Buckzy Payments: Paving the Way for Real-Time Cross-Border Transactions

Abdul Naushad, President and CEO
The World Trade Organization (WTO) recently shared figures hinting at the impressive growth in international trade after a deep, COVID-induced slump. The statistics highlight the impact overseas trade had in boosting the economy worldwide. However, despite the potentially large number of international payments made every second, the process of transmitting money across borders remains extremely complex. Right from regulatory complexities to routing and handling/passing payments between stakeholders in the transaction chain, this seemingly streamlined process gets twisted along the pipeline leading to increased costs and prolonged time.

“Usually, cross-border payments take almost T+2 or T+3 days to settle between bank accounts located in disparate time zones,” remarks entrepreneur and business leader, Abdul Naushad who has been working in the FinTech industry for over 25 years. Drawing insights from his deep-seated expertise in global payments, cross border compliance, and SaaS business, Naushad mentions how the not-so-simple framework of international payments is leading to delayed settling of funds across geographic boundaries. This is precisely where Buckzy Payments is changing the narrative by creating a real-time payment ecosystem that allows customers to send money conveniently.

“Buckzy Payments is focused on transforming the FinTech industry by making cross-border payments possible in real-time,” says Naushad, President and CEO at Buckzy Payments. As an enabler of banks and other types of financial institutions, Buckzy is committed to bolstering the payment landscape by allowing consumers and small business to send and receive money instantly between bank accounts 24×7, 365 days a year. The company offers a robust platform for Payment Network and Banking-as-a-Service that allows customers to create virtual accounts in multiple currencies like USD, CAD, GBP, EUR, JPY, AUD and expedite payment settlements into bank accounts in no time. Financial organizations can build their own banking and payment services on its platform and reap the benefits of a real-time payments network infrastructure that has a single point of connectivity global real-time networks around the world, combined with treasury solutions to deliver global liquidity and real-time settlements.

Buckzy Payments offers 150+ APIs that allows customers to integrate their platform into its infrastructure and build a broad range of payment use cases on our platform. In essence, the company not only streamlines bank-to-bank real-time transactions but also offers T+1 payment capabilities into 72 nations.


Buckzy Payments is focused in transforming the FinTech industry by making cross-border payments possible in real-time


Buckzy provides relevant channels that enable customers to easily transfer money from their bank accounts to third-party wallets (such as Alipay in China, Paytm in India, GCash in the Philippines among other wallets) anywhere in the globe. Besides, the Ontario-based company is even simplifying settlements debit and prepaid card channels.It is replacing the cumbersome legacy processes of cross-checking successful fund transfer through instant validation of recipient accountsto ensure better customer experience when performing cross border transaction.

To further illustrate the efficiency of the platform, Naushad cites a customer success story, wherein Buckzy Payments partnered with an eminent North America-based bank that was planning to implement payments across seven different countries. Despite hosting a bank account for its retail customers, the organization witnessed a year over year decline in customer transactions in cross border activity as they got more inclined to send money using third-party platforms such as Western Union and others.
Over the years, the bank struggled in growing cross border payment business. This is when Buckzy Payments was selected to deliver a ground-breaking and innovative cross border payment solution enabling real-time cross-border remittance and bill payments across countries like Canada, the Philippines, China, India, UK, Australia, and others through multiple key corridors. It overhauled the clients’ experience and elevated client satisfaction to a level never seen before by the bank.

Scripting similar success stories, Buckzy Payments now aims to extend its licensing capabilities to widespread spheres of Australia, Hong Kong, EU, Japan, in addition to its already existing footprints in Canada, the US, UK, India, and Brazil. The company also plans to revitalize its product implementation and is striving hard to introduce new functionalities like global pay-in (collect capability) to its platform to enable payment collection of money in local currencies globallyand convert them to client’s base currency. “We are making global payment collection experience as frictionless, faster and cost-efficient as possible. Still in the beta-product stage, we are planning to launch the remodeled solution with added functionalities soon,” concludes Naushad.

Company
Buckzy Payments

Headquarters
Toronto, Ontario

Management
Abdul Naushad, President and CEO

Description
As an enabler of banks and other types of financial institutions, Buckzy is committed to bolstering the payment landscape by allowing consumers and small business to send and receive money instantly between bank accounts 24×7, 365 days a year. The company offers a robust platform for Payment Network and Banking-as-a-Service that allows customers to create virtual accounts in multiple currencies like USD, CAD, GBP, EUR, JPY, AUD and expedite payment settlements into bank accounts in no time. Financial organizations can build their own banking and payment services on its platform and reap the benefits of a real-time payments network infrastructure that has a single point of connectivity global real-time networks around the world, combined with treasury solutions to deliver global liquidity and real-time settlements.

Buckzy Payments