In a new digitally themed global economy, where technology connects once-distant societies, the opportunity to expand one’s business into a new geographic market is more accessible than ever before.
Take e-commerce, where the internet and its integration of payment channels have created an avenue for marketplaces like eBay, Amazon and Etsy to thrive.
At the same time, the large operational infrastructures of these leading retailers are now available to smaller independent sellers as a service that increases their visibility, provides guaranteed receipt of payment and accesses a global market with generous financial opportunity.
While the route to global expansion is open, however, a fragmented and complex cross-border payment industry is difficult to navigate.
Many diverse choices exist for sending payouts to global suppliers, remote workers, and business partners across different countries and currencies.
Each method comes with its share of pros and cons at a time when consumer experience is king, and data control is paramount to business growth and regulatory compliance. Incumbent bank wires and checks, for example, carry slow settlement times and poor exchanges rates, while some newer fintech alternatives lack the interoperability with one another to scale and sometimes prioritize speed over security, for example, waiving certain authentication mechanisms to create a faster customer action.