Amid the surging demand for cross-border payments, India’s BRISKPE has launched a platform designed to provide global reach for even the smallest businesses.
The platform is geared to address the needs of marketplace sellers, gig economy workers, exporters, and other micro, small, and medium-sized enterprises (MSMEs). Payment issues have long been a persistent concern for small business owners, with high fees, complex currency conversions, delays, and fraud risks often acting as barriers to entry into global markets.
Another issue has been the dearth of payment types available to merchants. To remedy this, BRISKPE’s platform will support both pay-by-bank payments and card transactions facilitated by PayPal and PayU, a Netherlands-based firm that has gained significant traction in India. PayU has been a strong supporter of BRISKPE’s cross-border efforts, contributing millions in seed funding to help launch the platform.
Currency Capability
For pay-by-bank transfers, BRISKPE said that funds will be credited within one day. Initially, the platform will support transactions in six currencies—USD, GBP, EUR, CAD, AUD, and SGD. And it also support transfers in over 30 currencies using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) protocol.
SWIFT operates a global messaging network that has widely been considered a contender to handle cross-border operations. The organization has been actively working to support new payment types, including crypto and digital assets.
Unlocking Potential
Although SWIFT’s solution has gained greater traction, it doesn’t specifically address the cross-border payment issues faced by small businesses. To that end, the BRISKPE platform will charge business owners a flat 1% fee on all pay-by-bank transactions.
BRISKPE aims to streamline the onboarding process for merchants by offering instant Know Your Customer (KYC) approvals and providing tools to track and manage payments. To mitigate fraud, the platform will leverage the existing fraud detection capabilities that PayU and PayPal have in place for wallet and card transactions.
“Our goal is to empower MSMEs by breaking down the financial and operational barriers that have held them back for too long,” said Sanjay Tripath, CEO and Co-Founder of BRISKPE in a statement. “By simplifying cross-border payments and offering a variety of payment options, including A2A, card-based and wallet-based collections, we’re not just helping businesses save costs—we’re enabling them to address diverse client needs and focus on growth, innovation, and unlocking their full potential.”
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