Rakesh Kurian's fintech firm Crosspay secures UK retail money transfer business from iFast Global Bank/EZRemit
By A Staff Reporter LONDON July 1: Crosspay, a UK based global fintech payment platform, has made its foray into the retail sphere by securing a retail money transfer business from iFast Global Bank/EZRemit. Crosspay, helmed by Keralite Rakesh Kurian, are well established in the elite money transfer world, having previously pioneered several money transfer solutions that are now widely utilized in the industry. The latest development is aimed to further expand its range of services in the UK and worldwide. Crosspay is a fintech payment platform that facilitates cross-border transactions in more than 50 currencies. Senders can use their service online, through an app and now retail, and transfers can be done to over 50 countries worldwide, with more on the way. Payments can be received as bank credits, mobile money, or cash pick-up in the receiving country. They have access to over 2 billion bank accounts through their network of over 5000 supported banks. They offer modular, integrated payment ecosystems for individuals and businesses. Their success lies in the direct APIs with banks globally, enabling seamless payments through a single API and single currency. Rakesh Kurian, Crosspay’s CEO, previously worked for industry leaders like UAE Exchange, Xpress Money, Orient Exchange Hong Kong, and BFC; he moved to the UK 22 years ago to establish EZRemit UK, setting up its retail locations. The money transfer retail business and the online platform EzRemit eventually grew to become a UK bank. Rakesh Kurian exited BFC Bank in 2015 to start Crosspay as a global cutting-edge digital solutions provider. Meanwhile, in March 2022, BFC Bank was purchased by a Singapore-based company, iFast Global Bank Ltd. From June 1st 2022, Crosspay agreed to purchase the retail business division from iFast Global Bank. The BFC group’s money transfer product is EZRemit, which Rakesh Kurian co-founded and launched in the United Kingdom in 2005, having set up most UK retail locations; Crosspay has now acquired. Things seem to have come full circle. The same staff and locations will continue for money remittances and currency exchanges for BFC Bank’s retail customers, just under the Crosspay name and payments platform. Individuals and businesses can use their smartphones, tablet, computer, or even telephone to make international payments for personal and business purposes. Crosspay offers exceptionally low prices and charges, and personalized service to all clients when needed. From their payment products and services to cross-border payments for both personal and business customers, charity payments, consulting services, and SaaS, Crosspay have a diverse portfolio. One of the USPs of this fintech payment platform is that it provides competitive rates to users. As a result, the customers can avail their excellent services at affordable rates. While talking about the latest venture of Crosspay, Rakesh Kurian said: “We embarked on this journey to create a much-needed disruption in the payments industry. We have taken our collective knowledge and connections to build this technology platform, which provides the backbone of our services. We make every effort for ourselves, our products, our shareholders and our clients to achieve the best possible results in a spirit of excellence.” Crosspay Group’s global modern payments infrastructure for individuals, institutions, charities and businesses offers a wide range of innovations and better technology to expand enterprises, grow internationally, and reach new markets. They are constantly developing new ways so that the users can have multiple options for sending and receiving money. They believe entering the retail sphere will further enhance customer experience and community reach. For more details, visit www.crosspaygroup.com or for Money Transfer services, visit www.crosspaymt.com. For updates follow @crosspaymt on Facebook, Twitter and Instagram.