How Banks Can Reclaim Their Role in Cross-Border Payments with RemitONE

Banks, once the cornerstone of international payments, are finding themselves sidelined. Senders and receivers have now joined forces, pushing banks out of the equation.

But all is not lost. By embracing cutting-edge tools and software, banks can avoid being bypassed by larger MTOs and telcos. By connecting via a simple API to the RemitONE Hub™, they gain access to a multitude of MTOs, banks, and telcos worldwide, enabling them to send or receive various payment types, including cash, bank account, airtime, utility bills, and mobile wallet payments.

The Challenge: Banks on the Sidelines

The traditional banking model for international money transfers is facing significant disruption. People now have access to digital services that make transfers quick and easy with just a tap on their phone. Fintechs and money transfer operators (MTOs) help senders move money faster and cheaper, while aggregators and telecoms ensure it reaches even the most remote places.

Which leaves the lingering question: Where does that leave banks? How can they stay relevant in this shifting landscape?

The Solution: The RemitONE Hub™

RemitONE offers a powerful solution by acting as a bridge between banks and the wider fintech ecosystem.

The RemitONE Hub™ is a secure, flexible platform to manage and process money transfer transactions. Powered by modern technology, it offers real-time transaction monitoring, tracking, detailed reporting, and customisable features, all offered within a white-labeled solution.

What makes the RemitONE Hub™ stand out?

Relevance: connects all key entities in the supply chain—MTOs, banks, and telecoms—ensuring that every participant benefits from the ecosystem.

Flexibility: seamlessly integrates with existing systems, allowing banks to plug in with minimal disruption. Alternatively, it can replace outdated money transfer platforms, and infrastructure, offering unmatched adaptability.

R1 EcoSystem™: gain access to the expansive RemitONE network to open doors into untapped corridors and unlock fresh revenue streams. Take a look at a quick snapshot below:

Here’s how RemitONE Hub™ reconnects banks to the global money transfer network:

1. Connecting Sending Partners

Sending Partners: The entity responsible for originating the fund transfer, whether through a digital platform or traditional method.

On the sending side, the RemitONE platform integrates with:

Fintechs

MTOs

Aggregators

2. Empowering Receiving Partners

Receiving Partners: The entity that receives the funds on behalf of individuals or businesses, whether through a digital platform or traditional method.

On the receiving side, RemitONE connects banks to:

Fintech

MTOs

Aggregators

Telecom Operators

This interconnected framework ensures that banks remain an integral part of the financial journey, from sender to receiver.

With RemitONE’s all-in-one system, the complexity of managing multiple platforms is eliminated, saving your team valuable time and reducing the risk of human error. With fewer systems to manage, your processes become more efficient, allowing your bank to operate smoothly, stay ahead of competition, and remain fully compliant—staying firmly in the good books of regulators.

Conclusion: The Future of Banking in Cross-Border Payments

The financial world is moving forward, and so must banks. By embracing platforms like RemitONE, banks can transform potential challenges into opportunities, becoming central players in the global money transfer network once again.

We’ve already empowered leading banks like Stanbic Bank, Banco do Brasil, Attijariwafa, and UBA—and you can be next.

The RemitONE Hub™ is not just a solution; it’s a lifeline for banks striving to stay ahead in a rapidly digitising world. With its ability to connect banks to the innovators driving the money transfer revolution, RemitONE ensures that no one gets left behind.

Book a FREE consultation with our expert consultants, and let’s get your bank back in the cross-border payments game.

Driving Innovation and Customer Trust: The Role of Compliance, Speed, and Transparency in the Evolving Payments Landscape | IPR Global 2024

In today’s fast-evolving payments landscape, security, compliance, and customer expectations are more interconnected than ever. As businesses strive to innovate and meet the growing demand for faster, more transparent payment solutions, integrating compliance from the start is no longer a choice—it’s a necessity.

We gathered our panel of experts from top companies in the field to share their insights and strategies.

Panellists:

Michael Bermingham, Co-Founder & Chief Business Officer, Nium

Anastasia Serikova, VP, Head of Revenue and Growth, Visa Direct at Visa

Kunal Choudhary, Money Transfers Strategy Lead, Worldpay

Mitchell Fordham, Chief Revenue Officer & Co-founder, eSIM Go

Moderator:

Oussama Kseibati, Business Development Officer, RemitONE

1. Balancing Innovation with Security: How Are Companies Integrating Compliance to Enhance Trust in the Payments Landscape?

In the evolving payments landscape, security and compliance aren’t just obstacles—they’re integral to innovation and customer trust. Michael highlighted that integrating compliance directly into product development can actually streamline processes rather than create friction. By building end-to-end solutions that embed compliance from the start, companies can meet regulatory standards, mitigate fraud risks, and open doors for more secure, seamless transactions. This approach not only can potentially position companies as leaders in compliance but also offers clients and partners a smoother, more reliable service.

Anastasia echoed Michael’s view, emphasising that products must work in close harmony with compliance. Open, continuous dialogue with regulators is crucial to ensuring that innovation and security progress together. Recent cross-border payment targets set by the Financial Stability Board—such as the goal for 75% of cross-border payments to arrive within an hour, with the remainder arriving within one business day by 2027. While challenging, it can push the industry to ultimately improve transparency and customer satisfaction.

2. Shifting Customer Expectations and the Impact of Seamless Payments and Remittances on Satisfaction

Customer expectations should naturally evolve as innovation progresses, highlighted Kunal. If they aren’t changing, something’s off. He broke this down into three key areas: transparency, speed, and convenience. Worldpay’s recent report found 84% of consumers want one-click payments, 67% prioritise ease of use when choosing a preferred payment method, and an impressive 97% say that fast payouts are crucial for a positive remittance experience. Integrating these elements into your payment processes is essential for a seamless customer journey.

When it comes to customer loyalty, fees are a major factor—73% of respondents consider them when choosing a remittance provider. Even more telling, 98% said transparency from the beginning of the transaction is key to keeping them loyal. In contrast, hidden fees or a lack of transparency can break trust, leading 20% of customers to abandon a transaction and seek alternatives. Failure to meet expectations on transparency or fees could leave customers feeling blindsided, eroding their confidence in the brand.

Michael added to Kunal’s point, highlighting the growing demand for real-time payments. Today’s customers want to know exactly where their money is at every step of the journey. While speed is crucial, transparency about the transaction’s status throughout the process is just as important. Customers are increasingly frustrated when they don’t have visibility into the status of their payments, which can detract from their overall satisfaction.

3. Case Studies: Leading Companies Elevating Customer Experience

Mitchell shared how Western Union is utilising eSIM technology to enhance customer convenience and loyalty. Through their digital wallet, the company offers eSIM options that allow customers to stay connected while travelling abroad, making it easier to manage finances, communicate with family, and access their services. This added benefit not only enriches the customer experience but also helps retain users by offering more value. Additionally, this approach allows Western Union to gather data that can be used to further refine and improve their services.

Worldpay, one of the largest payment acquirers, has a robust global infrastructure supporting over 180 markets and processing more than 50 billion transactions in multiple currencies. This vast expertise enables them to help merchants expand into new markets and enhance the customer experience, pointed out Kunal. Worldpay’s ability to innovate in fraud prevention through AI and machine learning helps ensure flag fraudulent activity beforehand and prevent it moving forward. While their focus on offering a wide range of payment options helps meet diverse customer needs. Their continued commitment to enhancing the payments experience through these technologies has enabled merchants to expand into new markets with greater confidence, benefiting both businesses and customers alike.

A growing trend in the payments industry, highlighted by Anastasia, is the increasing demand for faster, more transparent payments, particularly for Small to Medium Enterprises (SMEs). A notable example is Revolut’s instant payouts for businesses, a service powered by Visa Direct. This has been driven by the need for speed and clarity in payments.

4. Promoting Financial Inclusion Through Payments and Remittances in Underserved Regions

In regions like Latin America, particularly Brazil, the introduction of real-time payments through PIX has been a game-changer. This system allows users to send and receive payments instantly, bypassing traditional banking systems and making financial transactions more accessible. Additionally, the ability to store and use foreign currencies in digital wallets is helping underserved populations meet daily financial needs, especially in times of crisis. This has opened up new opportunities for individuals, such as remote workers and freelancers, who can now receive payments from employers across different regions without relying on traditional bank accounts.

Anastasia highlighted several initiatives powered by Visa that contribute to financial inclusion. She shared how Visa has facilitated rapid state payouts during crises, such as in Guatemala following a natural disaster. Through Visa’s payment rails, the government was able to distribute funds quickly to almost 3 million people. Looking ahead, Anastasia predicts that digital wallets are expected to play an even larger role in financial inclusion, making it easier for people in underserved regions to access financial services.

Mitchell also discussed the significant role of mobile operators in providing financial services to underserved regions, particularly through companies like MTN and Digicel. However, a more innovative approach where not only can money be transferred between phone numbers, but the mobile operator also provides a SIM card to the recipient. This creates opportunities to better understand user behaviour, track interests, and gather insights about customer segments. By offering mobile plans at affordable rates, these operators are able to deliver a range of services that offer more value than just low fees, which in turn helps foster stronger brand loyalty and financial inclusion.

What next?

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, an expansive network, and expert guidance to navigate the ever-evolving landscape of remittances. Whether you’re just starting out or looking to scale your business, we’ve got you covered.

Want to see how RemitONE can elevate your business? Book a free consultation to discover how we can supercharge your business

We’re Attending CrossTech World 2024 | 19-21 November 2024

We’re excited to announce that the RemitONE team will be heading to Miami, USA, for the upcoming CrossTech World 2024 event. This is an incredible opportunity for us to connect with potential partners and reconnect with our valued clients who have supported and grown with us along the way.

If you’re attending CrossTech, we’d love to meet up and explore how RemitONE’s cutting-edge software and tools could elevate your business. Whether you’re interested in expanding into new markets through our extensive network of banks, telecoms, and money transfer operators, or keen on participating in our upcoming events—such as those focused on emerging opportunities in Saudi Arabia. Let’s make the most of this event together.

To schedule a meeting with the RemitONE team in advance, simply reach out to us at sales@remitone.com.

We’re looking forward to connecting with industry peers and exploring new avenues for meaningful collaboration.

IPR Global 2024 Highlights: Industry Leaders Unite to Shape the Future of Cross-Border Payments

Last month, we hosted our annual Innovation in Payments and Remittances (IPR) Global 2024 event, where top industry leaders and companies gathered across the cross-border payments industry to network, exchange ideas, and share their expertise. Known for fostering innovation and collaboration, IPR Global connected money transfer operators, banks, industry experts, and more to explore the latest trends and challenges to drive and innovate the industry.

Global Representation and Diversity

IPR Global was even bigger this year, with over 280 attendees across 20+ regions. Our dynamic speaker lineups truly showcased our commitment to diversity, bringing together representatives from around the world, which sparked engaging discussions and offered fresh perspectives on global financial challenges.

The two-day conference was packed with a dynamic mix of keynote speeches, networking opportunities, and panel discussions. Attendees gained valuable insights into emerging technologies, regulatory landscapes, and market trends shaping the future of cross-border payments.

Some key takeaways included:

How blockchain and cryptocurrencies are making transfers faster and more cost-effective
Strategies for enhancing financial inclusion in underserved markets
How to leverage AI for fraud prevention and compliance

The event was wrapped up with our prestigious IPR Awards ceremony, where we acknowledged and celebrated the outstanding achievements in innovation, customer service, and social impact across the sector.

Attendee Experience

“As a 40-year industry executive in the International Payments space I found IPR to be a vital and valuable event for remittance providers around the world. The content was spot on around industry insight, trends, challenges, and opportunities. Ding’s involvement at IPR was solidified by the commitment from money transfer operators around the world that our offering is essential to support their revenue growth and product expansion capabilities.” – Bob Dowd, Senior VP, Ding

“It’s the collaborative environment and the open forum where we can all share ideas that truly makes IPR a great experience and a fantastic event to be a part of.” – Holly Crowell, Financial Services Partnership Manager, Worldpay

Sponsor Support

IPR Global 2024 was made possible by the industry-leading sponsors, including Visa Direct, Worldpay, Nium, Vyne, and many more. Their contributions not only elevated the event experience but also demonstrated the collaborative spirit driving that is propelling the industry forward.

Looking Ahead: IPR Global 2025

Building on this year’s success, RemitONE is thrilled to announce that IPR 2025 will be expanding to the rapidly growing region of Riyadh, Saudi Arabia. IPR Global, Riyadh will offer even greater opportunities for industry professionals to connect, grow, and collaboratively shape the future of cross-border payments like never before.

For more information about IPR Global, Riyadh 2025 or to express interest in attending, sponsoring, or speaking, please contact: sales@remitone.com

Join us as we continue to drive innovation and collaboration in the world of international payments and remittances.

RemitONE and Stanbic Bank Partner to Accelerate Cross-Border Payments across Africa

September 2024: RemitONE, a global leader in cross-border payment technology solutions, is pleased to announce a strategic partnership with Stanbic Bank, one of Ghana’s largest banks and most prominent financial institutions. This collaboration will leverage RemitONE’s cutting-edge payment infrastructure to enhance Stanbic Bank’s cross-border payment services, empowering customers across Africa.

In response to the growing demand for seamless and affordable cross-border payments, Stanbic Bank has prioritised enhancing its money transfer services as part of its broader business expansion strategy. By partnering with RemitONE, Stanbic Bank aims to modernise its money transfer offerings and provide its customers with a more accessible, secure, and efficient money transfer experience.

By integrating RemitONE’s state-of-the-art digital payment technology into its online and mobile banking platforms, Stanbic Bank will offer customers an unparalleled money transfer experience – starting with transfers in Ghana and Nigeria, and soon extending to other Western, Eastern and Southern African countries.

The partnership between RemitONE and Stanbic Bank is expected to deliver substantial benefits to both individual customers and the broader financial ecosystem in Africa. Customers can look forward to a streamlined and cost-effective cross-border payment experience, while the collaboration will also contribute to the overall growth and development of the African remittance market.

About RemitONE
RemitONE is the leading provider of money transfer software solutions for banks, telcos, and money transfer operators (MTOs) worldwide. Organisations of all sizes use the RemitONE platforms to run their money transfer operations with ease and efficiency by reaching out to their customers via multiple channels including agent, online and mobile.

For more information on RemitONE, please email sales@remitone.com.

Innovation in Payments and Remittances (IPR) Global 2024 Award Winners!

Earlier in the month, we gathered the top global companies in the Remittance and Payments space in our annual IPR Global 2024 event. On day two, we hosted our award ceremony to honour the game-changers and trailblazers who are pushing the industry forward in exciting new ways.

The RemitONE team is excited to unveil the winners who took home the trophy, along with the honourable mentions — those who came close and deserve recognition for their impressive efforts:

Company of the Year 2024

Winner: Flutterwave

Honourable mention: Jamuna Bank PLC. Bangladesh

Social Impact Award 2024

Winner: Ding

Honourable mention: United Bank Limited

Exceptional Customer Experience Award 2024

Winner: Cauridor

Honourable mention: Neo Money Transfer

Start-up of the Year Award 2024

Winner: Sikoia

Honourable mention: WeWire

Innovation Award 2024

Winner: Uniteller Financial Services

Honourable mention: Tiketi Rafiki

All entries were thoroughly evaluated by our esteemed judges comprised of global senior experts in the payments and remittance industry:

Leon Isaacs, CEO & Founder, DMA Global
Kathryn Tomasofsky, Executive Director, MSBA
Osama Al Rahma, Advisor, Board of Foreign Exchange & Remittance Group (FERG)
Veronica Studsgaard, Founder & Chairman, IAMTN

After the initial assessment, the award finalists were unveiled in August 2024. This was followed by the second stage, during which the judging panel reviewed all the finalist entries and selected the winners in each category through an anonymous scoring method.

From left to right pictured: (Top left) Alpha Diallo, Marta Pillon and Rob Ayers, (Top middle) Lindsay Lehr, Bob Dowd and Olivia Biviano, (Top right) Alberta Guerra and Lindsay Lehr, (Bottom left) Leon Isaacs, Sid Gautam, Shikesha Panton, Noel Ozoemena and Sadat Choudhury, (Bottom right) Bob Dowd, Olivia Biviano, Alpha Diallo, Marta Pillon, Albert Guerra, Noel Ozoemena and Shikesha Panton.

About Innovation in Payments and Remittances (IPR)

In 2018, RemitONE launched Innovation in Payments and Remittances (IPR) to bring together various industry supply chain members to drive positive change. Through events and research reports, IPR unites senior business leaders dedicated to enhancing the industry, enabling them to think big, share best practices, engage, learn, discover, create opportunities and shape change. With the power of collective insight, we can push innovation and industry growth boundaries and benefit from better outcomes.

The IPR events are organised throughout the year to help industry stakeholders, visionaries and business leaders make informed decisions that ultimately benefit the consumers.

About RemitONE

RemitONE is the leading provider of end-to-end money transfer solutions for banks, money transfer operators (MTOs) and fintech start-ups worldwide. Our award-winning money transfer, compliance software products and consulting services – including MSB licensing, bank account provisioning and connections to our clients and partners – are tailored for the global money transfer market.

Organisations of all sizes use our platforms to run their remittance operations with ease and efficiency by reaching out to their customers via multiple channels, including agent, online and mobile.

For more information, or to access all the photos from the IPR Awards ceremony, please contact marketing@remitone.com

Bank of Ceylon (UK) Limited and RemitONE Join Forces to Revolutionise UK-Sri Lanka Cross-Border Payments

September 2024: Bank of Ceylon (UK) Limited, a fully owned subsidiary of Bank of Ceylon Sri Lanka has prudently partnered with RemitONE, a global leader in cross-border payment technology solutions. This strategic alliance is expected to significantly improve Bank of Ceylon’s competitiveness in the UK-Sri Lanka corridor, heralding a new era in their 80-year history. The collaboration marks a pivotal moment in the bank’s ongoing efforts to digitalise its services and meet the evolving needs of its international customer base. The collaboration is particularly momentous as the bank approaches its 75th anniversary on 1st October 2024, marking a significant milestone in its longstanding legacy.

The partnership addresses Bank of Ceylon’s pressing need for an enhanced online presence and expanded customer reach. By adopting RemitONE’s cross-border payment software, the bank is set to advance its technological capabilities and offer a more streamlined, user-friendly service to its loyal customers.

For RemitONE, this collaboration represents a strategic expansion into the South Asian market, reinforcing its position as an innovator in cross-border payment solutions. The partnership underscores both entities’ commitment to embracing digital transformation in the rapidly evolving financial services sector and helping facilitate money transfers for customers at affordable rates.

As international cross-border payments continue to play a crucial role in Sri Lanka’s economy, this partnership is set to deliver substantial benefits to both individual customers and the broader financial ecosystem. Soon, Bank of Ceylon customers can look forward to a more accessible, secure, and seamless money transfer experience.

About RemitONE

RemitONE is the leading provider of money transfer software solutions for banks, telcos, and money transfer operators (MTOs) worldwide. Organisations of all sizes use the RemitONE platforms to run their money transfer operations with ease and efficiency by reaching out to their customers via multiple channels including agent, online and mobile.

For more information on RemitONE, please email sales@remitone.com.

Innovation in Payments and Remittances (IPR) Global 2024 Awards | Finalists Announced!

We are thrilled to announce our finalists for this year’s IPR Awards. The IPR Awards is a prestigious event celebrating the exceptional achievements of the money transfer and payments community’s best and brightest.

This year, we introduced five unique award categories including:

Innovation Award
Exceptional Customer Experience Award
Company of the Year
Social Impact Award
Start-Up of the Year

IPR Award Ceremony

Get ready for an unforgettable evening at the IPR Global 2024 Awards Ceremony in London on Tuesday, 17th September! Join us as we celebrate excellence in our industry with the much-anticipated announcement of our prestigious award winners.

Enjoy a vibrant standing reception with delightful drinks, delectable canapés, and the chance to connect with top professionals in the field. This is your moment to connect with industry leaders and be part of a night that promises excitement, recognition, and inspiration.

Don’t miss out on this special opportunity—secure your ticket before they’re gone: https://global2024.ipr-events.com/register

Congratulations to all the shortlisted companies

Innovation Award

Tiketi Rafiki
UniTeller Financial Services
LASCO Financial Services Limited
Neo Money Transfer
eSIM Go
Jaudi (Transfapay)

Exceptional Customer Experience Award

Relianz Forex Limited
Ebixcash World Money Limited
Cauridor
Neo Money Transfer

Company of the Year

SUNRATE
JAMUNA BANK PLC, Bangladesh
Flutterwave
Remit Choice

Social Impact Award

Xpress Payment Solutions Limited
SIAO Partners
Ding
SolutionsAe, Inc
United Bank Limited

Start-Up of the Year

WeWire
Sikoia

Congratulations once again to all the finalists! We look forward to seeing you at the IPR event, where we’ll be announcing the winners.

If you haven’t already, register here to secure your spot: https://global2024.ipr-events.com/register

Flutterwave: Simplifying Cross-Border Settlement for Multinationals in Africa

This article is brought to you in partnership with Flutterwave, written by Sid Gautam, SVP–Enterprise at Flutterwave.

Having trouble transferring money for your business from Africa across borders? You’re not alone. International business transactions can seem like an overwhelming task due to the hidden fees and complications that are frequently involved with cross-border settlements. No more worries, Flutterwave provides an easy and cost-effective answer to your international settlement needs.

Recently named Fast Company’s Most Innovative Company in Europe, Middle East, and Africa, Flutterwave stands out as Africa’s leading payments technology company, providing an efficient and transparent cross-border payment solution. The company has established a solid reputation with over 630 million transactions worth more than $31 billion in total payment volume, and 20 million+ API calls per day.

Seamless Onboarding Processes

On the eight-year journey of simplifying payments for multinationals in Africa and beyond, Flutterwave has learned and we have adapted our onboarding processes to be straightforward with 24/7 support always available throughout the process. Our Know Your Business (KYB) process is enhanced to get you set up quickly and efficiently. This follows with other important mechanisms needed to ensure your operations are live and running in no time within stipulated regulatory requirements.

Extensive Reach and Settlement Expertise

Leveraging an extensive payment infrastructure network spanning over 30 African countries with a presence in the UK, US, and EU, Flutterwave is the cross-border payment partner of choice in Africa. Our settlement solution facilitates seamless payment operations for multinationals across Africa and African businesses growing globally.

Currently, we serve merchants across several industries: payments, hospitality, ride-hailing, aviation, gaming, logistics, and digital infrastructure to mention a few. With support for multiple currencies as well as local and international payment methods such as mobile money, bank transfers, cards, and Google Pay, your larger enterprise will be in the capable hands of our cross-border payment solutions facilitating fast, transparent, and cost-effective payment solutions.

Regulatory Compliance and Maximum Security

At Flutterwave, operation excellence and minimizing counterparty risk are our top priorities. Strict adherence to regulatory compliance through owned licenses and a network of partners across several countries within and outside Africa means cross-border transactions are settled within relevant payment policies and regulations. To ensure maximum security for merchants’ data and funds, we have risk and compliance systems and teams across several countries carrying out extensive compliance checks to mitigate anti-money laundering (AML) and combating the financing of terrorism (CFT) risks.

We also invest heavily in payment infrastructure security such as maintaining the highest PCI-DSS & ISO 27001 certifications, in line with global best practices. This ensures that whether managing B2B first-party treasury flows or third-party supplier payouts, Flutterwave’s cross-border payments adapt to specific business needs legally and securely.

In Conclusion: with Flutterwave, enterprises can streamline their cross-border settlements, ensuring speed, transparency, and cost-effectiveness. Join global merchants such as Uber, Worldpay, Piggyvest, Bamboo, Air Peace, Microsoft, and Flywire running their cross-border settlement efficiently and securely from Africa to the world and vice versa. Let’s talk!

Revolutionising Money Transfers: 4 Key Trends Shaping the Future

This article is brought to you in partnership with Worldpay, written by Kunal Choudhary, Money Transfers Strategy Lead at Worldpay.

The landscape of international money transfers is going through a shift, driven by evolving consumer expectations and technological advancements. For money service businesses (MSBs), staying ahead of these changes could be key to success.

Let’s explore these trends and how Worldpay could help businesses navigate this transformation.

The need for speed

In today’s hyper-connected world, consumers need convenience, speed and security when it comes to moving their money. A recent study revealed that over three-quarters of consumers (77%) now expect instant payments¹. Money transfers are often time sensitive, so long waits for funds to clear may mean switching to an alternative provider. This shift in expectations is compelling MSBs to revamp their infrastructure to facilitate fast transfers while adhering to complex international regulations.

As a leading payment processor², we could help you to provide the quick, secure, and cost-effective money transfers your consumers are looking for. By incorporating our decades of expertise and authentication solutions, you can expand your reach and offer faster transfers around the world.

Digital wallets on the rise

Industry projections suggest that by 2027, digital wallets are projected to account for almost half ($25 trillion) of global transaction value³. This surge is fuelled not only by the ease of paying with just one tap, but also by the built-in two-factor authentication and tokenisation, this payment method offers.

One in five financial services customers would switch platforms if their preferred payment method was unavailable⁴. That’s why it’s important to incorporate secure and flexible options that meet those needs and help with enhancing loyalty. Worldpay’s solutions could facilitate direct integration between MSB platforms and popular wallet apps, simplifying orchestration and compliance while enabling a dynamic user experience.

The Personalisation Paradigm

Today’s consumers are increasingly looking for tailored experiences that reflect their individual needs and preferences³. One-size-fits-all approaches are no longer sufficient.

To keep pace with consumers, MSBs might look into innovative technology such as artificial intelligence (AI) as a route to personalisation. AI could empower merchants to understand and predict customer needs better, offer customised solutions, and of course, automate. Worldpay is harnessing AI and machine learning together with extensive transaction and biometric data to help you make intelligent decisions in real-time.

The Fraud Prevention Imperative

With the volume of digital transactions rising⁵, the risk of fraud is also becoming a major concern⁶. Ensuring a safe environment for online money transfers is becoming a top priority for maintaining customer trust and compliance with regulations.

Worldpay’s fraud solutions use rich data from 52bn annual transactions to help detect and predict fraudulent activity to help protect consumers.

Embracing the Future

The money transfer industry stands at a crossroads, with emerging technologies and shifting consumer preferences reshaping the landscape. MSBs that can successfully navigate these trends – offering rapid transfers, embracing digital wallets, personalising experiences, and fortifying fraud protection – might be best positioned to thrive in this dynamic market.

Collaborating with an experienced payment provider could be a game-changer for MSBs looking to stay competitive. By tapping into advanced solutions and deep industry expertise, businesses can accelerate their transformation and deliver the smooth, secure, and personalised experiences that modern consumers expect.

To chat to one of Worldpay’s experts today, please visit https://www.worldpay.com

Sources:

Meet Worldpay at IPR Global 2024

Meet Platinum sponsors, Worldpay at IPR Global this September. Don’t miss out on this unmatched opportunity to connect with their team.

Get your tickets today, spaces are limited: https://global2024.ipr-events.com/