Cross-border payments are essential to fueling the global economy, with more than 1 billion people worldwide transmitting and receiving international money transfers. While the demand for cross-border remittance payments is growing exponentially, there are many challenges surrounding the industry, making it ripe for disruption.
Capitalizing on the international remittance market is full of complications — including costly and time-consuming licensing, compliance, product development, marketing, support, technological infrastructure, and risk management. As a result, traditional financial institutions and money transfer giants have long-dominated the cross-border payments market.
Nuances of cross-border payments can be complicated. Many fintechs, businesses, and startups want to add remittances to their products to meet the demands of global users, but are held back by poor experiences and other challenges, including:
- Keeping up with ever-evolving and varying compliance and regulatory
- Sourcing the right partner with necessary global connectivity and options
- Recruiting the right talent to build, integrate, and provide required long-term maintenance
- Expensive and time-consuming implementation, typically taking 6-9 months to complete
- Monitoring transactions
- Providing long-term user support
- Creating marketing materials and running promotions to increase understanding and usage
A cross-border payment enablement platform
ReadyRemit enables businesses, fintechs, and startups to send global payments