Banks are the hare of the financial race but must keep pace with the ongoing digital revolution, as fintechs are capturing their market.
Fable Fintech – like the Rolls-Royce engine of aircraft – powers cross-border payments for banks
Fable Fintech powers cross-border payments for banks on their terms as a plug-n-play platform like Rolls-Royce makes aircraft engines for Airbus
Access cross-border payments technology from the platform specialists – for a payments business on your own terms
Everyone has that friend they turn to for specific wisdom. That one m person has navigated a set of circumstances that qualify them to give excellent advice. Or they studied and pored over a subject – so much so – that they are now an authority on it. There is that one area in which – if they state a certain opinion – one can take it to the bank, and trust it to pay one back.
Rolls-Royce helps Airbus spin its wheels, literally…
Intel chips for the toughest laptops and computers…
Diebold for banks around the world…
For a bank navigating the complex, ever-evolving ecosystem of cross-border payments, the support of a trustworthy friend is in the shape of a domain expert – one who understands the unique regulatory landscape that banks operate in as well as the cross-border payments ecosystem itself. This reliable specialist collaborator becomes the backbone on which a cross-border payments business can grow.
For banks and financial services firms to continue with their business-as-usual activities, they need to be propped up by trustworthy, knowledgeable, specialist technology partners.
Banking on the expertise of the specialist collaborator, a bank or financial institution providing cross-border payments can enter agreements with partners, integrate with regulatory technology and licensed partners, and proceed with confidence through regulatory reform. Banks need not deviate from their core banking activities and offerings to participate in the complex ecosystem of payment networks, collection and disbursement operations, and the myriad other aspects of facilitating and fulfilling foreign exchange transactions.
The essence of collaboration
Masterful business operations often require relying on the mastery of others in their respective niches, as we see in all the above examples. On paper, the collaboration might be a profit-sharing model, an end-to-end collaboration, or a well-defined co-branding effort. But in spirit, it brings together a whole that is greater than the sum of its parts.
Beyond making business sense, one conglomerate relying on another for a special skill makes a case for common sense.
Specialization leads to greater self-sufficiency. A specialist already knows the best way to achieve an outcome. No time is lost in putting a working model to work and start producing results. They have the components and systems in place to achieve optimum results.
They take away the need for micro-level involvement and return reliable results consistently. A true expert in the domain will continue to deliver on promised standards, letting the businesses that hire their expertise shine better at their business goals. Pain points are addressed seamlessly, and end users have a unique consumer experience.
What specialization for hire means for your cross-border payments business
For banks on the fast track to achieving a growing cross-border payments footprint, the complexity of the payments industry need not (and should not) be a hindrance. The modern bank sharpening its focus on its cross-border payments business can benefit from partnering with a specialist collaborator in a multitude of areas.
Fable’s platform approach zooms in on a number of factors that matter to payment providers so that the launch and growth of their cross-border payments business leave no stone unturned.
|a)||Time to market: Some banks, old hands as they might be at banking, might be launching newly into cross-border payments. Others would have started the payments business but it isn’t as expansive or seamless as they’d like. The time is ripe for growth since volumes of cross-border transactions are reaching new peaks – and there’s a rising demand for payments services from reliable, one-stop service providers. A specialized collaborator in the form of a technology platform with payments-specific domain expertise fits the bill in providing ready, configurable solutions to complex payments challenges. The Rolls-Royce engine equivalent here is a plug-and-play cross-border payments solution that banks can launch as soon as their data is ready for use. Fable Fintech’s platforms are ready to be plugged in and mobilize new revenue streams as well as expand existing ones in a matter of weeks!|
|b)||Compliance with regulation: The compliance and regulatory norms, and the reforms therein that come every so often, are unique to the banking industry. Cross-border payments are extremely corridor-specific. As such, they are subject to regulations in multiple countries and regions. Fable’s platforms are designed to help banks react quickly to these regulatory changes. All compliance requirements – those from regulators, central banks, as well as those of the bank’s own internal compliance engine – can be hardcoded into Fable’s platforms. Any manner of change reflects in the platform with a few toggles the bank’s operations team can manipulate without any IT involvement.|
|c)||Financial viability and profitability: When a payments portal, web app, website, or application has to be built from scratch, a number of resource-led and budgetary challenges arise. Getting projects off the ground means hazy timelines lost in drawing up requirements, testing, and mitigating bugs and change requests. All this results in hazy timelines for the actual launch of the cross-border payments service. Fable Fintech’s platform, on the other hand, is ready out of the box. It does not postpone profits for the payments provider as the business is set in motion with no loss of time.|
|d)||Technology expertise: The configurability of a Fable platform comes from its technology expertise. The SaaS-enabled platforms have worked with 40+ clients across banks, money services businesses, non-banking financial services firms, money transfer operators, and business corporates offering payments services. Configurability is baked into the technology platform and has successfully supported more than 8 million transactions.|
Domain expertise: The changeful nature of payments regulations where multiple countries and corridors are involved is well-known to you. To meet the unique set of demands created by the vagaries of regulation and macroeconomic factors, Fable has 200+ payments experts on board. Their wisdom shows in the capabilities of each technology platform. This is one of many ways in which the twin prongs of technology competence and domain-specific expertise answer ongoing industry challenges. Real-world knowledge of the cross-border payments ecosystem is inimitable in the service it provides to banks. It can:
|f)||Risk mitigation: To suit the risk-averse, heavily-regulated nature of the banking industry, true expertise lies in bringing technology-enabled solutions that make it easy for the bank to react to a variety of risks. Risk can be changes in regulation, switching market dynamics, or new scaling opportunities. The technology platforms from Fable Fintech allow banks to stay in the driver’s seat about who they partner with, what features they enable for a region, and more. They even assist the bank in promoting their chosen features to their target market.|
And what is specialization without configurability for specific banking needs or financial services offerings?
This is why the Fable Fintech technology platforms offer a modular approach to their suites of solutions that nine out of India’s top ten private banks in India already use. Fable’s platforms are live in 35+ send-heavy countries and 65+ receive-heavy countries with over 150 corridors being serviced. Fable has moved $11 billion worth of funds over 8 million transactions around the world.
The end goal of hiring the expert – the way Airbus has elected Rolls-Royce to underpin its firepower – is to enable transactions for your chosen customers in a faster, cheaper, more transparent, and interoperable manner.
If you’re ready to strengthen your payments offering, you just need to follow three simple steps:
- Book a demo
- Customize a platform for your needs
- Go live in weeks!
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