Cross-Border Payment Success: “Faster Money In, Faster Money Out, Happier Customers”

<p>In
the complex world of cross-border payments, executives grapple with a myriad of
challenges: fraud, complexity, and a fragmented landscape. In a recent virtual
panel discussion hosted at the Finance Magnates London Summit (FMLS:23),
industry luminaries gathered to illuminate the path towards a smoother, more
secure future, wielding the torch of artificial intelligence (AI) to guide the
way.</p><p>Navigating
the Future of Payments: Insights from Industry Leaders</p><p>The
discussion was moderated by Tony
Craddock, the Director General at The Payments Association who set
the stage by highlighting the importance of cross-border payments and the
challenges that exist, such as fraud and lack of transparency. He then
introduced the panelists and asked them to each share their thoughts on a
specific topic related to cross-border payments.</p><p>Paul Francis
Walvik-Joynt, the Senior Vice President of Global Commercialization at <a href="https://www.financemagnates.com/tag/mastercard/" target="_blank" rel="follow">MasterCard</a>, emphasized
the need for an integrated security suite, leveraging AI-powered fraud
detection and biometric data to safeguard transactions. “We are building the
foundation for the global economy to thrive, and we have to remove those obstacles,”
he said. </p><p>He mentioned that Mastercard has built a fortress of security, with AI vigilantly guarding
every corner. Biometric whispers, identity verification's clarion call,
together, they shield transactions, building trust brick by brick. </p><p>Panya Feliu Rajasombat, the Senior
Business Development Manager for LATAM at <a href="https://www.financemagnates.com/tag/paysafe/">Paysafe</a>, highlighted the importance of educating users and building trust, a vital
foundation for wider adoption. He said that education is the torch that
illuminates the labyrinth. We must dispel the darkness of skepticism, empower
users with knowledge, and forge unbreakable bonds of trust. Only then can we
truly walk hand-in-hand towards a borderless future. He concluded: "In the
region of LATAM, 49% of people have a bank account. Even if we increase the
number of bank account holders, that does not mean they will completely abandon
other payment methods."</p><p>Ugne Buraciene, the Group
CEO at payabl, tackled the issue of siloed payment rails, advocating for
platforms that bridge the gaps and enable instant, cross-border flows. She
said: "Credibility, trustworthiness and transparency are very important. The
greater the transparency we offer, the greater the adoption we'll see from end
users.” </p><p>Siloed rails like
crumbling walls impede progress. However, payabl offers a bridge, a pathway for
instant, seamless flows across borders. Let us tear down these barriers, brick
by digital brick, and build a world where payments dance freely, unburdened by
borders.</p><p>Nimrod Cohen, the COO at Zotapay, shifted the
focus to merchant pain points, emphasizing the need for automated transaction
reconciliation and streamlined operations. He stated: "We are expanding
into different markets to integrate products. We have a local presence and are
bringing everything under an API. We are making an effort to be at the
forefront.”</p><p>For merchants,
reconciliation is a monstrous maze. But, Zotapay wields the magic wand of
automation, untangling complexities and streamlining operations. Let us free
merchants from this burden, allowing them to focus on what they do best:
serving their customers.</p><p>Iana Dimitrova, the CEO at OpenPayd, championed
virtual IBANs and payment rail connectivity as the keys to unlocking
frictionless transactions for merchants. She emphasized: “When it comes to
building an ecosystem and retention of customers, the virtual IBAN solution is
an additional tool to retain your customer to increase the engagement of the
customers.” </p><p>Daniel
Mayhew, the CEO of Nucleus365, painted a
bold picture of hyperconnected payments, a web transcending borders where
transactions dance across continents with lightning speed. His vision centered
on weaving a tapestry of partnerships, uniting financial institutions in a
collaborative effort to dismantle barriers. </p><p>He
stated: "Swift
isn't designed for high-velocity, borderless real-time payments. It simply
doesn't work well for that purpose. The solution is to work with partners who
have the capacity and specialism in this area. This approach must be vendor
agnostic, and you need to build the capability for instant pay-in and pay-out
across different providers. The impact is obvious: faster money in, faster
money out, happier customers, increased cash flow, and a growing
business."</p><p>AI
Realities: Beyond the Hype in Cross-Border Payments</p><p>The
panel acknowledged that AI, while a powerful tool, is not a panacea. Dimitrova cautioned
against bias and discrimination in algorithms, advocating for transparency and
ethical considerations. Walvik-Joynt
echoed this sentiment, emphasizing the need for responsible AI deployment
within regulatory frameworks.</p><p>The
discussion concluded with a resounding consensus: the future of cross-border
payments lies in a concerted effort. <a href="https://www.financemagnates.com/tag/ai/">AI</a> offers immense potential, but
it is harnessing demands collaboration, education, and a focus on ethical
considerations. </p><p>This
panel discussion served as a potent reminder that progress demands a
multi-faceted approach. From innovative solutions to collaborative
partnerships, encompassing security concerns and streamlined operations, numerous factors come together on the path towards a borderless financial landscape. By
wielding the torch of AI responsibly and working together, the industry can
illuminate a future where transactions flow freely, connecting businesses and
consumers across the globe in a harmonious web of commerce.</p>

This article was written by Tareq Sikder at www.financemagnates.com.