Geoswift adds inbound P2P to Chinese cross-border payments

Geoswift has launched an inbound P2P money transfer service in China — offering the flip side of its core services supporting tuition and other corporate payments for Chinese students, workers and tourists who are outside of their home country.

GeoRemit enables users to send funds to 90% of Chinese bank accounts via debit or credit, so recipients receive funds in local currency, Geoswift said in a press release this week.

Banks may connect GeoRemit through a single API integration, the press release said.

“GeoRemit is designed to speed up, streamline and simplify the money transfer remittance process within an ever-changing landscape where transaction values are getting smaller and transaction volumes are increasing,” said Raymond Qu, Geoswift’s founder and CEO, in the release.

Geoswift operates as an acquirer of UnionPay International in North America and it operates a network of currency exchange outlets throughout China.