As the year comes to an end, Transpay wanted to take the time out to show the top trends of 2018. It is with these trends, that Local Bank Transfers will continue to grow and prosper as the top payout solution for businesses around the world.
Banks are Collaborators, Not Competitors
Previously considered threatening competition, banks are the glue that hold Local Bank Transfers together. Money is transferred from a sender's business bank account in their country to local payout partners in other countries. They are built on the understanding that their needs to be a combined effort between both the bank and the payment's specialist. That way, when the time comes, a payment specialist takes on the hard work including compliance, regulation and fraud. This protection serves you and the sender the best way possible. Collaborating together will get your business that much closer to the finish line.
The Surge of Emerging Markets
Each year, more and more businesses are choosing to globally expand their presence. And, with 98% agreeing that a global presence will be critical to having a relevant brand in 2025, it’s easy to see why they are jumping on the bandwagon. Expanding from local, familiar markets to the global marketplace gives expanding businesses access to a wider range of clients, fresh talent, and greater opportunities. Emerging markets are changing the landscape of the world’s economy right before our very eyes. So much so, in fact, that the BRICS account for nearly a quarter of the world’s economy today.
Security is Predominant
Earning a profit is nothing if your business goes down due to a low concern of security. When making payouts, it’s incredibly important to protect your business. Financial crime is unfortunately very common all over the world, including international sanctions, money laundering, and PEPs (Politically Exposed Person). More and more businesses are coming to understand the importance of choosing a Local Bank Transfer solution that ensure your payouts are compliant, secure, and safe. This can be done through an in-house compliance operations team, 24/7 monitoring of fraudulent activity, and comprehensive sanction screening.
Payouts as an Experience
When businesses are continuously jumping over hurdles to simply pay out their vendors, sellers, and recipients, it makes it harder and harder to continue the process. Global payout solutions that offer Local Bank Transfers are looking at payouts as more of an experience, rather than something that needs to be done. This way, both recipients and senders are happy in the end process and they both can continue to have a professional relationship with one another.