Businesses that can effectively adapt to the new commercial and technological environment have the opportunity to pursue new routes to growth and efficiency, building a competitive advantage through experience and innovation.
Emerging market growth has increasingly outstripped domestic markets when it comes to global payments.
However, financial links between these regions can still be slow and inefficient when relying on an expensive patchwork of providers, if they exist at all. While many institutions have good offerings for pay outs in the E.U. or U.S., managing global payments in emerging markets can be complicated, slow, and lacking transparency and control.
For institutions, this raises the need to provide and process alternative payment types, such as virtual cards, app-based payments, and alternative currencies.
Those that can expand their networks and global payment types can extend their reach into additional markets or corridors they don’t service to grow new customer bases, serving both local customers and the increasing number of merchants who sell in these markets that need to transfer funds back to the U.S. or EMEA.
Choosing the right technology is a key step in building the service that modern payment customers expect. This sets the standard for modern technological capabilities. Financial institutions need to implement systems that can deliver:
To find out how you can enjoy the value of a truly modern global payments system, book a consultation with one of our payment experts. To learn more about how Nium supports financial institutions, download our guidebook.