The Cross-Border Payments Evolution

The Cross-Border Payments Evolution

Fabrizio Zanollo

Customer Success Director - Head of International Payments at Form3

Fabrizio Zanollo currently serves as Director of Customer Success and Global Head of International Payments Services at Form3. Prior to that, Fabrizio was Director of Strategic Partnerships at TransferMate Global Payments. In his earlier career, Fabrizio worked for Intuit as Head of Strategic Partnerships for EMEA and played a key role across product lines including Quicken, Quickbook, and TurboTax.

Views 595

The Cross-Border Payments Evolution

02.03.2020 12:30 pm

Plenty is unfolding in the global payments arena. There is a stream of new products or partnerships being publicised by financial institutions to improve the user experience across both domestic and international payments.

One common theme rings true, the existing system is failing to meet the demands and realities of cross-border payments, especially for SMEs. In a market that continues to grow and now worth over $22 trillion [1], the challenge is to make international payments more accessible to businesses and set a new standard of trading without borders.

What’s enabling the cross-border payments evolution? 

To put it simply, the whole infrastructure is highly complex. There are too many lenders, brokers, FI’s, processes and systems in place that lack sufficient integration or none at all.

Furthermore, a study in 2015 by Capital Economics has shown that SMEs were overcharged over £4bn a year [2]. What businesses are screaming for is faster access to data, fewer intermediaries, transparent transaction times and most importantly, reasonable fees. 

Nowadays, people expect their user experience with financial transactions to be the same if not better than social networks or other apps they use daily. As a result, we demand money to be transmitted instantly, securely and with the promise of being available to do so anywhere in the world in real-time. 

To add to this complexity, challenger banks, Fintechs and incumbents are all competing for the right to provide their version of these solutions. How do businesses choose from a plethora of providers that enable them to make seamless international payments with no obstacles?

The first step to delivering a seamless cross-border payments service to both businesses and consumers across the global payments ecosystem will require collaboration.

Trading without borders

At Form3, we believe that trading internationally shouldn’t be a pain point at any stage of the process, no matter the size of the company. We are building a global transaction-based API platform specifically for SMEs using advanced technology, automation and partnerships.

Form3 is removing the burdens that limit many SMEs from making international payments all through one single API integration built in-house. As a result, our customers can access the latest technology advancements on multiple payment endpoints, leaving them to focus on delivering enhanced customer propositions to grow their business instead.

How Form3 is revolutionising cross-border payments

To further strengthen our proposition, we’ve partnered with leading global payment partners. Through our initial partnership with Ebury, Form3 can offer end-customers access to our International Platform through their respective banks and Fintech providers, linking with Form3’s API-driven real-time platform.

Backed by our outstanding operational excellence and simple customer onboarding, financial institutions can embed this capability into their existing customer channels and mobile apps with ease. Once connected, financial institutions will then be able to provide services that traditionally only global organisations and specialist Fintechs could offer to customers.

With 80% of cross-border payments B2B related [1], we believe the future is giving SMEs increased access to tailored solutions no matter where they are located or who they want to make cross-border payments with.

Together, we can shape the next evolution of cross-border payments, remove the barriers to trade and improve the financial well-being of many businesses around the world.

Latest blogs

Shuvo G. Roy Mphasis

Reboot 1.0: How financial services technology can enable the supply chain to support a post-lockdown boom

Ground control and Captain Tom When veteran Captain Tom Moore decided to walk one hundred laps of his garden before his 100th birthday to raise funds to support NHS heroes battling Covid-19 from the frontline, he never imagined that he would Read more »

Lisa Gutu Salt Edge

Building a PSD2 compliant channel: challenges and opportunities for financial institutions

PSD2 obliges ASPSPs including banks, e-wallets, prepaid cards and other companies that offer payment accounts to provide at least one channel for secure communication with third party providers (TPP). Even neobanks or e-money institutions, including Read more »

Thomas Pintelon Capilever

Credit origination - A lot of innovation on the horizon

While consumer credits are becoming more automated and user-friendly to request, all other credits are often still very manual and labor intensive to originate. In this (relatively long) blog I will try to give a description of the (potentially Read more »

Kelly Kearsley Hourly.io

Time Card Theft is a Big Problem. Here's How to Stop It.

Trust is at the core of every employer-employee relationship. You trust your people to do their jobs, and they trust you to compensate them for their work. Most of the time, it works. However, there's always the person looking to bend the rules or Read more »

Daria Afanasyeva UTP Merchant Services Ltd

Cybersecurity – Online payments are getting more secure

Ever since we've been able to buy anything we need with just a click of a button on our laptops or phones, online sales have been consistently increasing each year. Just last year, the total value of UK retail sales was £394 billion, with an average Read more »

Related Blogs

Bernard Foot MYHSM

Payments Ecosystem playing its part

In this article I thought I’d explore the world of payments and the recent activities aimed at tackling the Covid-19 crisis. I’m not focussing on the pre-existing technologies and products that can be deployed to help, but rather the actions and Read more »

Michel Roig Fingerprints

Contactless comes of age: How biometrics is taking cards to the next level

Contactless payments are high on the global payments agenda. Consumers’ intent to use contactless more was demonstrated by our research studies both from 2017 and 2020. Now in the current pandemic, with the WHO encouraging contactless payments where Read more »

John Burgos Mindgate Solutions

Overcoming anxiety around mobile payments & digital payments - In the South Asia Pacific

Innovation and technology usually go hand in hand.  Therefore, for innovation to be fully realized, the technology that enables the innovation must be adopted as well.  During the last 5 years, we have had innovations from Google, Apple, Facebook Read more »

PayCore.io PayCore.io

Payments in the pandemic times: what’s going on & how to adapt

Every single sphere of our lives is likely to feel the harsh impact of the coronavirus as it spreads across the globe. The quarantine, as well as the need for social distancing, have already drastically affected, among other stuff, our shopping Read more »

James Booth PPRO

Why are bank transfer payments in the UK more popular than ever?

The UK has one of the most innovative and fast-moving fintech sectors in Europe. Last year, investment in the British fintech sector hit $4.9 billion, up 36% from 2018. The UK has at least thirty online media titles dedicated to fintech, not to Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel