The global economy is constantly growing and evolving, why then have the traditional banking system not upgraded to meet the changing the needs of customers?
Many businesses are expanding their international interests through import and export activities. Unfortunately, the systems and infrastructure used to support this global interconnectivity and these cross-border transfers is decades old.
Luckily, there have been some huge advancements in technology in the last 5 years in terms of API’s, the development of proprietary technology, mobile payments, wallets etc. This has created an opportunity for independent money transfer providers like FX Paymaster, to break away from traditional money remittance models and establish and define their own operating systems and customer experiences.
Despite this the fact remains, most international payments are still done via banks and through the correspondent (SWIFT) network. Banks have been overcharging businesses for years to transfer funds abroad. Banks desperately need to enhance their infrastructure and develop new models to remain competitive.
Making an international payment can be as easy as making a domestic one.
Today’s business customer relies on efficiency, speed and security and they should have access to simple products that are easy to use, that offer full disclosure in the form of fair and transparent pricing.
It’s no secret, traditional banks cannot keep up with the rate of change. The only solution for them in the future, is to form partnerships with Fintech providers who can create and implement models that work for everyone in an agile and efficient way.
A disruptive philosophy
FX Paymaster is one of South Africa’s most innovative payment providers. Using smart new technology to remove the complexities of moving money, drastically reducing international transfer costs. Service providers like FX Paymaster are the innovators changing the way changing the way South African businesses can transfer money.
As more providers enter the payment space, it will become clear who the real market leaders are. The cost of transferring money is coming down all the time. Price alone won’t be enough to retain customers in the future. Money remittance businesses are able to demonstrate real value through uncomplicated processes, easy to use systems, competitive pricing and transparent fees. When will the banks catch up?
