Finding faster ways of clearing payments on cross-border transactions has drive a new collaboration between logistics provider DP World and global commerce platform PayPal.
In a Memorandum of Understanding confirmed last week the global logistics agreed to accept PayPal to enable international merchants, shippers, exporter, importers and marketplaces to complete cross-border payments with greater transparency, lower costs and faster settlement times.
DP World Group Chairman Sultan Ahmed bin Sulayem says the company’s digital payments initiative would provide its customers with reliable options for payments that are “faster, and more transparent, than traditional systems without compromising security”.
“By simplifying global transactions, we are enabling businesses of every size to grow, move faster, and operate more efficiently across markets,” Sulayem says.
“This solution marks another important step in DP World’s journey to transform the supply chain and make trade flow more efficiently. These partnerships allow us to bring trusted, digital-first solutions to global commerce, helping businesses and individuals trade more efficiently.”
PayPal president and CEO Alex Chriss says his company’s trusted and secure payments infrastructure was well suited to the logistics trade.
“Global trade works best when payments are fast, transparent, and secure,” Chriss says.
“That is exactly what this partnership with DP World is delivering.
“For too long, global businesses have been underserved by traditional cross-border payment systems.
“Today, we are setting a new standard. I am proud to mark this milestone in a region that is becoming a global hub for digital innovation, as we continue building more connected and inclusive financial services for businesses worldwide.”