Foreign exchange and cross-border payments can struggle to meet the needs of businesses and payments providers in today’s rapidly-changing and highly competitive global market. Livia Benisty, Chief Business Officer, Banking Circle explores the current offering and limitations, and what steps PSPs and banks can take to deliver cross-border payments as an added value service.
With the growth of global e-commerce and a revolution in the digital economy, in response to COVID-19, with technology fast-tracked to deliver socially-distant, lockdown compliant solutions, cross-border payments provision has vastly improved over the past two decades.
However, it has not been possible for the cross-border payments offering to keep pace with industry expectations, especially in terms of B2B payments. Vast opportunities still exist for banks and payments businesses to improve the service they offer their customers. Faster, simpler, lower-cost cross-border payments will open up competition still further and give businesses the international opportunities they need to compete and thrive in the new landscape.
When it comes to improving international transactions services, knowledge is the most powerful tool available. The latest Banking Circle white paper, ‘Optimising FX and Cross-border Payments’, offers insights on what businesses, banks and payments providers need to know in order to successfully improve their cross-border offerings. The best thing a business can do is gain a full understanding of the entire process and all parties involved.