US-based financial technology company OnlineCheckWriter.com - Powered by Zil Money has announced the launch of its instant international payments feature designed for the US-India corridor. With direct wallet-to-bank transfers, the solution aims to reduce traditional wire transfer times from days to minutes for American businesses conducting transactions with Indian partners.
The announcement comes as India remains the world's largest recipient of remittances, having received $135 billion in 2024, with approximately 28% of these remittances originating from the United States. This makes the US-India payment corridor one of the most significant globally, handling billions in annual transactions.
Addressing Traditional Payment Challenges
Current international wire transfers between the US and India typically require three to five business days for completion. Multiple intermediary banks levy fees ranging from
15 to 50 per transaction, while exchange rate markups often add 2-4% above mid-market rates, creating unpredictable expenses for businesses managing regular international payments.
These delays particularly impact India's IT services industry, which generates over $200 billion annually and has significant exposure to the US market. Payment uncertainties can disrupt project timelines and strain business relationships between American companies and their Indian suppliers, software developers, and service providers.
Technology Platform Features
OnlineCheckWriter.com - Powered by Zil Money leverages modern digital payment infrastructure to bypass traditional correspondent banking networks. The system processes payments within minutes rather than days by utilizing direct digital channels that eliminate multiple intermediary banks.
The platform employs a flat-rate pricing model where US businesses pay a disclosed upfront fee while Indian recipients receive the full intended amount without deductions. Money transfers directly in Indian Rupees at real-time exchange rates, and US firms can pay directly from their operating bank accounts without maintaining separate foreign currency accounts or pre-loading funds.
Every transaction includes end-to-end encryption with comprehensive audit trails to meet regulatory requirements for cross-border transactions while providing businesses with necessary compliance documentation.
Market Context and Competition
India's digital payments landscape has evolved rapidly, with the Unified Payments Interface processing over 100 billion transactions annually. The country's cross-border e-commerce market, currently valued at approximately 800 billion annually, is projected to reach 2 trillion by 2030.
Bilateral trade between the US and India reached 128.78 billion in FY23, representing growth from 119.48 billion in the previous year. The strengthening economic ties create demand for more efficient payment processing solutions.
The instant international payments market in India includes established providers like Western Union, Remitly, and Xoom, which primarily focus on consumer remittances. Recent business-focused entrants include PayGlocal, which has processed INR 22 billion in transactions across 181 countries, and BriskPe, offering multi-currency payment accounts for businesses and freelancers.
OnlineCheckWriter.com - Powered by Zil Money differentiates itself through B2B focus and integration with existing business financial management tools. The company reports handling over $98 billion in transactions across more than 1 million business accounts.
Regulatory Environment
India's regulatory framework for cross-border payments operates under the Foreign Exchange Management Act, requiring proper documentation and compliance with know-your-customer requirements. The Reserve Bank of India has implemented measures to facilitate legitimate international transactions while maintaining security standards.
For businesses receiving international payments, compliance with Goods and Services Tax regulations and Foreign Contribution Regulation Act requirements where applicable remains essential. The platform's transaction documentation and audit trails address these regulatory needs.
Industry Impact
The solution addresses critical needs in India's growing freelance and gig economy, where independent professionals working with US clients have traditionally faced challenges with international payment processing. Faster payment processing can improve cash flow management for Indian businesses and enable more competitive pricing in international markets.
When payment certainty increases and processing times decrease, businesses can operate with lower working capital requirements and offer more attractive terms to international clients. This particularly benefits India's technology and services sectors, where payment speed directly impacts business operations.
Company Background
OnlineCheckWriter.com - Powered by Zil Money operates as a comprehensive financial technology provider serving thousands of US businesses. The platform combines check printing and payment management with digital solutions including payroll processing and cash flow optimization.
Zil Money functions as a financial operating system offering integrated accounting and payment suites. The combined platform supports over 1 million business accounts and has processed more than $98 billion in transactions, indicating substantial operational scale in business financial services.
The company's expansion into instant international payments represents an evolution of its service offerings, leveraging existing business relationships and operational infrastructure to address cross-border payment challenges.
Market Outlook
Industry analysts predict continued growth in demand for real-time cross-border financial services as businesses increasingly operate across international boundaries. The success of such platforms depends on maintaining competitive pricing while ensuring security and regulatory compliance.
For Indian businesses and professionals working with US clients, the platform provides a new option for receiving international payments with potential improvements in speed and cost-effectiveness compared to traditional banking channels.
The introduction of instant international payments solutions represents a broader trend toward real-time cross-border financial services, with potential economic implications for India including reduced transaction costs and improved cash flow management for businesses.
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