is intended to help eCommerce merchants and entrepreneurs sell abroad, make payments and get paid faster in key markets, including China and the U.S. The expansion of the platform into the U.K. The announcement follows the initial news that LianLian Global expanded its cross-border payments services to U.K. The partnership will enable eCommerce companies to secure loans of $100,000 to $10 million in under 48 hours, LianLian announced in a press release Wednesday. with access to financing to grow their business through the LianLian Global platform. LianLian Global and London-based FinTech Uncapped have announced a strategic partnership to provide online merchants in the U.S. LianLian Global Partners With Uncapped on eCommerce Financing 24), the Treasury Committee published their responses. Parliament sent letters to Visa and Mastercard requesting them to explain their increases in cross-border fees. More on this: UK Payment Systems Regulator to Review Visa, Mastercard Feesįollowing the PSR launching a probe into the issue, in July the Treasury Committee of the U.K. In June, the U.K.’s Payment Systems Regulator (PSR) detailed plans for two market reviews focusing on card fees, including one that looks at cross-border interchange fees. Previously, fees had been capped by EU regulation. Fees increased from 0.2% to 1.15% for debit cards and 0.3% to 1.5% for credit card transactions. consumers to European businesses, and by European consumers to U.K. In October 2021, Visa and Mastercard increased cross-border interchange fees on purchases made by U.K. left the European Union, a post on the parliament.uk website states. Visa and Mastercard have blamed fraud and growing competition for the increase in their cross-border fees since the U.K. Visa and Mastercard Blame Fraud for Increased Cross-Border Fees thanks to a partnership with Uncapped that will allow the platform to offer financing to eCommerce businesses. Meanwhile, LianLian Global has strengthened its offering in the U.K. Parliament’s Treasury Committee has published the responses of Visa and Mastercard after it questioned their decision to raise cross-border interchange fees. Today in Europe, the Middle East and Africa, the U.K.
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