Unlock Seamless Payments across Borders with OwlPay: Now Available on Shopify App Store

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Sep 14, 2023, 10:16 ET

TAIPEI, Sept. 14, 2023 /PRNewswire/ -- OwlTing Group, a prominent blockchain enterprise in Asia, has recently unveiled the app of its innovative payment solution, OwlPay, now available on the Shopify App Store. Through the app, global merchants can seamlessly synchronize their orders and vendor information onto the platform with just a few clicks and split orders for vendor payments based on the product price. Upon logging into the OwlPay platform, merchants can efficiently oversee, reconcile, and review orders, all while facilitating smooth cross-border payments. Collaborating vendors also have the opportunity to harness the power of OwlPay to verify financial details, catering to the needs of both vendor and order management. This cutting-edge solution effectively streamlines intricate internal processes, significantly enhancing operational efficiency.

OwlPay, a comprehensive payment solution, is now available on the Shopify App Store and offers a 30-day free trial.

In addition to daily operations, when Shopify merchants embark on global expansion, grappling with payment complexities for overseas vendors can be a challenge. OwlPay has crafted a comprehensive payment solution to address these obstacles. With OwlPay, merchants gain access to an array of cross-border payment methods, spanning fiat currency, stablecoin, and the commercial card and account payables service. The solution empowers merchants to handpick payment methods that align with their precise requirements and leverage multiple options for seamless cross-border transactions. If vendors request to receive payments in local currency, real-time online exchanges are available on OwlPay, adding an extra layer of convenience. This platform allows users to send payouts to suppliers across 200+ countries/regions, boasting reduced fees and shorter processing time. In contrast to the $30 per transaction and several business days with bank transfer settlements, each cross-border remittance through OwlPay can be as low as $6, with settlement occurring as fast as within the same day. By significantly cutting down on transaction expenses related to international transfers, OwlPay presents a cost-effective and efficient payment solution for Shopify merchants worldwide.

Lesley Kuo, Vice President of Global Sales, said, "Shopify is the most widely-used commerce platform worldwide, with a total Gross Merchandise Volume (GMV) of $197 billion (USD) in 2022. To give merchants a seamless cross-border payment solution, we have launched OwlPay on the Shopify App Store. This innovative app offers a 30-day free trial, allowing merchants to import vendors and order information to the OwlPay platform with just a few clicks. Once merchants connect their Shopify admin to the OwlPay platform, they can enjoy a range of convenient features, including vendor and order management, reconciliation, and cross-border payment capabilities. Even better, users do not need to worry about any hidden costs or transaction fees with the SaaS system, as they are all clearly outlined. The app and platform work together to create a comprehensive and seamless experience for managing vendor payments."

Drawing upon years of expertise in blockchain technology and e-commerce, OwlTing has cultivated invaluable insights into the challenges encountered by overseas suppliers and businesses when navigating global payments. These pain points encompass intricate internal reconciliation processes, a substantial workload, and time resources spent on the tasks. Responding to these pressing issues, OwlTing unveiled OwlPay in 2021, offering a variety of functionalities, such as streamlined vendor and order management, efficient mass payouts, real-time exchanges, and automated payment processes. Besides, OwlTing has forged strategic alliances with international financial institutions to provide multiple payment methods. Thanks to its competitive fee structure and comprehensive suite of features, OwlPay has rapidly gained traction as a preferred choice among businesses seeking top-tier cross-border payment services. Its user base spans a spectrum of industries, including e-commerce, food services, logistics, tourism, and import/export sectors, traversing geographical regions such as the U.S., Singapore, Hong Kong, Taiwan, and beyond.

Patrick Wang, Chief Business Officer of OwlTing Group, shared the next strategic plan for OwlPay. "We will develop more features, such as payment gateway and payment links, and work on partnerships with financial institutions in various countries. OwlPay aims to offer a comprehensive payment solution for global businesses, ensuring compliance with regulations across jurisdictions. We plan to expand our business to Japan, EU countries, and regions with limited banking infrastructure coverage, like Africa and India. OwlPay will collaborate with financial institutions to create a seamless one-stop platform that integrates multiple payment methods and information flow. The partnership aims to expand the ecosystem of cross-border payments and contribute to global transfers and inclusive financing."

In a bid to further extend the global reach of OwlPay's services, OwlTing Group has been proactively establishing regulatory compliance in multiple countries. OwlTing has registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury. Since 2021, OwlTing Group has been applying money transmission licenses (MTL) across 35 states in the U.S., and the efforts have borne fruit, securing MTLs in 27 states to date. As a pioneering figure among Asian enterprises in acquiring the MTLs, OwlTing is now duly authorized to conduct transactional activities involving fiat and stablecoin in these regions. These efforts demonstrate the commitment to compliance and cooperation with U.S. regulatory authorities. Meanwhile, OwlTing is forging strategic partnerships with esteemed global service providers specializing in Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols; these alliances help OwlTing fortify the security of transactions, combat financial crimes, and prevent illicit activities. OwlTing's unwavering emphasis rests on user security and strict adherence to regulatory mandates as the company strives to establish itself as the foremost cross-border payment solution that prioritizes safety and regulatory compliance.

According to Juniper Research, a market research institution in the U.K., the total value of cross-border transactions is projected to exceed $40 trillion by the end of 2024. Darren Wang, Founder and CEO of OwlTing Group, shared, "We are optimistic about the potential of OwlPay in the international market. With the expanding scale of global cross-border payments, we see great opportunities for OwlPay. In recent years, we have taken significant steps to establish a compliance team and implement a comprehensive AML architecture. We have also applied for licenses from financial regulatory agencies in the U.S. and initiated the license application process in Japan in 2023. The next step in our compliance plan will focus on Singapore and the countries in the EU, accelerating OwlPay's global expansion. Our goal is to provide faster and more affordable cross-border remittance services, offering multiple payment methods while ensuring compliance with regulations in different countries. OwlPay aims to be the most trusted partner for government agencies, financial institutions, and business users worldwide."

－Get Started OwlPay in Shopify: https://bit.ly/3YuwBAI
－Experience Real-Time Settlements with OwlPay Now: https://bit.ly/3QzNWq6

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About OwlPay
OwlPay provides a comprehensive C2B2B solution for businesses, which includes a payment gateway, reconciliation, mass payouts, and automated payments. Additionally, several payment methods are available for real-time clearance and settlement of transactions, such as fiat currency, commercial cards and account payables, and stablecoin. These methods speed up transactions and improve transparency in the process. OwlPay effectively helps businesses save costs and enhance operational efficiency, creating a brand-new FinTech experience and satisfying all-rounded payment needs in one place.

Website: https://bit.ly/3QzNWq6
Video: https://bit.ly/43YfhFv

About OwlTing Group
Founded in 2010, OwlTing Group covers B2B, B2B2C, and B2C services. As a Taiwan-based company, OwlTing has branch offices in the U.S., Japan, Thailand, Malaysia, Hong Kong, and Singapore and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from the Japanese financial giant SBI Group; in recent years, OwlTing has formed partnerships with government agencies, industry, and academia globally and applied blockchain technology to the FinTech industry, medical industry, automotive industry, defense industry, food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various sectors to solve pain points and improve industry ecosystems.

Website: https://bit.ly/3qreWxt

SOURCE OwlTing Group