At Flutterwave, we are creating truly innovative solutions to dismantle the roadblocks limiting cross-border B2B payments between large businesses. Our exciting collaboration with SUNRATE is an example of how we are doing this, particularly between Africa and East Asia.
About SUNRATE
SUNRATE is a global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE has been recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 190+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs.
With its global business headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, SUNRATE partners with the top global finance institutions such as Citibank, Standard Chartered, Barclays, and J.P. Morgan, and is the principal member of both Mastercard and Visa.
The Challenge: Pain Points in Africa-Asia Business Payments
Africa-Asia trade has been on a steady rise and has many growth opportunities. However, there is one common problem — collecting payments, which is stifling the trade corridor. Some of the challenges SUNRATE faced were:
- Infrastructure Barriers: Building local collection capabilities across Africa meant dealing with diverse regulations and integrating with numerous bank partners, a complex and resource-heavy effort.
- Partnering Difficulties: Finding a single trusted and licensed payment partner that could operate seamlessly across multiple African countries was a key obstacle.
- FX Risk Management: Within the prevailing market environment, aligning settlement timelines with preferred currencies occasionally required additional coordination to accommodate FX liquidity cycles.
- Settlement Lags: Traditional payment methods didn’t always offer fast settlements, making it harder for SUNRATE’s customers to plan and operate efficiently.
Why SUNRATE Chose Flutterwave
SUNRATE needed a payment platform that could streamline collections from Africa; one with deep continental expertise and seamless integrations. Enter: Flutterwave.
As a leading payment processor with the widest operational reach across Africa, Flutterwave fitted the bill. Our fully compliant, secure platform offers powerful APIs that simplify multi-currency operations and support scalable growth.
The Solution: Virtual Accounts for Collections
So, how is Flutterwave helping? By enabling African businesses to pay SUNRATE’s customers in their local currency. Here’s how it works:
- Virtual Account Payments: We generate local virtual account numbers for SUNRATE’s customers, enabling their African counterparts to make bank transfers to the accounts.
- Treasury Risk Management: Flutterwave works with regulated financial institutions to settle SUNRATE in accordance with agreed settlement preferences and timelines. Our scale and trusted relationships enable us to secure competitive exchange rates while maintaining the highest standards of operational integrity.
- Timely Settlements: We ensure SUNRATE is settled within 24 to 48 hours.
Partner with Flutterwave to Power Your Africa B2B Collections
Whatever your business payment needs are, we’re here to help. Our payment infrastructure can help you:
- Skip the hassle of connecting and integrating with different banks across Africa.
- Enable fast and smooth local transactions for your users.
- Enjoy seamless and timely settlements.
Are you ready to expand your collections into Africa with a single provider? Contact our sales team to get started, and let’s build something great together!