WorldFirst Unveils Global Sourcing Payment Solution WorldTrade to Facilitate Secure, Fast B2B Trade for SME Buyers
18 April 2024 - 3:54PM
Business Wire
WorldFirst, a one-stop digital payment and financial services
platform for global businesses, especially SMEs in international
trade, has launched WorldTrade, a new payment solution for global
sourcing to bolster the security and speed of cross-border payment
for international Small and Medium-sized Enterprises (SMEs) that
procure goods from suppliers based in China, while ensuring the
prompt delivery of products for the SME buyers.
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WorldTrade enhances payment security and
speed in B2B trade with smart contract fulfillment (Graphic:
Business Wire)
As a fresh addition to WorldFirst’s suite of global sourcing
payment solutions, WorldTrade employs smart contract-fulfillment
technologies to protect and improve SME buyers’ sourcing operations
by delivering:
Enhanced protection of buyers’ fund: WorldTrade protects
the funds of the SME buyers by scrutinizing sellers' reliability
and enforcing contractual commitments, which can curtail the risk
of financial losses due to fraudulent transactions.
Timely delivery of goods: Using WorldTrade, once the
trading parties enter into a contract, the system can initiate
payment and delivery of goods based on the payment conditions and
timing stipulated in the contract.
Faster payment to sellers: WorldTrade facilitates
immediate payment directly into the accounts of the sellers while
offering international buyers the flexibility to pay their
suppliers using a credit card, a debit card, or the WorldFirst
platform World Account. Current channels usually process an
international B2B trade payment within a span of one hour to seven
days.
Reduced Transaction costs: When both the buyer and seller
use World Account, they will be able to save more on transaction
fees and currency exchange costs. An SME conducting annual trade
worth US$10 million through WorldFirst could realize an estimated
savings of at least US$10,000 in transaction costs each year.
WorldTrade is able to facilitate smart contract-fulfillment
because of WorldFirst's extensive collaborations with banks,
customs offices, and logistics providers, allowing WorldTrade to
consolidate and validate crucial trade transaction information,
including payments, customs clearance, and delivery.
"The launch of WorldTrade aims to build trust in B2B trade
through digital means," said Ma Qisheng, Head of Global B2B
Business at WorldFirst. “WorldTrade facilitates intelligent payment
processing aligned with agreed trade terms, minimizing trade
barriers and streamlining global business interactions.”
In addition to WorldTrade, WorldFirst also supports
international buyers in sourcing from China with the Cross-border
Pay solution in partnership with 1688, one of China’s largest
wholesale marketplaces. The solution gives international SME buyers
an option to make payments to 1688 sellers without the need to set
up an onshore bank account in China, and to benefit from highly
competitive foreign exchange rates.
WorldFirst is the first official cross-border payment partner of
1688. Transaction volume of the 1688 solution grew at an annual
average rate of over 70% from 2019 and 2023 on the back of robust
international demand.
About WorldFirst
WorldFirst is a one-stop digital payment and financial services
platform for global businesses, especially SMEs in international
trade. WorldFirst, which employs AI and other cutting-edge
technologies for risk control, prioritizes the safety and security
of client funds above all else and has a leading fraud-prevention
track record in the industry. WorldFirst has served one million
customers worldwide and is connected to over 120 marketplaces.
WorldFirst was founded in 2004 and joined Ant Group in 2019. To
learn more about WorldFirst at https://www.worldfirst.com
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