Improved Cross-Border Payments Automation Will Add Value For Consumers
Improved cross-border payment automation is revolutionizing the finance industry by delivering faster, more secure and cost-effective transactions.
Read about major payment technologies used by global payment SaaS companies & and their future. Know development timelines for payment solutions for banks.
Global payment SaaS (Software as a Service) companies are changing the way banks and businesses handle digital payments. They offer innovative solutions that help businesses and financial institutions streamline their payment processes, reduce costs, and enhance security.
Table of contents
Here is a list of some of the digital payment technologies used by global payment SaaS companies for banks and businesses.
Payment Gateways: Payment gateways are the backbone of online payment processing. They connect merchants to acquiring banks and enable secure online transactions. Global payment SaaS companies offer payment gateway solutions that support multiple payment methods and currencies, including credit/debit cards, e-wallets, and bank transfers. These gateways are typically hosted on secure cloud servers and offer robust fraud prevention measures, such as tokenization and PCI compliance.
Virtual POS: Virtual POS (Point of Sale) is a payment processing solution that enables businesses to accept payments from their customers through a digital interface. Global payment SaaS companies offer virtual POS solutions that can be accessed through mobile devices, tablets, or web browsers. These solutions typically offer a range of payment methods and support multiple languages and currencies. They also offer features such as inventory management, loyalty programs, and analytics.
Mobile Payments: Mobile payments are becoming increasingly popular, and global payment SaaS companies are at the forefront of this trend. They offer mobile payment solutions that enable users to make payments through their mobile devices. These solutions typically offer features such as in-app payments, mobile wallets, and NFC payments. They also support multiple currencies and offer strong security measures, such as biometric authentication and encryption.
Digital Wallets: Digital wallets are a convenient way for consumers to store their payment information and make transactions. Global payment SaaS companies offer digital wallet solutions that enable users to store multiple payment methods, including credit/debit cards and bank transfers. These wallets also offer features such as loyalty programs, coupons, and discounts. They are typically hosted on secure cloud servers and offer strong security measures, such as two-factor authentication and encryption.
Cross-Border Payments: Cross-border payments are a critical part of global commerce, and global payment SaaS companies offer solutions that simplify and streamline this process. These solutions typically support multiple currencies and offer features such as real-time exchange rates and transparent fees. They also offer compliance and regulatory support to ensure that transactions are secure and legal. Examples of cross-border payment solutions include Fable Growth Suite which is a white-label cross-border payment platform.
Blockchain Payments: Blockchain technology has the potential to revolutionize the way payments are made, and global payment SaaS companies are exploring this technology. Blockchain payments are decentralized, secure, and transparent. They eliminate intermediaries and offer faster settlement times. Global payment SaaS companies offer blockchain payment solutions that enable users to make transactions using cryptocurrencies such as Bitcoin and Ethereum. These solutions also offer features such as smart contracts and tokenization. Examples of blockchain payment solutions include LastMile for banks, which is an inward remittance processing suite.
The development timeline for a global payments SaaS to create a payment solution for banks can vary widely depending on several factors, including the complexity of the payment solution, the size and scope of the project, and the availability of resources.
A payment solution for banks typically involves a variety of components, including payment gateways, APIs, fraud detection and prevention tools, compliance tools, and other features. The development timeline for each of these components can vary depending on the level of customization required, the complexity of the solution, and the availability of third-party integrations.
In general, a simple payment solution with basic features can take several months to develop, while more complex payment solutions with advanced features and integrations can take a year or more to develop.
It's also worth noting that the development timeline can be affected by several factors beyond the control of the payment SaaS provider, such as changes in regulatory requirements or unforeseen technical challenges. Read Banking Industry Challenges & Solutions to know more.
Ultimately, the development timeline for a payment solution for banks will depend on the specific needs and requirements of the bank, as well as the capabilities and resources of the payment SaaS provider. It's important to work closely with a trusted payment SaaS provider to ensure that the project is properly scoped, planned, and executed to meet the bank's needs and requirements within a reasonable timeline.
Over the past decade, we have seen significant advancements in digital payment technologies that have revolutionized the way we transfer money globally. With the rise of e-commerce and the increasing demand for faster, more secure, and convenient payment methods, developers have been working tirelessly to create innovative payment solutions that meet the evolving needs of consumers and businesses worldwide. In this blog, we will discuss some of the most promising digital global payment technologies being developed for the future.
Blockchain-Based Payments: Blockchain technology is one of the most promising payment solutions being developed for the future. Blockchain enables secure, decentralized payments that eliminate the need for intermediaries, such as banks or payment processors. Blockchain-based payments are fast, secure, and cost-effective, making them an attractive alternative to traditional payment methods. With the rise of cryptocurrencies like Bitcoin, many businesses are exploring the use of blockchain for cross-border payments, as it offers a more efficient and cost-effective solution.
Mobile Payments: Mobile payments have become increasingly popular in recent years, with the proliferation of smartphones and the widespread adoption of mobile payment apps like Apple Pay, Google Wallet, and Samsung Pay. Mobile payments offer a convenient and secure way to pay for goods and services, and they are becoming more prevalent in developing countries where traditional banking infrastructure is lacking. Mobile payment technology is continually evolving, with innovations like biometric authentication, which uses facial recognition or fingerprint scans for added security.
Peer-to-Peer Payments: Peer-to-peer (P2P) payments enable individuals to transfer funds directly to one another without the need for intermediaries. P2P payments have become popular with the rise of digital wallets, which allow users to store and transfer funds using their mobile devices. P2P payment technology is continually evolving, with new features like instant payment settlement, which enables funds to be transferred instantly between parties.
Cross-Border Payments: Cross-border payments have traditionally been slow and expensive, with fees and exchange rates adding significant costs to international transactions. However, there are many new technologies being developed to make cross-border payments faster, cheaper, and more convenient. For example, Ripple, a blockchain-based payment solution, offers near-instant, low-cost cross-border payments by using a decentralized network of intermediaries. Other technologies, such as virtual accounts and real-time payments, are also being developed to improve cross-border payment efficiency.
Contactless Payments: Contactless payments are becoming increasingly popular, particularly in response to the COVID-19 pandemic, as they offer a more hygienic way to pay for goods and services. Contactless payments use near-field communication (NFC) technology to enable payments by simply tapping a smartphone or credit card on a contactless-enabled terminal. With the rise of IoT devices, contactless payments are also becoming more prevalent in other areas, such as in-car payments and smart home devices.
Digital global payment technologies are continually evolving, and developers are working hard to create innovative solutions that meet the evolving needs of consumers and businesses worldwide. The above-mentioned technologies represent just a few of the many exciting developments that we can expect to see in the future of payments. As technology continues to evolve, we can expect to see further advancements in digital payment technology, enabling faster, more secure, and more convenient payments for everyone.
Several digital global payment technologies have the potential to become the standard cross-border payment technology. The following are some of the most promising technologies:
Blockchain-Based Payments: Blockchain technology has the potential to become the standard cross-border payment technology as it offers fast, secure, and cost-effective solutions for transferring funds across borders. The use of blockchain can eliminate the need for intermediaries, reduce costs, and increase the speed of cross-border payments.
Real-Time Payments: Real-time payments, also known as instant payments, are becoming increasingly popular for cross-border transactions. Real-time payments enable funds to be transferred instantly between accounts, offering fast and convenient cross-border payment solutions.
Central Bank Digital Currencies (CBDCs): CBDCs are digital versions of fiat currencies that are issued and backed by central banks. CBDCs can provide a fast and secure way to make cross-border payments, reducing the reliance on traditional payment systems and intermediaries.
SWIFT Global Payment Innovation (GPI): SWIFT GPI is a messaging network used by banks to facilitate cross-border payments. SWIFT GPI enables banks to provide customers with faster, more transparent, and trackable cross-border payments.
Digital Wallets: Digital wallets, such as PayPal and Venmo, are increasingly being used for cross-border payments. Digital wallets offer a convenient and secure way to transfer funds across borders, with low fees and fast transaction times.
While it's difficult to predict which technology will become the standard cross-border payment technology, blockchain-based payments, real-time payments, CBDCs, SWIFT GPI, and digital wallets are among the most promising technologies with the potential to transform the cross-border payment landscape. As these technologies continue to evolve and become more widely adopted, we can expect to see significant improvements in cross-border payment efficiency and convenience.
When banks and businesses are considering a global payments SaaS, there are several factors they need to consider to determine which provider is the right fit for their needs. Here are some key considerations:
Features and Functionality: The first and most obvious factor to consider is whether the global payments SaaS provides the features and functionality that the bank or business requires. This can include things like payment processing, fraud detection and prevention, compliance tools, reporting, and analytics.
Integration and Customization: The global payments SaaS should be able to integrate with the bank or business's existing systems and software. Additionally, the provider should be able to customize the solution to meet the unique needs of the bank or business.
Security and Compliance: It's essential to ensure that the global payments SaaS provider has robust security measures in place to protect against fraud and data breaches. Additionally, the provider should be compliant with relevant regulations, such as PCI DSS and GDPR.
Cost and Pricing: Banks and businesses need to consider the cost and pricing structure of the global payments SaaS provider. This can include setup fees, transaction fees, and other charges. It's important to choose a provider that offers transparent pricing and doesn't have any hidden fees.
Support and Service: The global payments SaaS provider should offer excellent customer support and service, including 24/7 support and a dedicated account manager.
Reputation and Track Record: Finally, banks and businesses should consider the reputation and track record of the global payments SaaS provider. This can include factors such as the provider's experience in the industry, customer reviews and testimonials, and any awards or accolades the provider has received.
By carefully considering these factors, banks and businesses can identify the global payments SaaS provider that best meets their needs and requirements. It's important to conduct thorough research, ask for references, and carefully evaluate each provider before making a decision.
Global payment SaaS companies offer a wide range of digital payment technologies that are transforming the financial industry. These technologies offer convenience, security, and speed, and are driving innovation in the way businesses and financial institutions handle payments. It is important for banks and businesses to stay informed about the latest digital payment technologies and partner with global payment SaaS companies to take advantage of these solutions.
Fable Fintech, a reputable fintech company, has quietly established itself as a reliable cross-border payments technology partner for several of the world's largest banks. In addition to being a trusted global payments software-as-a-service (SaaS) provider for financial institutions, Fable Fintech offers foreign exchange rate systems and application programming interfaces (APIs) for open banking. If you're interested in discovering the ideal cross-border remittance solutions for your bank or business, look no further than Fable Fintech, get in touch with a cross-border payment solutions team now!
Improved cross-border payment automation is revolutionizing the finance industry by delivering faster, more secure and cost-effective transactions.
Explore the evolving cross-border payments security landscape and learn how banks will secure global transactions in the future with new safety...
Know the major challenges faced by banks in cross-border payments and solutions to make the process faster, cheaper, and easier while ensuring...