HANGZHOU, China, July 10, 2024 /PRNewswire/ -- Lianlian Digitech's brand, Lianlian Global, announced that it has released a new global payment service, Lianlian Global Payout Service (LGPS), providing global payment services for cross-border payment service providers (PSPs), banks, and other licensed financial institutions. Through Lianlian's global payment network, LGPS helps PSPs and other licensed financial institutions break through international payment boundaries and achieve faster, more stable and safer fund transfers.
Economic globalization, regional integration, and digital development have increased the frequency of cross-border trade activities, driving higher demand for cross-border payments. Traditional systems like bank wire transfers, remittance companies, and third-party payments are commonly used but come with challenges such as high costs, slow processing times, and complex procedures due to manual operations and multiple intermediary banks. The rise of cross-border e-commerce and online B2B transactions has further fragmented the payment flows, making traditional payment methods less effective for the current needs of cross-border trade.
To address these challenges, Lianlian Global has launched the LGPS product. This innovative solution empowers overseas PSPs, banks, and other financial institutions to offer global payment services essential for cross-border trade. With LGPS, these institutions can make payments to China and various regions worldwide through a unified API interface, ensuring a more transparent, secure, efficient, and traceable global payment experience.
Lianlian Global's LGPS effectively addresses the pain points of traditional cross-border payments. It supports various business scenarios, including B2B and B2C, meeting the diverse payment needs of different customers. LGPS offers fast transaction speeds and low costs by leveraging a global fund processing network and optimizing intermediate links through the local bank clearing network, allowing real-time RMB credits without multiple intermediary banks. This approach reduces handling fees and costs significantly. Additionally, based on more than 60 payment service licenses and qualifications in the system and its independently developed anti-money laundering and anti-fraud risk control system, Lianlian can provide cross-border merchants with safe and compliant full-process and full-link cross-border services, making cross-border payments more secure. The process is transparent, enabling customers to initiate transactions, query balances, and download reports with ease.
The launch of Lianlian Global's LGPS product is gaining worldwide recognition. Thunes, a global money movement innovator and cross-border payment infrastructure platform, will be Lianlian Global's first strategic partner. By leveraging the network coverage of both companies, this partnership enhances the global payment capabilities of both Lianlian Global and Thunes, providing bilateral support for their clients and expanding their reach.
Thunes has one of largest digital wallet networks in the world. Thunes provides cross- border payments in 130 countries with a reach of over 3 billion digital wallet accounts and over 4 billion bank accounts. Thunes facilitates real-time and transparent payments in more than 80 currencies, using local payment methods, including 120 mobile wallets like PayPal, M-Pesa and Airtel, for gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, IMTOs, Fintechs, PSPs and banks.
Thunes CEO, Floris de Kort, commented: "We welcome Lianlian to the Thunes Global Network with direct, real-time connectivity to 3 billion digital wallets and 4 billion bank accounts around the world. Lianlian is a highly respected leader in cross-border e-commerce, and we are happy to partner with them to provide the fastest, most transparent and fully compliant global payment solutions in the industry to over 1 million merchants in China."
Lianlian Global is an innovative enterprise in the fields of payments, finance, and services for China's cross-border trade. Its offerings include cross-border payments, global collection, global distribution, and exchange services. Lianlian Global provides integrated cross-border trade services to a diverse range of customers, including cross-border e-commerce, platforms, institutions, foreign trade, and overseas study and education organizations. As of last year, Lianlian's business operations span over 100 countries and regions, supporting more than 130 currencies and serving approximately 3.2 million customers.
Shen Enguang, co-CEO of Lianlian Global said, "We are always committed to building a digital payment and service collaboration network for global enterprises, institutions and individuals, and helping enterprises carry out global cross-border business."
The launch of the Lianlian Global Payout Service marks another significant step for Lianlian in delivering seamless payment experiences for overseas licensed financial institutions and other customers, while expanding the boundaries of global payments. Leveraging its strong compliance and technological innovation capabilities, along with its global payment and financial network, Lianlian aims to collaborate with more payment service providers like Thunes, as well as banks and other financial institutions. This collaboration will provide end-to-end payment services, significantly shorten the payment process, enhance the efficiency of cross-border payments, and create new opportunities and value in international payments and global cross-border trade.
ENDS
About Lianlian Global:
Lianlian Global, as a core brand of Lianlian Digitech, is a comprehensive and innovative enterprise in cross-border finance and services in China. With strong compliance strength and technological innovation capabilities, Lianlian Global has built a global financial network to reach the world and a trade service network to cover the entire life cycle of merchants. Focusing on the core needs of cross-border enterprises, Lianlian Global, together with industry eco-partners, has created a one-stop cross-border trade service platform that integrates store opening assistance, global funds collection, global acquiring, global payout, Lianlian FX[1], Lianlian financing service platform[2], tax refund assistance and other services to help Chinese brands expand their overseas markets.
[1] The exchange rate of Lianlian Global FX business is provided by partner banks
[2] The financing products and corresponding contents displayed on the Lianlian financing service platform are provided by relevant licensed institutions
About Thunes:
Thunes is a global payment innovator enabling businesses to move money in real-time and in full transparency. We empower our customers to pay and get paid by anyone, anywhere, and however they prefer, closing the gap between payment systems worldwide. With Thunes, large, medium and small companies can Accept cards, bank transfers and 330 alternative payment methods, and Pay over 3 billion mobile wallets and 4 billion bank accounts.
Thunes facilitates payments in more than 80 currencies across 130 countries, using local payment methods, including 120 mobile wallets like PayPal, M-Pesa and Airtel, for gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, IMTOs, Fintechs, PSPs and banks. Headquartered in Singapore, Thunes has a presence in 13 locations, including Barcelona, Beijing, Dubai, London, Manila, Nairobi, Paris, San Francisco and Sao Paulo.