payabl. launches Payment Accounts to streamline financial operations for businesses

payabl., a Limassol-based European financial services provider, has announced the launch of its Payment Accounts, a cloud-based, API-first solution designed to help businesses of all sizes manage their day-to-day payment needs within a single easy-to-use platform.

In a press release, the company said that as businesses expand internationally, they encounter challenges such as high currency conversion costs, foreign exchange risks, and the complexity of managing multiple bank accounts.

payabl.'s Payment Accounts directly address these issues, enabling businesses to hold, convert, and transact in multiple currencies – including EUR, USD, and GBP – while facilitating seamless cross-border transfers via SEPA, SEPA Instant, and SWIFT. Developed by payabl.’s in-house tech team in Frankfurt, this solution aims to reduce transaction fees, expedite international payments, and simplify cash flow management.

As a trusted acquirer with nearly 15 years of industry experience, payabl.’s mission has always been to deliver future-proofed payments solutions and exceptional customer satisfaction. The introduction of the Payment Accounts is a natural extension of this commitment, offering businesses a streamlined, efficient solution for all their payment needs.

Mariana Vorobeva, Owner of Flower O'Clock said: "Managing our finances used to be a time-consuming process, especially when it came to paying suppliers and keeping track of different accounts. With payabl.’s multi-currency account, especially when coupled with their POS system, we've been able to consolidate everything into one platform, making it much easier to manage our cash flow and payments. The fast onboarding and instant settlements mean we can focus more on running our business rather than worrying about payments delays. It's been a significant improvement for our operations."

Ayse Moudourou, payabl.’s Head of Banking said: “As an omnichannel financial solutions provider, our objective is to address the diverse needs of our customers comprehensively, and in the fast-paced industries we serve, efficient and responsive payment solutions are essential. With our deep understanding of our customers’ payment flows, we’ve been able to design a product that meets their demands more swiftly and effectively than traditional banking methods. This launch enables us to offer a solution that is not only tailored to their needs but also enhances their ability to operate in a rapidly evolving market.”

Global trade growth

The OECD[1] expects global trade in goods and services to grow by 2.3% this year and 3.3% in 2025 – more than double the growth seen in 2023 – as falling inflation will enable central banks to lower interest rates.

As cross-border trade increases and regulatory requirements become more complex, the digital economy is shifting towards a fintech-driven, instant, and wallet-based approach. This, coupled with the ECB’s directive making instant payments the default method and the Eurosystem’s harmonised policy allowing non-bank payment service providers (PSPs) to access central bank-operated payment systems, presents a significant opportunity for fintechs like payabl. to completely transform the payments landscape.

Building on payabl.’s existing suite of services – including card acquiring, local payment methods, and POS terminals – the introduction of Payment Accounts underscores the company’s commitment to offering a comprehensive, future-proof payments solution. This product launch marks a crucial step towards payabl.'s ambition of becoming the go-to platform for all business payment needs.

Igor Skachkov, Chief Product Officer at payabl. said: “Launching the Payment Accounts is a key milestone in our mission to create a comprehensive financial platform for businesses with a range of products that complement each other. We are expanding our product offering to meet the full spectrum of modern business needs, empowering our clients to accept, send, and hold funds efficiently.”

He continued, “In today’s rapidly evolving global market, businesses require an agile and dependable partner to help them navigate new challenges and drive growth. Our platform offers EU and UK businesses the ability to manage European payment accounts effortlessly, facilitating everyday transactions both within the EU and globally in various currencies. This launch is a crucial step forward as we prepare to introduce corporate debit cards, alongside a suite of business tools designed to fuel our clients’ success.”

payabl. currently serves over 500 businesses across Europe and Latin America, offering a wide range of payment products, including card acquiring, banking services, and integration with over 300 local payment methods and POS terminals. payabl. combines cutting-edge technology with a client-centric approach, delivering robust, future-proof payment solutions to merchants across a variety of sectors worldwide.

Find out more about payabl.’s Payment Accounts here.

[1]OECD Economic Outlook, Volume 2024 Issue 1