Despite the breakdown of borders permeating today’s digital economy, e-commerce businesses selling cross-border still need to manage FX currency receipts and exchange rate volatility to improve their bottom line and ensure operational efficiency, without impacting the buyer experience.
Payment service providers and acquirers are expected to offer value-added services, but the cost of FX and cross-border transactions remain an issue, prompting many merchants to look to specialists. A lack of transparency in costs, especially when it comes to complex processes with multiple actors involved, can also cause problems. The solution? While payments businesses should be aware that transactional FX exposure is an inherent part of international business, if they take control of it and with the right collaboration, it can generate an additional revenue stream.
Open banking, request to pay, account-to-account payments and instant payments all promise to speed up the process by removing some intermediaries such as card schemes. However, these don’t reduce exposure to unnecessarily high FX fees and charges. As competition increases, businesses should expect to see more valuable currency management, technology-led, customised solutions based on credit risk, business models and transaction volumes, addressing not only cost transparency, but also currency exposure risk and process inefficiency.
Sign up for this Finextra webinar, in association with Banking Circle, to join the panel of industry experts as they discuss the following areas:
- Why is the cost of FX and cross-border transactions a major factor in online merchant dissatisfaction with their banking and payment processing partners? What can specialists offer, that traditional providers cannot?
- What are the current trends in global ecommerce affecting expectations and requirements for cross-border payments and FX?
- What are the challenges FX brings to businesses trading in multiple geographies?
- What are the existing and future solutions that can tackle these challenges?
- How can FX solutions be an opportunity to add value, improve the customer experience and help customers expand internationally?
- Jane Cooper - Researcher, Finextra [Moderator]
- Nick Tubb - Global Head of FX Sales, Banking Circle
- Nicole Asling - Head of Enterprise Partners, Worldpay from FIS
- Eamonn O'Shea - Chief Executive Officer, Continuum Commerce Solutions