LianLian Global launches cross-border supplier guarantee

LianLian Global – a leading cross-border payments fintech based in Hangzhou, has announced the launch of the world’s first payment guarantee for cross-border suppliers to China.

Launched in Q2 2022, the international cross-border payment platform has been created to ensure faster payments that are cheaper than traditional cash and wire transfers for e-commerce businesses.

The move signals the start of a new service that enables LianLian Global to provide global online merchants and e-commerce entrepreneurs with the most transparent, compatible and secure payment options across country borders.

Fintech, which was founded in 2004, has proven popular because the business model removes all “middlemen” or correspondent banks, thereby eliminating payment delays and additional costs for holding and sending the transfer.

The new feature, which was introduced to the company’s recently launched international digital wallet, provides assurance that payments to China-based suppliers are delivered to the correct bank account on all occasions.

Fintech released a statement saying, “All payments on LianLian Global’s end-to-end payment network are checked and verified through LianLian Global’s enhanced KYC capabilities, which support additional due diligence on customer profile checks. These checks reduce payment risk and fraudulent transactions while satisfies regulatory compliance in the Chinese market.”

Suppliers across national borders guarantee a boost for e-commerce

The new solution will support e-commerce entrepreneurs seeking payment security across their supply chains by securing their inventory to succeed internationally. The payment guarantee also ensures customers that their payments are received in the bank accounts of intended parties in all cases. This increases reliability in the supply chains of sellers and e-commerce entrepreneurs.

In the event of a problem, the payment is stopped and refunded immediately without waiting for several third-party correspondent banks. LianLian Global also stated that customers will benefit from an improved layer of security, faster services and low prices.

The market for online payments is expanding

LianLian Global, which has offices in 12 countries, supports more than 1.4 million e-commerce stores with its cross-border payment services. The fintech company owns over 60 licenses worldwide. In addition, the company has partnered with leading financial institutions such as Citi, Deutsche Bank and JP Morgan to operate their solutions.

As a result of digital transformation, driven by the Covid pandemic, online transactions have increased massively within online marketplaces. There is therefore a growing demand for frictionless payments that are secure and reliable, especially in relation to large global economies.

Reports suggest that between September 2020 and August 2021, third-party sellers on Amazon sold more than 7,400 products per minute. However, should transactions fail, or delays occur via correspondent banks, merchants may lose business to competitors for each day items are out of stock while payment cancellations or refunds are processed.

When we talk about the new payment guarantee for cross-border suppliers, David Messenger, Executive Chairman, LianLian Global, explained, “LianLian Global has years of experience, deep domain knowledge and technological assets and capabilities in China. This makes us the ideal partner to help international companies and online merchants manage payment risks when dealing with business partners in the country.”