Brightwell Launches Latitude Platform for Seamless Cross-Border Payments

Brightwell launches Latitude, a cross-border payments platform that streamlines reimbursements, addressing the $365B global market with enhanced efficiency, convenience, and customer experience.

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Nasiru Eneji Abdulrasheed
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Brightwell Launches Latitude Platform for Seamless Cross-Border Payments

Brightwell Launches Latitude Platform for Seamless Cross-Border Payments

Brightwell, a global payments technology company, has launched Latitude, a new platform that enables businesses to deliver customized cross-border payments to their customers seamlessly. The platform aims to address the growing $365 billion global market for cross-border payments projected by 2032, which is expected to grow at a compound annual rate of 7.3%.

Latitude transforms the landscape of cross-border payments by providing better efficiency, enhanced convenience, and improved customer experience. The solution is a fully managed program that can be set up within weeks, with no coding required. Customers receive a personalized URL link with multiple payout and currency options, giving them flexibility and transparency in the reimbursement process.

The platform is particularly beneficial for industries like travel and hospitality, where businesses need to make one-off payments to customers for service disruptions. "Businesses have made substantial investments in prioritizing the customer experience, but the reimbursement process for service disruptions can be confusing and time-consuming, leaving customers feeling powerless," said Hal Ramakers, SVP of Global Solutions at Brightwell.

Latitude allows customers to choose from various payout and currency options, improving the process of providing remediation by delivering fast, transparent resolution for outstanding reimbursements. It minimizes back-and-forth communication and reduces the time spent on corporate reimbursements.

Brightwell's partnership with Visa to use Visa Direct for payouts to eligible bank accounts and wallets worldwide further strengthens its cross-border payments capabilities. This collaboration enables Brightwell to offer a comprehensive solution for businesses looking to streamline their cross-border payment processes.

Why this matters: The launch of Latitude by Brightwell addresses the growing demand for efficient and convenient cross-border payment solutions. As businesses increasingly operate on a global scale, the ability to make seamless cross-border payments becomes critical for maintaining customer satisfaction and loyalty.

The launch of Latitude marks a significant step forward in the cross-border payments industry. With its fully managed program, personalized customer experience, and partnership with Visa, Brightwell is well-positioned to cater to the growing needs of businesses worldwide. As Ramakers stated, "Latitude transforms the landscape of cross-border payments by providing better efficiency, enhanced convenience, and improved customer experience."

Key Takeaways

  • Brightwell launches Latitude, a cross-border payments platform
  • Latitude aims to address the $365B global cross-border payments market
  • Latitude offers customized payouts, improved efficiency, and customer experience
  • Latitude targets industries like travel, with one-off customer reimbursements
  • Brightwell partners with Visa to strengthen cross-border payments capabilities