Macro Global incorporates Open Banking payment links from Volume into its cross-border payment collection

Macro Global Partners with Volume for Cross-Border Open Banking Payments

Macro Global, a leading provider of financial technology solutions, has announced a partnership with Open Banking payment solutions provider, Volume. This collaboration aims to deliver a cost-effective and seamless Open Banking payment gateway for Macro Global's clients.

The integration of Volume's technology into Macro Global's white-labelled software-as-a-service, 'NetRemit Cross-Border Payment Suite', has been completed. This integration allows businesses to offer direct bank-to-bank transfers for frictionless transactions, bypassing traditional card networks and reducing costs associated with payment processing.

Real-time settlement is now possible with the integration of Volume's technology into NetRemit. This improvement addresses the demand for speed and cost-efficiency in cross-border payments, particularly in B2B treasury flows, vendor payouts, and supplier settlements.

The partnership enhances security by using robust encryption and adhering to Open Banking standards. Sensitive data will be protected due to the integration of Volume's technology.

The collaboration leverages Open Banking’s direct bank-to-bank connections to reduce intermediaries, thereby cutting transaction times and costs typically associated with traditional cross-border payments. This improvement addresses the demand for speed and cost-efficiency in cross-border payments.

Open Banking payments inherently provide better authorization and verification through direct access to bank accounts, enhancing security and compliance. It also enables real-time tracking of payments, crucial for managing liquidity and exposure in cross-border contexts.

With Macro Global’s modular platform that supports multiple payment flows integrated with Volume’s Open Banking technology, the partnership is well-positioned to serve various segments including B2B transfers, peer-to-peer remittances, and gig economy payouts.

The partnership aligns with the rapidly growing Open Banking payments market, which shows increasing adoption and transaction volumes globally, as illustrated by market leaders scaling operations and partnering with financial institutions.

By combining Macro Global’s stablecoin-ready infrastructure and Volume’s Open Banking capabilities, they can tap into the massive $16.5 to $23.7 trillion total addressable market in cross-border payments, particularly focusing on segments demanding speed and cost efficiency.

However, the partnership must navigate complex cross-border regulatory environments and prudential requirements impacting treasury and banking operations, including capital adequacy and liquidity rules, which are critical in global payment infrastructures and liquidity management.

The collaboration could promote wider adoption of Open Banking payments in international trade finance and remittance markets, driving innovation in payment methods that reduce friction and open up new channel opportunities.

In summary, Macro Global's partnership with Volume offers a strategic advantage for cross-border Open Banking payments by combining scalable stablecoin-ready infrastructure with advanced Open Banking payment technology, addressing speed, cost, security, and regulatory challenges in a fragmented global financial ecosystem.

Macro Global is expanding its presence in Europe, the US, and India, in addition to its foothold in the UK. Among the services offered by Macro Global are regulatory and compliance solutions, Open Banking, consumer banking, and next-gen banking technologies.

Macro Global incorporates Open Banking payment links from Volume into its cross-border payment collection