To facilitate cross-border payments for its virtual content, entertainment, business-to-business (B2B), and e-commerce merchants in Africa’s vibrant digital economy, FuturePay has teamed up with Flutterwave.
With this partnership, FuturePay aims to provide a unified payment structure that will make it simple for its merchants to process payouts and receive payments in various African nations.
Futurepay’s merchants will be able to reach African consumers more successfully thanks to this partnership with Flutterwave, which will also help them with essential issues like payouts and collections. Thanks to Futurepay’s product capabilities and compliance knowledge, clients can confidently expand into Africa.
Initial Futurepay’s difficulties in streamlining cross-border payments
The partnership allows FuturePay to process B2B payments in local currencies through virtual bank accounts, accept regional payment methods, and distribute commissions using Flutterwave’s infrastructure across 34 African nations. This addresses the difficulties posed by various payment methods and laws.
Before the partnership, Futurepay faced difficulties in achieving its aims of seamless cross-border payments in Africa because of the continent’s complex payment environment.
They have faced the following challenges: Complex Payment Systems, Complicated Local Payouts, B2B Payment Barriers, and Regulatory Diversity.
“Futurepay’s mission is to help merchants overcome these barriers. We not only provide global account and payment solutions, but also partner with leading local payment institutions to ensure funds move with higher conversion rates and less friction,” FuturePay stated.
Advantages of the partnership
This is where Flutterwave comes in. Futurepay needed a payment partner with a significant presence in Africa to overcome these obstacles. With Flutterwave’s extensive operational reach and leadership in African payments, it was well-positioned to offer FuturePay the solutions it required to support its expansion.
Flutterwave’s ability to operate in thirty-four (34) African nations guarantees that FuturePay can grow throughout the continent, and Flutterwave’s strong payments infrastructure facilitates a seamless single integration.
Through this partnership, Flutterwave have made it possible for FuturePay to:
Accept Local Payment Methods: Their customers can pay them using their preferred method, including bank transfers, cards, and mobile money.
Pay Out Efficiently: They no longer need to oversee several local banking relationships to distribute commissions and rewards to suppliers, partners, and creators.
Easy Business-to-Business Payments: Flutterwave has allowed local African companies to use FuturePay to deposit money into virtual bank accounts and pay their foreign partners in their local currencies.
Africa’s expansion: FuturePay can now effectively grow throughout 19 African nations by utilising Flutterwave’s banking and regulatory relationships.
FuturePay has gained a competitive edge by using a single partner to serve both B2B and B2C needs. By streamlining Africa’s formerly intricate payment systems and standardising payments across markets, Flutterwave increased this advantage.
This collaboration is a significant step in Futurepay’s continuous commitment to facilitating sustainable growth for international merchants in today’s complicated cross-border payment environment and the start of Futurepay’s work with Flutterwave. Through this partnership, Futurepay is enhancing its global network and guaranteeing that its merchants can access the most robust local payment infrastructures globally.