Swift Expands Global Reach by Adding Chinese Yuan to Its Currency Line-up

At Swift Prepaid Solutions, we take our reputation as a global leader in prepaid corporate incentives and disbursements seriously. We’ve steadily introduced new currencies to our clients to support their global efforts, and this fall, we’ll begin offering the Chinese Yuan (CNY) across our payment products and platforms. Swift teams are working hard to finalize the launch of our newest currency with UnionPay, the largest bankcard association in China. With the addition of CNY, we extend our global reach to include 10 currencies.

 

Seamless Products and Programs

CNY joins Swift’s currency line-up due to popular demand and anticipated opportunity in the Chinese market. Beginning in Fall 2018, CNY will be available with Swift’s classic physical as well as digital one-time-load cards with a funding limit equivalent of 1,000 USD. CNY availability will be focused on single load products at initial launch with anticipated future expansion to Swift’s reloadable products.

 

CNY will be integrated into Swift’s platforms so that our clients can take advantage of seamless ordering. Whether your organization orders via batch file or API call, the new currency will follow the same operational process flows and ordering integrations as all of Swift’s existing currencies.

Clients looking to add CNY to their global offering can expect there to be new marketing guidelines to properly position the UnionPay product, as well as instructions for transferring funds to Swift’s CNY issuing bank partner.

Breaking New Ground with Established Partners

Bringing CNY to our programs required working with a bankcard association with strong partnerships and proven brand awareness across China. Given its high acceptance rate in China, UnionPay was a sure bet. 

The addition of CNY sets Swift apart from other program managers. At this time, no other U.S.-based program manager is offering CNY. Why? Because it’s not an easy addition. Our expert teams spent more than two years working closely with UnionPay and our established partners, acquiring the necessary certifications and developing the processes, tools and integrations to make it happen.

Swift: A Global Leader

A key part of our evolution has been to expand globally to meet the needs of our growing client base, business partners and program participants. In addition to CNY, Swift’s currencies include:

  • U.S. Dollar (USD)
  • Canadian Dollar (CAD)
  • Euro (EUR)
  • British Pound (GBP)
  • Japanese Yen (JPY)
  • Australian Dollar (AUD)
  • Hong Kong Dollar (HKD)
  • Swiss Franc (CHF)
  • Indian Rupee (INR)

However, we know that global expertise means going far beyond currency options. At Swift, we apply our formula to develop an understanding of local regulations, laws, cultural differences and payment practices, as well as address formatting and postal systems. We provide solutions with both physical and virtual cards depending on the country of residence, supported by platforms available in 17 languages and counting. 

Stay tuned for more information on how to leverage Chinese Yuan in your programs. To learn more about Swift Prepaid Solutions, visit SwiftPrepaid.com or contact your Sales Director or Swift Service Team.