Speaking at SIBOS 2019 London, an annual financial and banking conference held recently, President of New Payment Platforms at Mastercard Paul Stoddart said, “The world is getting smaller. It is increasingly connected. Payment systems and the flow of data have to keep up or even be ahead.”
Stoddart’s statement was a fitting way to introduce this year’s conference theme, ‘thriving in a hyper-connected world.’ It’s a theme that plays to the strengths of Local Bank Transfers and the network that enables them, according to Samish Kumar, CEO of Transfast, which operates Transpay.
Speaking at SIBOS as part of a “Future of Frictionless Payments” panel discussion, Kumar said, “Our business model lends itself to a frictionless environment. The transaction doesn’t go through multiple hubs when it originates and when it terminates. We can see the transaction throughout its lifecycle.”
The conference explored the impact of new technologies on infrastructures, value propositions and business models and identifies the culture, skills and working practices that organizations need to maximize the potential of both human and machine capabilities.
According to Kumar, Local Bank Transfers' key value proposition is that they combine frictionless payments with real-time speed, in the process raising the bar for cross-border, frictionless payments.
“Not only do we have a high percentage of cross-border payments that are going straight through,” Kumar said, “but we’re doing that in record time. It’s a combination of frictionless and real time. We’re moving payments across borders and across thousands of miles, and we’re doing that in a matter of minutes.”
Kumar went on to say that for Transfast, being hyper-connected is about “the network effect.”
“The more members and participants you have on a network, they’re all connected, and you’re able to build on that connectivity by bringing about more capabilities to solve very specific problems or address very specific opportunities,” he said, referring to the bank and payout partners that comprise Transfast’s proprietary payments network. “It means more and more opportunities to leverage these direct connections to solve different types of problems and address different types of opportunities for clients and various stakeholders.”
To learn more about how Local Bank Transfers can solve problems and create opportunities for your business, contact one of our Local Bank Transfer specialists.
