Razorpay Launches Forex Service for Startups to Enhance Cross-Border Payments Processing

India-based company Razorpay has launched a forex service for startups, to offer foreign exchange products for an improved cross-border payments processing.

Startup customers of Razorpay can now transfer funds raised from investors from around the world to India, across sectors that include the fintech industry, edtech, and financial services. 

Through the new forex service, Razorpay aims to make the process of transfers easier and more efficient for businesses, including all the steps that need to be taken through the procedure into one product. This will automate the entire documentation process while making sure the proper checks are made before the documents are uploaded to the portal of the Reserve Bank of India (RBI). Moreover, the service will allegedly lower the cost of forex rates, currency conversion charges, and administrative fees. 

The cross-border payments industry includes investments, but also multiple types of payments as well, including business-to-business transactions (B2B), business-to-person transactions (B2P), person-to-business (P2B), and peer-to-peer (P2P). Using the new foreign exchange product, Razorpay focuses on investing processes more efficiently, fast, and securely for all the parties involved in it. 

(Source: The Paypers)