrate once with Airwallex and can start provisioning bank accounts in various currencies and countries. You also get to decide if you want / need to create separate accounts for each customer or manage pooled accounts in certain cases.
As an online lender for small businesses and online merchants, you offer working capital financing to borrowers who need short-term capital to close the gap between inventory purchase and sales proceeds settlement.
To manage the risk that you are undertaking as a lender and provide better rates to your borrowers, you ideally would like to have control over proceeds from sales and directly charge repayment of loan principal and interest. This means you need to have control of the bank account into which sales proceeds are deposited.
This is where Global Accounts from Airwallex can be just the right solution. You can create an account for each borrower who has been approved for a working capital loan and master account(s) for yourself. When sales proceeds are deposited into your borrower’s account, you can sweep a corresponding portion of the funds for real-time repayment programmatically.
Platforms and marketplaces are usually perfect use cases of Global Accounts where you will need to create bank accounts to move funds back-and-forth between the platform / marketplace and merchants doing business on them.
For more on how to best use Airwallex to support platform and marketplace end-to-end solutions, please read more on Scale .
Got some other use cases as a platform or marketplace business? Let us know .