Rapyd Financial Network Ltd. ill waive foreign exchange and processing fees on the first $100,000 in processing volume for new businesses in the U.S., Mexico and Brazil, to provide relief during the COVID-19 pandemic. 

Rapyd officials said the offer, called the Rapyd Social Responsibility initiative, is available to companies that onboard with Rapyd and promise to pass on the savings to end users, according to a press release.

"The impact of COVID-19 on the global economy has changed how independent contractors, workers and consumers prefer to receive payments and the speed at which they need these funds at their disposal," Eric Rosenthal, vice president and managing director of the Americas at Rapyd, said in therelease. "Payment methods have shifted from cash to digital, and end beneficiaries are now resorting to quicker payments to be able to survive the pandemic effects."

Rapyd allows companies to quickly disburse payments in the U.S. Mexico, Brazil and 26 Asian countries.