The bigger the connected economy gets, the smaller the effort it takes to join.
\nIn today\u2019s increasingly interconnected world, cross-border commerce is no longer a fringe activity confined to multinationals. Small- to medium-sized businesses (SMBs), startups and even freelancers are now part of the global marketplace, engaging in transactions that span continents and currencies.
\nThey aren\u2019t doing it alone. As international transactions accelerate, technological innovations, particularly those in artificial intelligence and blockchain, are helping make business borderless.
\nNews from this week illustrates the ways that a leaner, more efficient and more transparent cross-border experience is top of mind for growing businesses.
\nAmazon, for instance, is adding a fully managed global supply chain option to its lineup of supply chain services for sellers by the end of the year. Meanwhile, the Bank for International Settlements recruited J.P. Morgan Chase, Deutsche Bank, UBS, Visa and Mastercard for a blockchain-based cross-border payments pilot. And Apple is bringing its Apple Intelligence services, including AI translation, to more languages.
\nThese technologies, alongside in-step advances in the payments sector, such as accounts payable (AP) and accounts receivable (AR) automation, are not only reducing the complexities and costs associated with international transactions but also opening up new opportunities for businesses to engage in the global marketplace.
\nRead also: Cross-Border Payments Cost Could Be Cut by Blockchain, If It Can Only Solve the Scale Problem
\nFrom AI translators that facilitate communication between international partners to blockchain technologies like smart contracts and tokenized payments that streamline and secure financial processes, the landscape of global commerce is evolving.
\nHistorically, a handful of dominant correspondent banks have been at the center of the cross-border payments market, with little competition \u2014 and little innovation \u2014 to be had. For small businesses, this operational backdrop made expanding and gaining market share internationally a daunting exercise.
\nHandling multiple currencies is one of the more cumbersome tasks for businesses engaged in cross-border commerce. Traditional systems for managing AP and AR often involve manual processes, are prone to errors and can be slow in adapting to currency fluctuations. This is especially problematic for SMBs that lack the resources for sophisticated financial departments.
\nHowever, ongoing and increasingly powerful advances in payments automation, robotic process automation (RPA) and AI hold the potential to automate currency conversions, ensure compliance with local tax regulations and optimize payment schedules based on currency exchange rates.
\nFor example, next-generation payments systems can automatically match invoices to payments, reconcile financial discrepancies, and flag unusual activity that might suggest fraud or payment errors. This allows companies to reduce their reliance on manual reconciliation, which not only saves time but also enhances accuracy and financial control.
\nThe ability to process payments and receive revenues in multiple currencies without expensive third-party intermediaries enables businesses to operate more cost-effectively.
\nAs the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments\u201d revealed, faulty cross-border payments cost U.S. merchants at least $3.8 billion in sales last year.
\nStill, ensuring that these systems are transparent, reliable and secure is crucial for businesses to fully benefit from them.
\nCryptocurrencies, long viewed with skepticism in mainstream finance, are increasingly being considered as a viable payment method in cross-border commerce. The adoption of blockchain technology and stablecoins \u2014 cryptocurrencies pegged to a stable asset, such as the U.S. dollar \u2014 has mitigated much of the volatility that initially deterred businesses from embracing the sector\u2019s solutions.
\nThe PYMNTS Intelligence report \u201cCan Blockchain Solve the Cross-Border Payments Puzzle?\u201d explored how blockchain could revolutionize cross-border payments, assessed its current adoption and examined the future implications for financial institutions and businesses.
\nThe report found that for businesses, cryptocurrencies offer several advantages, particularly in cross-border transactions. Traditional payment methods, such as wire transfers or credit card payments, can take days to process and incur hefty fees, especially when currency conversions are involved. Embracing cross-border blockchain solutions, by contrast, enables near-instantaneous transactions at a fraction of the cost, making them particularly attractive for businesses that operate in countries with unstable currencies or high inflation.
\nStill, concerns around blockchain\u2019s regulatory uncertainty, especially cryptocurrency payments and the use of blockchain in legal agreements, remain a risk to be mitigated. Different countries have varying regulatory frameworks, and navigating this patchwork of rules can be daunting for businesses.
\nOne of the more immediate challenges in cross-border commerce is language. Whether it\u2019s communicating with suppliers, negotiating contracts or navigating foreign regulations, the language barrier can slow down or even derail transactions. While human translators have long been a solution, the rise of AI-powered translation tools is increasingly offering businesses a faster and more scalable option.
\nAs AI and blockchain evolve, their combined potential will likely lead to even more sophisticated and seamless cross-border solutions. For companies willing to embrace these innovations, the future of global commerce could have immense promise \u2014 as long as it is unlocked responsibly.
\nFor all PYMNTS digital transformation, AI and B2B coverage, subscribe to the daily Digital Transformation, AI and B2B Newsletters.
\nThe post How AI and Blockchain Innovations Are Reshaping Cross-Border Commerce appeared first on PYMNTS.com.
\n", "content_text": "The bigger the connected economy gets, the smaller the effort it takes to join.\nIn today\u2019s increasingly interconnected world, cross-border commerce is no longer a fringe activity confined to multinationals. Small- to medium-sized businesses (SMBs), startups and even freelancers are now part of the global marketplace, engaging in transactions that span continents and currencies.\nThey aren\u2019t doing it alone. As international transactions accelerate, technological innovations, particularly those in artificial intelligence and blockchain, are helping make business borderless.\nNews from this week illustrates the ways that a leaner, more efficient and more transparent cross-border experience is top of mind for growing businesses.\nAmazon, for instance, is adding a fully managed global supply chain option to its lineup of supply chain services for sellers by the end of the year. Meanwhile, the Bank for International Settlements recruited J.P. Morgan Chase, Deutsche Bank, UBS, Visa and Mastercard for a blockchain-based cross-border payments pilot. And Apple is bringing its Apple Intelligence services, including AI translation, to more languages.\nThese technologies, alongside in-step advances in the payments sector, such as accounts payable (AP) and accounts receivable (AR) automation, are not only reducing the complexities and costs associated with international transactions but also opening up new opportunities for businesses to engage in the global marketplace.\nRead also: Cross-Border Payments Cost Could Be Cut by Blockchain, If It Can Only Solve the Scale Problem\nBreaking Down Traditional Barriers With Innovation\nFrom AI translators that facilitate communication between international partners to blockchain technologies like smart contracts and tokenized payments that streamline and secure financial processes, the landscape of global commerce is evolving.\nHistorically, a handful of dominant correspondent banks have been at the center of the cross-border payments market, with little competition \u2014 and little innovation \u2014 to be had. For small businesses, this operational backdrop made expanding and gaining market share internationally a daunting exercise.\nHandling multiple currencies is one of the more cumbersome tasks for businesses engaged in cross-border commerce. Traditional systems for managing AP and AR often involve manual processes, are prone to errors and can be slow in adapting to currency fluctuations. This is especially problematic for SMBs that lack the resources for sophisticated financial departments.\nHowever, ongoing and increasingly powerful advances in payments automation, robotic process automation (RPA) and AI hold the potential to automate currency conversions, ensure compliance with local tax regulations and optimize payment schedules based on currency exchange rates.\nFor example, next-generation payments systems can automatically match invoices to payments, reconcile financial discrepancies, and flag unusual activity that might suggest fraud or payment errors. This allows companies to reduce their reliance on manual reconciliation, which not only saves time but also enhances accuracy and financial control.\nThe ability to process payments and receive revenues in multiple currencies without expensive third-party intermediaries enables businesses to operate more cost-effectively.\nAs the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments\u201d revealed, faulty cross-border payments cost U.S. merchants at least $3.8 billion in sales last year.\nStill, ensuring that these systems are transparent, reliable and secure is crucial for businesses to fully benefit from them.\nSimplifying Financial Complexities and Unlocking Working Capital\nCryptocurrencies, long viewed with skepticism in mainstream finance, are increasingly being considered as a viable payment method in cross-border commerce. The adoption of blockchain technology and stablecoins \u2014 cryptocurrencies pegged to a stable asset, such as the U.S. dollar \u2014 has mitigated much of the volatility that initially deterred businesses from embracing the sector\u2019s solutions.\nThe PYMNTS Intelligence report \u201cCan Blockchain Solve the Cross-Border Payments Puzzle?\u201d explored how blockchain could revolutionize cross-border payments, assessed its current adoption and examined the future implications for financial institutions and businesses.\nThe report found that for businesses, cryptocurrencies offer several advantages, particularly in cross-border transactions. Traditional payment methods, such as wire transfers or credit card payments, can take days to process and incur hefty fees, especially when currency conversions are involved. Embracing cross-border blockchain solutions, by contrast, enables near-instantaneous transactions at a fraction of the cost, making them particularly attractive for businesses that operate in countries with unstable currencies or high inflation.\nStill, concerns around blockchain\u2019s regulatory uncertainty, especially cryptocurrency payments and the use of blockchain in legal agreements, remain a risk to be mitigated. Different countries have varying regulatory frameworks, and navigating this patchwork of rules can be daunting for businesses.\nOne of the more immediate challenges in cross-border commerce is language. Whether it\u2019s communicating with suppliers, negotiating contracts or navigating foreign regulations, the language barrier can slow down or even derail transactions. While human translators have long been a solution, the rise of AI-powered translation tools is increasingly offering businesses a faster and more scalable option.\nAs AI and blockchain evolve, their combined potential will likely lead to even more sophisticated and seamless cross-border solutions. For companies willing to embrace these innovations, the future of global commerce could have immense promise \u2014 as long as it is unlocked responsibly.\nFor all PYMNTS digital transformation, AI and B2B coverage, subscribe to the daily Digital Transformation, AI and B2B Newsletters.\nThe post How AI and Blockchain Innovations Are Reshaping Cross-Border Commerce appeared first on PYMNTS.com.", "date_published": "2024-09-19T11:50:01-04:00", "date_modified": "2024-09-23T23:01:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/07/blockchain.jpg", "tags": [ "accounts payable", "accounts receivable", "artificial intelligence", "automation", "B2B", "B2B Payments", "Bitcoin", "Blockchain", "commercial payments", "Connected Economy", "Cross Border Commerce", "cross-border payments", "Cryptocurrency", "fraud", "GenAI", "Global Payments", "Innovation", "News", "PYMNTS News", "Security", "SMBs", "stablecoins", "Technology", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2101644", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/jpmorgan-joins-bis-cross-border-payments-project-using-digital-currencies/", "title": "JPMorgan Joins BIS Cross-Border Payments Project Using Digital Currencies", "content_html": "Some of the world\u2019s biggest banks and payments firms are teaming to rethink cross-border payments.
\nAs Bloomberg News\u00a0reported\u00a0Wednesday (Sept. 18), the\u00a0Bank for International Settlements\u00a0(BIS) has recruited the likes of\u00a0JPMorgan Chase,\u00a0Deutsche Bank,\u00a0UBS,\u00a0Visa\u00a0and\u00a0Mastercard for its Agora project.
\nThat project, first announced in May, explores the development of an international tokenized asset trading platform that would use digital currencies backed by the central banks. It would let investors trade across borders using \u201cvirtually risk-free central-bank money,\u201d the report adds.
\n\u201cGiven the high level of interest in Project Agora and its large scale, the BIS chose to work with the Institute of International Finance to convene the private sector participants,\u201d project lead Morten Bech told Bloomberg. \u201cThis collaboration was very helpful in being able to complete the selection and onboarding process in a timely manner.\u201d
\nAccording to the report, Agora is the largest and most complex effort out of a number of projects BIS is exploring for enhancing the world\u2019s financial system.
\nIt \u201chas the potential to lay the foundation for a new regulated financial market infrastructure to facilitate cross-border payments,\u201d the BIS said on its website. \u201cThis is about improving, via technology, what central and commercial banks already do today and enabling greater speed and efficiency.\u201d
\nWriting about this topic last week, PYMNTS noted that cross-border payments are\u00a0hampered\u00a0by inefficiencies like high fees, slow settlement times and poor transparency, making international transactions cumbersome and expensive.
\nFor instance, consumer cross-border payments often incur bank fees averaging more than 11%, which can eat away at the value of smaller transactions. B2B payments are affected as well, with fees averaging 1.5% and processing delays up to several weeks. Almost half of Citibank\u2019s corporate clients say high costs are a pain point, while 59% cite slow speeds as an issue.
\n\u201cThe lack of transparency in traditional payment systems worsens existing challenges. In 2023, U.S. eCommerce firms experienced an\u00a011% failure rate\u00a0in cross-border transactions, resulting in $3.8 billion in lost sales,\u201d PYMNTS wrote.
\nPinpointing the root cause of failure can be difficult, thus impeding recovery efforts and erasing customer trust, and underlining the need for a more efficient and transparent payment solution.
\n\u201cBlockchain technology offers transformative potential to address these issues by streamlining processes and reducing costs,\u201d that report said.
\nThe PYMNTS Intelligence report\u00a0\u201cCan Blockchain Solve the Cross-Border Payments Puzzle?\u201d\u00a0examined how blockchain could transform cross-border payments, while also assessing its current adoption and exploring the future implications for financial institutions and businesses.
\nThe post JPMorgan Joins BIS Cross-Border Payments Project Using Digital Currencies appeared first on PYMNTS.com.
\n", "content_text": "Some of the world\u2019s biggest banks and payments firms are teaming to rethink cross-border payments.\nAs Bloomberg News\u00a0reported\u00a0Wednesday (Sept. 18), the\u00a0Bank for International Settlements\u00a0(BIS) has recruited the likes of\u00a0JPMorgan Chase,\u00a0Deutsche Bank,\u00a0UBS,\u00a0Visa\u00a0and\u00a0Mastercard for its Agora project.\nThat project, first announced in May, explores the development of an international tokenized asset trading platform that would use digital currencies backed by the central banks. It would let investors trade across borders using \u201cvirtually risk-free central-bank money,\u201d the report adds.\n\u201cGiven the high level of interest in Project Agora and its large scale, the BIS chose to work with the Institute of International Finance to convene the private sector participants,\u201d project lead Morten Bech told Bloomberg. \u201cThis collaboration was very helpful in being able to complete the selection and onboarding process in a timely manner.\u201d\nAccording to the report, Agora is the largest and most complex effort out of a number of projects BIS is exploring for enhancing the world\u2019s financial system.\nIt \u201chas the potential to lay the foundation for a new regulated financial market infrastructure to facilitate cross-border payments,\u201d the BIS said on its website. \u201cThis is about improving, via technology, what central and commercial banks already do today and enabling greater speed and efficiency.\u201d\nWriting about this topic last week, PYMNTS noted that cross-border payments are\u00a0hampered\u00a0by inefficiencies like high fees, slow settlement times and poor transparency, making international transactions cumbersome and expensive.\nFor instance, consumer cross-border payments often incur bank fees averaging more than 11%, which can eat away at the value of smaller transactions. B2B payments are affected as well, with fees averaging 1.5% and processing delays up to several weeks. Almost half of Citibank\u2019s corporate clients say high costs are a pain point, while 59% cite slow speeds as an issue.\n\u201cThe lack of transparency in traditional payment systems worsens existing challenges. In 2023, U.S. eCommerce firms experienced an\u00a011% failure rate\u00a0in cross-border transactions, resulting in $3.8 billion in lost sales,\u201d PYMNTS wrote.\nPinpointing the root cause of failure can be difficult, thus impeding recovery efforts and erasing customer trust, and underlining the need for a more efficient and transparent payment solution.\n\u201cBlockchain technology offers transformative potential to address these issues by streamlining processes and reducing costs,\u201d that report said.\nThe PYMNTS Intelligence report\u00a0\u201cCan Blockchain Solve the Cross-Border Payments Puzzle?\u201d\u00a0examined how blockchain could transform cross-border payments, while also assessing its current adoption and exploring the future implications for financial institutions and businesses.\nThe post JPMorgan Joins BIS Cross-Border Payments Project Using Digital Currencies appeared first on PYMNTS.com.", "date_published": "2024-09-18T15:08:07-04:00", "date_modified": "2024-09-18T22:22:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/10/BIS-tokenized-deposits.jpg", "tags": [ "B2B", "B2B Payments", "Bank for International Settlements", "BIS", "Blockchain", "commercial payments", "Cross-border Payments", "Deutsche Bank", "digital asset trading", "digital assets", "digital currency", "jpmorgan", "JPMorgan Chase", "MasterCard", "News", "PYMNTS News", "UBS", "Visa", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2098963", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/report-revolut-seeks-to-expand-into-uae-and-saudi-arabia/", "title": "Report: Revolut Looks to Expand Digital Banking License Effort to Middle East", "content_html": "Revolut is reportedly looking\u00a0to expand its business into Gulf Cooperation Council (GCC)-member countries.
\nThe British FinTech has submitted applications to become an electronic-money institution and offer remittances in the United Arab Emirates (UAE) and is seeking ways to expand in Saudi Arabia, Bloomberg\u00a0reported Friday (Sept. 13), citing unnamed sources.
\nThe company also plans to hire a head of finance to join its existing team in the UAE, a head of legal for the region, and staffers for a variety of roles in Dubai, the report said, citing published job listings.
\nReached by PYMNTS, Revolut declined to comment on the report.
\nThe FinTech company has 9 million customers in the United Kingdom and has been working to grow in other countries, according to the report. In recent months, Revolut began operating in Mexico, Brazil\u00a0and New Zealand. It also plans to expand in India.
\nRevolut CEO\u00a0Nik Storonsky said at the Dubai Fintech Summit in May, per the report: \u201cWe want to build a truly global bank.\u201d
\nThe company said in July that it doubled its\u00a0revenue\u00a0last year \u2014 boosting it from $1.1 billion in 2022 to $2.2 billion in 2023 \u2014 and added 12 million new customers, bringing the total to 45 million as of June 2024.
\nStoronsky said at the time of the release of Revolut\u2019s 2023 annual report that the company is committed to \u201cbringing the Revolut app to new markets and customers around the world.\u201d
\nIn August,\u00a0Revolut Business expanded the availability of its \u201cborderless financial\u00a0super app for businesses\u201d to Singapore and said it is looking to add other markets. In a\u00a0post\u00a0on LinkedIn that announced the news, the company asked: \u201cWhere should we launch next?\u201d
\nAlso in August, Revolut and\u00a0Visa said they formed a\u00a0cross-border business payments pact that allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system.
\nThe two companies also collaborated in 2023 to offer card transfers powered by Visa Direct for peer-to-peer payments to roughly 90 countries, and\u00a0launched a series of virtual cards for business focused on the B2B travel sector earlier this year.
\nThe post Report: Revolut Looks to Expand Digital Banking License Effort to Middle East appeared first on PYMNTS.com.
\n", "content_text": "Revolut is reportedly looking\u00a0to expand its business into Gulf Cooperation Council (GCC)-member countries.\nThe British FinTech has submitted applications to become an electronic-money institution and offer remittances in the United Arab Emirates (UAE) and is seeking ways to expand in Saudi Arabia, Bloomberg\u00a0reported Friday (Sept. 13), citing unnamed sources.\nThe company also plans to hire a head of finance to join its existing team in the UAE, a head of legal for the region, and staffers for a variety of roles in Dubai, the report said, citing published job listings.\nReached by PYMNTS, Revolut declined to comment on the report.\nThe FinTech company has 9 million customers in the United Kingdom and has been working to grow in other countries, according to the report. In recent months, Revolut began operating in Mexico, Brazil\u00a0and New Zealand. It also plans to expand in India.\nRevolut CEO\u00a0Nik Storonsky said at the Dubai Fintech Summit in May, per the report: \u201cWe want to build a truly global bank.\u201d\nThe company said in July that it doubled its\u00a0revenue\u00a0last year \u2014 boosting it from $1.1 billion in 2022 to $2.2 billion in 2023 \u2014 and added 12 million new customers, bringing the total to 45 million as of June 2024.\nStoronsky said at the time of the release of Revolut\u2019s 2023 annual report that the company is committed to \u201cbringing the Revolut app to new markets and customers around the world.\u201d\nIn August,\u00a0Revolut Business expanded the availability of its \u201cborderless financial\u00a0super app for businesses\u201d to Singapore and said it is looking to add other markets. In a\u00a0post\u00a0on LinkedIn that announced the news, the company asked: \u201cWhere should we launch next?\u201d\nAlso in August, Revolut and\u00a0Visa said they formed a\u00a0cross-border business payments pact that allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system.\nThe two companies also collaborated in 2023 to offer card transfers powered by Visa Direct for peer-to-peer payments to roughly 90 countries, and\u00a0launched a series of virtual cards for business focused on the B2B travel sector earlier this year.\nThe post Report: Revolut Looks to Expand Digital Banking License Effort to Middle East appeared first on PYMNTS.com.", "date_published": "2024-09-13T12:37:24-04:00", "date_modified": "2024-09-15T21:36:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Revolut-UAE-Saudi-Arabia.jpg", "tags": [ "Cross-border Payments", "Digital Payments", "EMEA", "News", "Payment Methods", "PYMNTS News", "real time payments", "remittances", "Revolut", "saudi arabia", "UAE", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2067704", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/stripe-cross-border-payments-volume-asia-grows-30percent/", "title": "Stripe\u2019s Cross-Border Payments Volume in Asia Grows 30%", "content_html": "Stripe saw its cross-border payments volume in Asia increase by over 30% last year.
\nThe payments company offered the update as part of Stripe Tour Singapore, its annual product showcase for the region, according to a Wednesday (Aug. 28) press release.
\n\u201cBuilding on that momentum, we\u2019re equipping businesses with tools to accelerate their revenue growth, including an optimized checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools,\u201d Sarita Singh, regional head and managing director for Southeast Asia, India and Greater China at Stripe, said in the release. \u201cThis will help Asian businesses to boost their revenue.\u201d
\nAmong the tools is Stripe\u2019s optimized checkout suite, which lets businesses create a \u201chigh-performing checkout flow\u201d and now uses artificial intelligence to determine which payment methods to show for a given customer. Merchants can also run no-code A/B tests for payment methods, which is an industry first, available only from its service, per the release.
\n\u201cThese features complement Stripe\u2019s new Adaptive Pricing feature, which localizes prices across 150 markets \u2026 allowing customers to pay in their local currency,\u201d the release said. \u201cAdaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates.\u201d
\nStripe\u2019s test of the effectiveness of Adaptive Pricing in the United States, the United Kingdom, Canada and the European Union showed that it led to an average 17.8% increase in cross-border revenue for businesses. The test also found that 90% of customers checked out in their local currency when given the option.
\nOffering people more choices when it comes time to check out can help build relationships with consumers, according to the PYMNTS Intelligence report \u201cConsumer Inflation Sentiment: The False Appeal of Deal-Chasing Consumers.\u201d The report found that 16% of consumers pointed to the ability to use their preferred payment methods as a factor determining their decision on where to make their most recent purchase.
\n\u201cWhatever calculus the user performs to determine the payment methods that they want to use, they want more options across more merchants,\u201d Drew Olson, senior director at Google Pay, told PYMNTS in December.
\nMeanwhile, Stripe also noted Wednesday that it is seeing an expectation among consumers in Asia for cross-border commerce to improve their shopping experience, citing company research showing that 67% of consumers in Singapore expect that by 2030, merchant location will factor less into their shopping decisions.
\nThe post Stripe\u2019s Cross-Border Payments Volume in Asia Grows 30% appeared first on PYMNTS.com.
\n", "content_text": "Stripe saw its cross-border payments volume in Asia increase by over 30% last year.\nThe payments company offered the update as part of Stripe Tour Singapore, its annual product showcase for the region, according to a Wednesday (Aug. 28) press release.\n\u201cBuilding on that momentum, we\u2019re equipping businesses with tools to accelerate their revenue growth, including an optimized checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools,\u201d Sarita Singh, regional head and managing director for Southeast Asia, India and Greater China at Stripe, said in the release. \u201cThis will help Asian businesses to boost their revenue.\u201d\nAmong the tools is Stripe\u2019s optimized checkout suite, which lets businesses create a \u201chigh-performing checkout flow\u201d and now uses artificial intelligence to determine which payment methods to show for a given customer. Merchants can also run no-code A/B tests for payment methods, which is an industry first, available only from its service, per the release.\n\u201cThese features complement Stripe\u2019s new Adaptive Pricing feature, which localizes prices across 150 markets \u2026 allowing customers to pay in their local currency,\u201d the release said. \u201cAdaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates.\u201d\nStripe\u2019s test of the effectiveness of Adaptive Pricing in the United States, the United Kingdom, Canada and the European Union showed that it led to an average 17.8% increase in cross-border revenue for businesses. The test also found that 90% of customers checked out in their local currency when given the option.\nOffering people more choices when it comes time to check out can help build relationships with consumers, according to the PYMNTS Intelligence report \u201cConsumer Inflation Sentiment: The False Appeal of Deal-Chasing Consumers.\u201d The report found that 16% of consumers pointed to the ability to use their preferred payment methods as a factor determining their decision on where to make their most recent purchase.\n\u201cWhatever calculus the user performs to determine the payment methods that they want to use, they want more options across more merchants,\u201d Drew Olson, senior director at Google Pay, told PYMNTS in December.\nMeanwhile, Stripe also noted Wednesday that it is seeing an expectation among consumers in Asia for cross-border commerce to improve their shopping experience, citing company research showing that 67% of consumers in Singapore expect that by 2030, merchant location will factor less into their shopping decisions.\nThe post Stripe\u2019s Cross-Border Payments Volume in Asia Grows 30% appeared first on PYMNTS.com.", "date_published": "2024-08-28T12:19:00-04:00", "date_modified": "2024-08-28T12:19:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/02/Stripe-1.jpg", "tags": [ "Asia", "checkout conversion", "Cross-border Payments", "ecommerce", "Global Payments", "international", "News", "PYMNTS News", "Stripe", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2062636", "url": "https://www.pymnts.com/news/cross-border-commerce/2024/banking-circle-and-skydo-partner-on-cross-border-payment-solutions/", "title": "Banking Circle and Skydo Partner on Cross-Border Payment Solutions", "content_html": "Banking Circle and Skydo have partnered to provide payment solutions for Indian businesses that operate in international markets.
\nThis collaboration will enable the small and medium-sized businesses (SMBs) using Skydo\u2019s cross-border payments platform to offer their buyers in the United Kingdom and the European Union a broader range of local payment options, the companies said in a Thursday (Aug. 22) press release.
\n\u201cWe are constantly in search of global rails that make payments faster, cheaper and more compliant and Banking Circle fits seamlessly with this objective,\u201d Srivatsan Sridhar, co-founder and CEO of Skydo, said in the release. \u201cBy leveraging Banking Circle\u2019s global network, we can help more and more Indian businesses expand their operations globally.\u201d
\nSkydo\u2019s platform is focused on international payments and provides a flat-fee pricing model, real-time exchange rates and zero processing fees, according to the release. It allows Indian SMBs to save as much as 80% on foreign exchange transaction costs.
\nBanking Circle, which is a fully licensed next-generation bank with central bank access, is committed to governance, compliance and lowering the costs associated with global payments, the release said.
\nThe partnership of the two companies provides Skydo with a direct banking partner and a single application programming interface (API) integration to Banking Circle\u2019s infrastructure, allowing Skydo to offer its customers more options when it comes to local payments and fund collection, per the release.
\n\u201cBy leveraging Banking Circle\u2019s virtual accounts as well as our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening new, exciting markets,\u201d Mishal Ruparel, chief commercial officer at Banking Circle, said in the release.
\nCross-border payments are undergoing a revolution as global trade soars, according to the PYMNTS Intelligence and Citi collaboration, \u201cThe Treasury Management Playbook: Spotlight on Cross-Border Payments.\u201d
\nThe more a business looks abroad for new markets and customers, the more important it is that they operate with seamless and efficient cross-border payment solutions, the report said.
\nIn another collaboration announced Thursday, Bank of New York Mellon (BNY) and Commonwealth Bank of Australia (CBA) launched a cross-border payments partnership that lets businesses and individuals who receive international payments from BNY customers get paid in as little as 60 seconds, no matter who they bank with.
\nThe post Banking Circle and Skydo Partner on Cross-Border Payment Solutions appeared first on PYMNTS.com.
\n", "content_text": "Banking Circle and Skydo have partnered to provide payment solutions for Indian businesses that operate in international markets.\nThis collaboration will enable the small and medium-sized businesses (SMBs) using Skydo\u2019s cross-border payments platform to offer their buyers in the United Kingdom and the European Union a broader range of local payment options, the companies said in a Thursday (Aug. 22) press release.\n\u201cWe are constantly in search of global rails that make payments faster, cheaper and more compliant and Banking Circle fits seamlessly with this objective,\u201d Srivatsan Sridhar, co-founder and CEO of Skydo, said in the release. \u201cBy leveraging Banking Circle\u2019s global network, we can help more and more Indian businesses expand their operations globally.\u201d\nSkydo\u2019s platform is focused on international payments and provides a flat-fee pricing model, real-time exchange rates and zero processing fees, according to the release. It allows Indian SMBs to save as much as 80% on foreign exchange transaction costs.\nBanking Circle, which is a fully licensed next-generation bank with central bank access, is committed to governance, compliance and lowering the costs associated with global payments, the release said.\nThe partnership of the two companies provides Skydo with a direct banking partner and a single application programming interface (API) integration to Banking Circle\u2019s infrastructure, allowing Skydo to offer its customers more options when it comes to local payments and fund collection, per the release.\n\u201cBy leveraging Banking Circle\u2019s virtual accounts as well as our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening new, exciting markets,\u201d Mishal Ruparel, chief commercial officer at Banking Circle, said in the release.\nCross-border payments are undergoing a revolution as global trade soars, according to the PYMNTS Intelligence and Citi collaboration, \u201cThe Treasury Management Playbook: Spotlight on Cross-Border Payments.\u201d\nThe more a business looks abroad for new markets and customers, the more important it is that they operate with seamless and efficient cross-border payment solutions, the report said.\nIn another collaboration announced Thursday, Bank of New York Mellon (BNY) and Commonwealth Bank of Australia (CBA) launched a cross-border payments partnership that lets businesses and individuals who receive international payments from BNY customers get paid in as little as 60 seconds, no matter who they bank with.\nThe post Banking Circle and Skydo Partner on Cross-Border Payment Solutions appeared first on PYMNTS.com.", "date_published": "2024-08-22T17:27:29-04:00", "date_modified": "2024-08-22T17:27:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/08/Cross-Border-Payments.jpg", "tags": [ "banking", "Banking Circle", "cross-border payments", "EMEA", "india", "News", "partnerships", "PYMNTS News", "Skydo", "SMBs", "What's Hot", "Cross Border Commerce" ] }, { "id": "https://www.pymnts.com/?p=2062343", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/bank-new-york-mellon-commonwealth-bank-australia-launch-cross-border-payments-partnership/", "title": "BNY and CBA Launch Cross-Border Payments Partnership", "content_html": "BNY\u00a0and Commonwealth Bank of Australia (CBA) launched a cross-border payments partnership.
\nThe collaboration lets businesses and individuals who receive international payments from BNY customers get paid in as little as 60 seconds, no matter who they bank with, according to a Thursday (Aug. 22) press release.
\n\u201cThrough the new arrangement, BNY commercial payments from overseas to businesses and individuals with Australian bank accounts will now be available to the final beneficiary in under a minute, 24 hours a day, seven days a week,\u201d the release said.
\nThe partnership uses Australia\u2019s New Payments Platform (NPP) International Payments Service (IPS), allowing the last mile of BNY\u2019s cross-border payments to Australia to be processed by CBA.
\n\u201cMaking and receiving cross-border payments can be challenging for customers due to the cost and processing times,\u201d the release said. \u201cInefficient payment processes also have the potential to hinder economic growth by impeding the flow of capital across borders.\u201d
\nPYMNTS examined the Australian payments landscape earlier this year in a conversation with Juan Franco, senior vice president of eCommerce for the Asia-Pacific (APAC) region at Nuvei, who noted the country has been at the forefront of payments innovation.
\nThe country\u2019s eCommerce market is notable in the APAC region for its maturity, substantial market size, and early adoption of payment methods such as buy now, pay later (BNPL).
\nFor eCommerce merchants looking to break into the market, Franco underlined the importance of acknowledging its distinctive payments landscape, which includes BNPL along with traditional card payments, electronic fund transfer (EFT) payments, and a range of digital wallets.
\nAn early adopter of contactless payments, Australia has also joined the faster payments trend, debuting the NPP in 2018 to let consumers and businesses make near real-time payments.
\nHowever, Franco said the speed and adoption of instant payments in Australia will differ from the growth witnessed in countries like Brazil and India, where the Pix and UPI payment systems have opened instant payments for large swaths of unbanked populations previously blocked from electronic transactions.
\nThe post BNY and CBA Launch Cross-Border Payments Partnership appeared first on PYMNTS.com.
\n", "content_text": "BNY\u00a0and Commonwealth Bank of Australia (CBA) launched a cross-border payments partnership.\nThe collaboration lets businesses and individuals who receive international payments from BNY customers get paid in as little as 60 seconds, no matter who they bank with, according to a Thursday (Aug. 22) press release.\n\u201cThrough the new arrangement, BNY commercial payments from overseas to businesses and individuals with Australian bank accounts will now be available to the final beneficiary in under a minute, 24 hours a day, seven days a week,\u201d the release said.\nThe partnership uses Australia\u2019s New Payments Platform (NPP) International Payments Service (IPS), allowing the last mile of BNY\u2019s cross-border payments to Australia to be processed by CBA.\n\u201cMaking and receiving cross-border payments can be challenging for customers due to the cost and processing times,\u201d the release said. \u201cInefficient payment processes also have the potential to hinder economic growth by impeding the flow of capital across borders.\u201d\nPYMNTS examined the Australian payments landscape earlier this year in a conversation with Juan Franco, senior vice president of eCommerce for the Asia-Pacific (APAC) region at Nuvei, who noted the country has been at the forefront of payments innovation.\nThe country\u2019s eCommerce market is notable in the APAC region for its maturity, substantial market size, and early adoption of payment methods such as buy now, pay later (BNPL).\nFor eCommerce merchants looking to break into the market, Franco underlined the importance of acknowledging its distinctive payments landscape, which includes BNPL along with traditional card payments, electronic fund transfer (EFT) payments, and a range of digital wallets.\nAn early adopter of contactless payments, Australia has also joined the faster payments trend, debuting the NPP in 2018 to let consumers and businesses make near real-time payments.\nHowever, Franco said the speed and adoption of instant payments in Australia will differ from the growth witnessed in countries like Brazil and India, where the Pix and UPI payment systems have opened instant payments for large swaths of unbanked populations previously blocked from electronic transactions.\nThe post BNY and CBA Launch Cross-Border Payments Partnership appeared first on PYMNTS.com.", "date_published": "2024-08-22T13:26:21-04:00", "date_modified": "2024-08-22T17:47:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/commonwealth-bank.png", "tags": [ "Australia", "Bank of New York Mellon", "BNY", "Commonwealth Bank of Australia", "Cross-border Payments", "faster payments", "Global Payments", "international", "News", "partnerships", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2055379", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/terrapay-5-digital-wallet-operators-partner-cross-border-payments/", "title": "TerraPay Forms Wallet Interoperability Pact for Cross-Border Payments", "content_html": "Global money movement company TerraPay and five digital wallet operators teamed up to facilitate cross-border payments and money movement.
\nThe five wallet operators participating in the new Wallet Interoperability Council include Airtel, bKash, MPESA, Nequi and Sama Money, according to a Tuesday (Aug. 20) press release.
\nTogether, these operators serve millions of wallet users in Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda, the release said.
\nAs members of the new council, they will use TerraPay\u2019s technology to facilitate the expansion of these wallets from local payment solutions to global ones, per the release.
\n\u201cThe formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions,\u201d TerraPay CEO Ambar Sur said in the release. \u201cCollectively we will empower millions of individuals to participate in the global economy.\u201d
\nThe digital wallet operators will work with each other and with TerraPay to accelerate the adoption of digital wallets and financial platforms as well as enhance the cross-border payment experience they deliver, while also retaining their independence, according to the release.
\nWith expanded capabilities, they aim to streamline cross-border transactions such as merchant payments and international remittances, the release said.
\nIn addition to providing the technology infrastructure, TerraPay will handle clearing and settlement processes, per the release.
\n\u201cWe have a huge respect and admiration for our founding partners, and we are committed to driving the next wave of wallet evolution, bringing the local user experience to the global scale,\u201d Sur said in the release.
\nThe continued emergence of digital wallets and peer-to-peer (P2P) offerings is reshaping the global remittance market, PYMNTS reported in May 2023.
\nReducing the cost of cross-border remittances can unlock new use cases for cross-border services, TerraPay Chief Operating Officer Ram Sundaram told PYMNTS in an interview posted in July.
\nTransactions are the most common use of digital wallet technology, according to the PYMNTS Intelligence report \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d which was based on a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany.
\nForty-one percent of consumers said they would likely use digital wallets to carry out financial transactions in the next year, and 40% said the same for storing and accessing payment methods, according to the report.
\nThe post TerraPay Forms Wallet Interoperability Pact for Cross-Border Payments appeared first on PYMNTS.com.
\n", "content_text": "Global money movement company TerraPay and five digital wallet operators teamed up to facilitate cross-border payments and money movement.\nThe five wallet operators participating in the new Wallet Interoperability Council include Airtel, bKash, MPESA, Nequi and Sama Money, according to a Tuesday (Aug. 20) press release.\nTogether, these operators serve millions of wallet users in Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda, the release said.\nAs members of the new council, they will use TerraPay\u2019s technology to facilitate the expansion of these wallets from local payment solutions to global ones, per the release.\n\u201cThe formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions,\u201d TerraPay CEO Ambar Sur said in the release. \u201cCollectively we will empower millions of individuals to participate in the global economy.\u201d\nThe digital wallet operators will work with each other and with TerraPay to accelerate the adoption of digital wallets and financial platforms as well as enhance the cross-border payment experience they deliver, while also retaining their independence, according to the release.\nWith expanded capabilities, they aim to streamline cross-border transactions such as merchant payments and international remittances, the release said.\nIn addition to providing the technology infrastructure, TerraPay will handle clearing and settlement processes, per the release.\n\u201cWe have a huge respect and admiration for our founding partners, and we are committed to driving the next wave of wallet evolution, bringing the local user experience to the global scale,\u201d Sur said in the release.\nThe continued emergence of digital wallets and peer-to-peer (P2P) offerings is reshaping the global remittance market, PYMNTS reported in May 2023.\nReducing the cost of cross-border remittances can unlock new use cases for cross-border services, TerraPay Chief Operating Officer Ram Sundaram told PYMNTS in an interview posted in July.\nTransactions are the most common use of digital wallet technology, according to the PYMNTS Intelligence report \u201cDigital Wallets Beyond Financial Transactions: A Global Perspective,\u201d which was based on a survey of more than 12,000 consumers across the United States, the United Kingdom, Brazil, France and Germany.\nForty-one percent of consumers said they would likely use digital wallets to carry out financial transactions in the next year, and 40% said the same for storing and accessing payment methods, according to the report.\nThe post TerraPay Forms Wallet Interoperability Pact for Cross-Border Payments appeared first on PYMNTS.com.", "date_published": "2024-08-20T10:29:14-04:00", "date_modified": "2024-08-20T21:24:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/TerraPay.jpg", "tags": [ "cross-border commerce", "Cross-border Payments", "digital wallets", "Global Payments", "international", "Mobile Wallets", "News", "partnerships", "PYMNTS News", "Technology", "TerraPay", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2052678", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/corpay-teams-with-finzly-to-streamline-foreign-exchange-payments/", "title": "Corpay Teams With Finzly to Streamline Foreign Exchange Payments", "content_html": "Payments solutions firm Finzly says it has launched a partnership with corporate payments company Corpay.
\nThe collaboration, announced Wednesday (Aug. 14), combines Finzly\u2019s foreign exchange (FX) payment platform and Corpay Cross-Border\u2019s real-time FX rates, giving financial institutions and their business clients access to FX transaction capabilities integrated with many payment rails.
\n\u201cBusinesses that need to send and receive international payments commonly use multiple siloed banking systems to make these transactions,\u201d Finzly said in a news release. \u201cThis tends to increase the complexity and the need for manual redundant processing. As a result, these transactions can be error-prone and slow to complete.\u201d
\nBy integrating the two companies\u2019 tech, international payments processing can be more automated, and seamlessly integrated with other domestic accounts and payment rails, the release added, with Finzly\u2019s unified API making it easy to send international payments via Swift.
\n\u201cTogether we are bringing to market a modular FX solution with excellent synergies that allows banks of all sizes to compete with large global banks, provide competitive FX rates and superior customer experience in international payments,\u201d said Booshan Rengachari, Finzly\u2019s founder and chief executive.
\n\u201cAdditionally, real-time FX rates can help financial institutions to manage and mitigate FX risk more effectively.\u201d
\nCorpay said earlier this month that it was pursuing different projects in different regions as it works to grow its fleet payments business.
\nDuring the second quarter, the corporate payments company\u2019s international fleet business performed \u201cexceptionally well,\u201d while its North American fleet business \u201cpresented a drag on growth,\u201d Corpay CEO Ron Clarke said during an earnings call last week.
\nThe international fleet segment reached low double-digit growth in both Australia and the United Kingdom, while Brazil saw \u201cextremely strong\u201d revenue growth of 20%, Corpay Chief Financial Officer Tom Panther said during the call.
\nIn all, the company\u2019s vehicle payments segment saw 5% revenue growth during the quarter, compared to a year earlier, according to a Wednesday earnings release.
\nAnd in June, the company announced it was acquiring business-to-business cross-border/treasury management firm GPS Capital Markets, a deal that will eventually allow it to process cross-border payments for around 23,000 customers in more than 145 currencies on six continents.
\nCorpay had called FLEETCOR Technologies until March of this year, when it rebranded to its newer and simpler name. The company later said it was focused on building a \u201cnarrower, simpler company that we can manage and compound.\u201d
\n\u00a0
\nThe post Corpay Teams With Finzly to Streamline Foreign Exchange Payments appeared first on PYMNTS.com.
\n", "content_text": "Payments solutions firm Finzly says it has launched a partnership with corporate payments company Corpay.\nThe collaboration, announced Wednesday (Aug. 14), combines Finzly\u2019s foreign exchange (FX) payment platform and Corpay Cross-Border\u2019s real-time FX rates, giving financial institutions and their business clients access to FX transaction capabilities integrated with many payment rails.\n\u201cBusinesses that need to send and receive international payments commonly use multiple siloed banking systems to make these transactions,\u201d Finzly said in a news release. \u201cThis tends to increase the complexity and the need for manual redundant processing. As a result, these transactions can be error-prone and slow to complete.\u201d\nBy integrating the two companies\u2019 tech, international payments processing can be more automated, and seamlessly integrated with other domestic accounts and payment rails, the release added, with Finzly\u2019s unified API making it easy to send international payments via Swift.\n\u201cTogether we are bringing to market a modular FX solution with excellent synergies that allows banks of all sizes to compete with large global banks, provide competitive FX rates and superior customer experience in international payments,\u201d said Booshan Rengachari, Finzly\u2019s founder and chief executive.\n\u201cAdditionally, real-time FX rates can help financial institutions to manage and mitigate FX risk more effectively.\u201d\nCorpay said earlier this month that it was pursuing different projects in different regions as it works to grow its fleet payments business.\nDuring the second quarter, the corporate payments company\u2019s international fleet business performed \u201cexceptionally well,\u201d while its North American fleet business \u201cpresented a drag on growth,\u201d Corpay CEO Ron Clarke said during an earnings call last week.\nThe international fleet segment reached low double-digit growth in both Australia and the United Kingdom, while Brazil saw \u201cextremely strong\u201d revenue growth of 20%, Corpay Chief Financial Officer Tom Panther said during the call.\nIn all, the company\u2019s vehicle payments segment saw 5% revenue growth during the quarter, compared to a year earlier, according to a Wednesday earnings release.\nAnd in June, the company announced it was acquiring business-to-business cross-border/treasury management firm GPS Capital Markets, a deal that will eventually allow it to process cross-border payments for around 23,000 customers in more than 145 currencies on six continents.\nCorpay had called FLEETCOR Technologies until March of this year, when it rebranded to its newer and simpler name. The company later said it was focused on building a \u201cnarrower, simpler company that we can manage and compound.\u201d\n\u00a0\nThe post Corpay Teams With Finzly to Streamline Foreign Exchange Payments appeared first on PYMNTS.com.", "date_published": "2024-08-14T17:15:05-04:00", "date_modified": "2024-08-14T22:09:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Corpay-Finzly-foreign-exchange.jpg", "tags": [ "B2B", "B2B Payments", "Booshan Rengachari", "commercial payments", "CorPay", "Corpay Cross-Border", "Cross-border Payments", "Finzly", "foreign exchange", "foreign exchange payments", "FX", "FX payments", "News", "partnerships", "PYMNTS News", "Ron Clarke", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2050939", "url": "https://www.pymnts.com/news/cross-border-commerce/2024/wise-resumes-signing-customers-in-india-to-tap-32-billion-remittance-market/", "title": "Wise Resumes Signing Customers in India to Tap $32 Billion Remittance Market", "content_html": "Money transfer firm\u00a0Wise\u00a0is reportedly hoping to tap India\u2019s $32 billion remittance market.
\nTo that end, Wise plans to begin\u00a0signing up new customers\u00a0in the world\u2019s most populous nation after pausing that side of its business in the country, company officials told Bloomberg News Monday (Aug. 12).
\nWise, based in London, ceased taking new customers in the past months as it upgraded its infrastructure. This was in response to the company being awarded a license from the Reserve Bank of India (RBI) that lets the app\u2019s customers send more money overseas.
\nNow, Wise will begin signing up new customers in the next few months,\u00a0Shrawan Saraogi, Asia Pacific head of expansion at Wise, said in an interview with Bloomberg.
\n\u201cIndia is a huge market for remittance,\u201d Saraogi said. \u201cWe will be primarily focusing on cross-border movement that\u2019s currently almost entirely done by banks.\u201d
\nThe report cites data from the RBI showing that people in India sent $32 billion to other countries \u2014 mostly for travel, education and family expenses \u2014 in the year leading up to March 2024. That\u2019s up from $27 billion a year earlier.
\nWise in June said it was increasing its investment in its\u00a0payments infrastructure, a cost that the company is wagering will let it cut fees by making payments processing more efficient.
\nKingsley Kemish, the group\u2019s interim chief financial officer, argued during an earnings call that the investment would help Wise to achieve its long-term goal of becoming a global leader in the cross-border payments sector.
\nAs covered here earlier this year, there are a\u00a0number of challenges\u00a0that hinder the wider use of cross-border payments, including transaction fees, exchange rates and security concerns, all of which have the potential to deter customers and harm revenue growth.
\nIllustrating the troubles with this sector, the PYMNTS Intelligence in the report\u00a0\u201cCross-Border Sales and the Challenge of Failed Payments,\u201d\u00a0a collaboration with Nuvei, found that in the year alone prior to the report, American merchants suffered at least $3.8 billion in lost revenue from failed cross-border payments.
\n\u201cCross-border payments inherently have more\u00a0points of failure\u00a0compared to domestic payments,\u201d Citi Global Co-head of Payments and Receivables, Treasury and Trade Solutions (TTS)\u00a0Amit Agarwal\u00a0told PYMNTS in an interview late last year.
\nTo bring down these higher failed-payment rates, businesses looking to expand internationally should bolster their collaboration with their payment service providers (PSPs). The report found that this can offer merchants access to advanced tools and expertise that allow for efficient and reliable cross-border transactions.
\nThe post Wise Resumes Signing Customers in India to Tap $32 Billion Remittance Market appeared first on PYMNTS.com.
\n", "content_text": "Money transfer firm\u00a0Wise\u00a0is reportedly hoping to tap India\u2019s $32 billion remittance market.\nTo that end, Wise plans to begin\u00a0signing up new customers\u00a0in the world\u2019s most populous nation after pausing that side of its business in the country, company officials told Bloomberg News Monday (Aug. 12).\nWise, based in London, ceased taking new customers in the past months as it upgraded its infrastructure. This was in response to the company being awarded a license from the Reserve Bank of India (RBI) that lets the app\u2019s customers send more money overseas.\nNow, Wise will begin signing up new customers in the next few months,\u00a0Shrawan Saraogi, Asia Pacific head of expansion at Wise, said in an interview with Bloomberg.\n\u201cIndia is a huge market for remittance,\u201d Saraogi said. \u201cWe will be primarily focusing on cross-border movement that\u2019s currently almost entirely done by banks.\u201d\nThe report cites data from the RBI showing that people in India sent $32 billion to other countries \u2014 mostly for travel, education and family expenses \u2014 in the year leading up to March 2024. That\u2019s up from $27 billion a year earlier.\nWise in June said it was increasing its investment in its\u00a0payments infrastructure, a cost that the company is wagering will let it cut fees by making payments processing more efficient.\nKingsley Kemish, the group\u2019s interim chief financial officer, argued during an earnings call that the investment would help Wise to achieve its long-term goal of becoming a global leader in the cross-border payments sector.\nAs covered here earlier this year, there are a\u00a0number of challenges\u00a0that hinder the wider use of cross-border payments, including transaction fees, exchange rates and security concerns, all of which have the potential to deter customers and harm revenue growth.\nIllustrating the troubles with this sector, the PYMNTS Intelligence in the report\u00a0\u201cCross-Border Sales and the Challenge of Failed Payments,\u201d\u00a0a collaboration with Nuvei, found that in the year alone prior to the report, American merchants suffered at least $3.8 billion in lost revenue from failed cross-border payments.\n\u201cCross-border payments inherently have more\u00a0points of failure\u00a0compared to domestic payments,\u201d Citi Global Co-head of Payments and Receivables, Treasury and Trade Solutions (TTS)\u00a0Amit Agarwal\u00a0told PYMNTS in an interview late last year.\nTo bring down these higher failed-payment rates, businesses looking to expand internationally should bolster their collaboration with their payment service providers (PSPs). The report found that this can offer merchants access to advanced tools and expertise that allow for efficient and reliable cross-border transactions.\nThe post Wise Resumes Signing Customers in India to Tap $32 Billion Remittance Market appeared first on PYMNTS.com.", "date_published": "2024-08-12T11:57:42-04:00", "date_modified": "2024-08-12T11:57:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/09/wise-platform-cross-border-payments-emea-banking.jpg", "tags": [ "cross-border payments", "india", "money transfer", "News", "PYMNTS News", "RBI", "remittances", "Reserve Bank Of India", "What's Hot", "Wise", "Cross Border Commerce" ] }, { "id": "https://www.pymnts.com/?p=2019813", "url": "https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/pingpong-scores-payments-license-in-indonesia/", "title": "PingPong Scores Payments License in Indonesia", "content_html": "Enterprise-focused cross-border payments platform PingPong has won approval to do business in Indonesia.
\nBank Indonesia, the country\u2019s central bank, has granted the company a payment system service provider license, allowing it to facilitate domestic and cross-border payments in the world\u2019s fourth most populous country, PingPong said Wednesday (July 31).
\n\u201cAs one of the largest and fastest growing economies in Southeast Asia, Indonesia offers an incredible opportunity for enterprises scaling their operations globally,\u201d David Messenger, CEO of global businesses at PingPong, said in a news release. \u201cThis license enables us to expand our reach and provide enterprises with end-to-end, one-stop cross-border payment solutions.\u201d
\nIndonesia, the release noted, has a significant consumer market, with its gross domestic product expected to hit $1.5 trillion this year. The country\u2019s young population and large labor force have made it one of the fastest growing nations in Southeast Asia, and an increasingly crucial country for companies that want to expand their global footprint, PingPong said.
\n\u201cFor businesses focussing on international trade, this license will help them expand and gain access to the region\u2019s $320 billion export market,\u201d the company said.
\nPingPong already holds more than 60 payment licenses and permits around the world, including in the United States, EU, U.K., Hong Kong and mainland China.
\nIn other news from the cross-border payments space, PYMNTS discussed the importance of lowering the cost of these payments last week in an interview with Ram Sundaram, COO at TerraPay, during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d
\nThe World Bank\u2019s Sustainable Development Goals (SDGs) call for a reduction in the cost of cross-border remittances, which now stands at around 8%, underlining the importance of cost reduction as an innovation pillar within the payments field.
\nSundaram said that his company\u2019s mission is in line with this goal, aiming to reduce these costs further to allow for low-value transactions with prohibitive fees. These lower costs can unlock new use cases for cross-border services, he added, thus expanding revenue streams for financial institutions and service providers.
\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees,\u201d Sundaram said. \u201cAnd we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances.\u201d
\nThe post PingPong Scores Payments License in Indonesia appeared first on PYMNTS.com.
\n", "content_text": "Enterprise-focused cross-border payments platform PingPong has won approval to do business in Indonesia.\nBank Indonesia, the country\u2019s central bank, has granted the company a payment system service provider license, allowing it to facilitate domestic and cross-border payments in the world\u2019s fourth most populous country, PingPong said Wednesday (July 31).\n\u201cAs one of the largest and fastest growing economies in Southeast Asia, Indonesia offers an incredible opportunity for enterprises scaling their operations globally,\u201d David Messenger, CEO of global businesses at PingPong, said in a news release. \u201cThis license enables us to expand our reach and provide enterprises with end-to-end, one-stop cross-border payment solutions.\u201d\nIndonesia, the release noted, has a significant consumer market, with its gross domestic product expected to hit $1.5 trillion this year. The country\u2019s young population and large labor force have made it one of the fastest growing nations in Southeast Asia, and an increasingly crucial country for companies that want to expand their global footprint, PingPong said.\n\u201cFor businesses focussing on international trade, this license will help them expand and gain access to the region\u2019s $320 billion export market,\u201d the company said.\nPingPong already holds more than 60 payment licenses and permits around the world, including in the United States, EU, U.K., Hong Kong and mainland China.\nIn other news from the cross-border payments space, PYMNTS discussed the importance of lowering the cost of these payments last week in an interview with Ram Sundaram, COO at TerraPay, during a discussion for the series \u201cWhat\u2019s Next in Payments: The Halftime Report.\u201d\nThe World Bank\u2019s Sustainable Development Goals (SDGs) call for a reduction in the cost of cross-border remittances, which now stands at around 8%, underlining the importance of cost reduction as an innovation pillar within the payments field.\nSundaram said that his company\u2019s mission is in line with this goal, aiming to reduce these costs further to allow for low-value transactions with prohibitive fees. These lower costs can unlock new use cases for cross-border services, he added, thus expanding revenue streams for financial institutions and service providers.\n\u201cIf you do a $10 transaction today, you\u2019ll probably spend a very significant part of that $10 as fees,\u201d Sundaram said. \u201cAnd we need to get to a point where that base fee is something that you don\u2019t have to think about, so that you can do low-value transactions at scale \u2014 that could change the landscape of cross-border payments and remittances.\u201d\nThe post PingPong Scores Payments License in Indonesia appeared first on PYMNTS.com.", "date_published": "2024-07-31T13:07:14-04:00", "date_modified": "2024-07-31T22:38:55-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Indonesia-Jakarta-PingPong.jpg", "tags": [ "B2B", "B2B Payments", "Bank Indonesia", "commercial payments", "Cross-border Payments", "domestic payments", "Global Payments", "Indonesia", "international", "News", "Payments as a Service", "payments providers", "PingPong", "PYMNTS News", "remittances", "What's Hot", "What's Hot In B2B" ] } ] }