Paying the Pacific: Improvements to Our Japanese Payout Network
Sending money to Japan-based payees is about to get a whole lot easier with Hyperwallet.
A few months ago Hyperwallet announced a major expansion to our financial network in the Asia Pacific region, with new payout optionality coming for clients paying into and within Japan. Today, we’ll detail those improvements in-depth to give you a better understanding of what this means for your organization.
Through new and expanded relationships with our Japanese partners, Hyperwallet can now quickly and efficiently facilitate local bank transfers for Japan-based payees. This improved network enables us to serve the entire banked Japanese population—and, given the high rate of bank adoption in the country, that’s an important differentiator.
Our new Japanese bank deposit functionality can basically be broken out into two flows: local bank deposits (i.e., JPY to JPY) and cross-border bank deposits (i.e., another currency to JPY).
Hyperwallet’s domestic payment solution enables clients with Japanese subsidiaries to fund local payouts in JPY, which are then distributed in near real-time through our banking partners. Using our cross-border solution, clients based in the United States or European Union can fund payouts to Japanese payees in USD, EUR, or GBP. Working with our partners, these funds are converted to JPY in bulk and sent to recipients, typically arriving within two or three days. We expect funding in AUD to be available later this year.
In addition, Hyperwallet now supports local currency prepaid cards in Japan, enabling payees to pay with their card in JPY online or at any retail location that accepts MasterCard.
If you’re a Hyperwallet client who would like to learn more about our new Japanese payout functionality, please reach out to your Account Manager directly. They’ll be able to provide you with additional information and answer any questions you might have.
Not on the Hyperwallet platform yet? Contact a Solution Expert today to learn more.