Statrys has launched local account capabilities in five European markets for its SME clients in Hong Kong. The fintech company said the feature gives businesses more control over cross-border payment costs.

The new feature allows businesses holding a Hong Kong account to send and receive payments using local payment networks in the UK, Germany, Luxembourg, Denmark, and Liechtenstein.

Clients can manage these transactions through their existing Statrys account.

Each market offers specific local account details. For the UK, businesses receive local details for British Pound payments.

In Germany and Luxembourg, Statrys provides clients with an IBAN for Euro transactions across the Single Euro Payments Area, excluding Andorra and the Vatican.

Denmark accounts provide local details for Danish Krone payments. The Liechtenstein account offers an IBAN for Swiss Franc transactions, which can be used in both Liechtenstein and Switzerland.

Statrys stated that the local accounts allow businesses to choose between domestic and international payment routes based on each transaction’s requirements.

By sharing local account details, businesses can simplify payments for their European counterparties. The accounts also give businesses greater control over transaction costs.

“Every market has its own way of moving money,”

said Bertrand Théaud, Chief Executive Officer of Statrys.

“For our clients doing business in Europe, these new local accounts give them more flexibility, more control over costs, and a better way to pay and get paid like local companies.”

Eligible clients can apply for the new jurisdictions through their existing digital dashboard.

Once approved, businesses can add the local payment details to their invoices immediately to receive domestic bank transfers from their clients.

Statrys noted that GBP and EUR transfers through the new accounts are free.

Featured image credit: Edited by Fintech News Hong Kong, based on image by ttonaorh via Magnific