Powering Bpay.md’s payment service provision to Moldova
The team at Clear Junction has been working closely with BPay.md, a payment service provider based in the Republic of Moldova. BPay.md holds a licence from the National Bank of Moldova for issuing electronic money and facilitates payments to third parties through its platform. The team are also currently developing their own Moldovan electronic payment service which will benefit Moldovan residents wishing to make and accept payments over the internet.
After identifying Clear Junction as a potential payments solutions provider, the two companies worked closely together to better understand BPay.md’s requirements and how Clear Junction could help support their future growth ambitions. As with all of our clients, we began by providing BPay.md with a correspondent account that serves as a portal through to our other services.
HELPING MOLDOVAN PAYMENT SERVICE PROVIDERS
The correspondent account enables BPay.md to receive payments in the eurozone which, in turn, enables their customers to use the individual SEPA-addressable IBANs that are provided to each of them. Transfers initiated using the SEPA Instant scheme can be delivered to the recipients in Moldova within seconds. In addition, some of the EUR and GBP settlements between the companies are carried out using the SWIFT infrastructure.
The partnership is an important part of our recently announced Moldovan Leu (MDL) Project, where we enable businesses to send MDL quickly and cost-effectively to any Moldovan national via secure bank-to-bank transfer. It is a fully automated solution that is delivered using a new suite of API instructions our team has developed, which are simple to integrate within existing technology.
UTILISING LOCAL CLEARING PARTNERS IN CIS
“Our partnership with BPay.md is testament to the success of our ambition to utilise local clearing partners in CIS countries to widen the scope of our payments solutions,” explains Dima Kats, Chief Executive of Clear Junction. “We are excited to see our service offerings put to good use and facilitate BPay.md’s business growth ambitions.”
“We were pleasantly surprised by just how effective Clear Junction’s software is at fulfilling our banking and payment requirements,” explains Artjom Vasiliev, the owner of BPay.md. “The system is user-friendly, straightforward and very informative – this is not always the case for banks and other financial institutions. Clear Junction’s customer service is of an exceptionally high standard, which is also not that common.”