LianLian Global, a leading global cross-border payments service provider, announced the introduction of the world’s first cross-border payments guarantee to China. LianLian Global’s end-to-end business payments network and best-in-class Know Your Customer (KYC) process enables the company to provide global online merchants and ecommerce entrepreneurs with the most transparent, compliant, and safe cross-border payment options to the country.
LianLian Global’s world-first cross-border full value payments guarantee to China is a new feature introduced to the company’s recently launched international digital wallet. The policy provides assurance that payments to China-based suppliers are delivered to the right bank account — every time. All payments on LianLian Global’s end-to-end payments network are vetted and verified through LianLian Global’s enhanced KYC capabilities, which support additional due diligence on customer profile checks. These checks mitigate payment risks and fraudulent transactions, while satisfying regulatory compliance in the Chinese market.
Ecommerce entrepreneurs seek payment security across their supply chains to secure their inventory to succeed internationally. LianLian Global’s transparent payments guarantee to China assures users that their payments are received in the bank accounts of intended parties in every case, increasing reliability in the supply chains of merchants and ecommerce entrepreneurs. If there is a problem, the payment is stopped and refunded immediately without waiting for multiple third-party correspondent banks. Customers also benefit from an added layer of robust security, speed, and competitive pricing. LianLian Global removes all the “middlemen” or correspondent banks, eliminating payment delays and the additional costs to hold and send the transfer.
With more payments transactions being made on online marketplaces, there is a growing need for seamless payments that are reliable every time, particularly with big global economies. Between September 2020 and August 2021, third-party sellers on Amazon sold more than 7,400 products per minute. However, if payments fail, or are delayed through correspondent banks, online merchants risk losing significant revenue to competitors for each day they are out of stock, while a refund or payment cancellation is processed.
As the scale of ecommerce sales grows globally, LianLian Global aims to eliminate the risks associated with international payments. As cash flows change with ongoing economic volatility, LianLian Global offers ecommerce entrepreneurs the much-needed reliability for their funds.
“LianLian Global has years of experience, deep domain knowledge, and technology assets and capabilities in China. This makes us the ideal partner to help international companies and online sellers manage payment risks when dealing with business partners in the country,” said David Messenger, Executive Chairman, LianLian Global. “We have invested in an end-to-end solution, and own all of our payment licenses, to remove all the middlemen and correspondent banks from the transaction process. This ownership allows LianLian Global to offer the world’s first cross-border payments guarantee to China at unrivalled speeds and extremely competitive prices.”
The international digital wallet, or cross-border payments platform, launched in Q2 2022, is designed to make payments faster, more accessible, and cheaper than the traditional cash and bank transfers for ecommerce businesses.
LianLian Global has offices in 12 countries that help more than 1.4 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide. In addition, the company has partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.