In an increasingly interconnected world, businesses and individuals need payment solutions that facilitate seamless transactions across diverse geographical locations. Global mass payments are emerging as a crucial tool for facilitating bulk payments around the world. In this article, we will delve into the concept of global mass payments, their safety, and how organizations can leverage […]
Optimizing Financial Operations to Meet Evolving Global Payment Activity
Identifying and solving key aspects of global payments friction via the 2022 Global Payment Survey
As the global financial marketplace continues to evolve, global payment activity grows rapidly for many organizations. In turn, managing the financial operations of a global business presents new challenges, such as risk, security, foreign exchange friction, cost, and visibility. Concurrently, managing and supporting multiple systems, banks, payment types and currencies pose further challenges in supporting payments in varying jurisdictions. Whether you’re a payments professional, treasury executive, a banker or even a company looking to integrate payments functionality, identifying and solving key aspects of global payments friction will encourage efficient financial operations.
In the current payments landscape, multiple systems, security, and fraud management is an issue faced by about 50% of companies surveyed in the 2022 Global Payments Survey. To provide customers with the upper hand on international treasury management, XTRM provides a simple, secure and scalable payments platform, compliant with KYC, and SOC security regulations. The ability to transact instant global business using one system, with low risk, not only strengthens security and fraud management, but also strengthens financial operations and business relationships.
As researched in the 2022 Global Payment Survey, companies find that cost, transparency in control and FX friction diminishment were among the top priorities of companies looking to integrate payments in 2023. Companies are keen to know what is happening with cross border payments, the status of these payments, the information which follows, and the estimated delivery time of these payments. While legacy banking systems do not fit the bill, companies like XTRM who can provide transaction visibility between remitter and beneficiary, as well as assurance and communication about delivery status of a payment, are becoming leaders in simplifying cash management for financial operability. Both in terms of communication and efficacy, XTRM reduces FX friction by providing interoperability between regions and countries allowing instant global transaction. Not only are transactions simple, visible and instant, but by using an end to end global payments provider, companies no longer need to deal with lifting fees or correspondent charges associated with sending cross border payments. You have control over what you will receive before the payment is sent.
As companies transact globally, they tend to value visibility and data movement over efficiency, however with XTRM you can reduce payments friction, increase financial operational efficiency, increase visibility, increase data movement, and operate without surprises. Companies plan to spend heavily in 2023 to meet the demands of an evolving global payments landscape. Are you up to speed?
Speak with our experts today on how XTRM can meet your global payment demands.