FF Virtual Arena: International Payments

In this ecosystem that champions partnerships, banks, tech startups, and governmental institutions alike have opened up for collaboration and communication on an increasingly level playing field. This enthusiasm has sparked a new demand from payments, where customers have more control over how they pay, and get paid. 

In this exciting new Virtual Arena, we welcome Abhish Saha, the CEO of Sandstone Technology, Simon Lynch, the Founder and CEO of Cymonz, and Simon Eacott, the Head of Payments at NatWest Group, to discuss the evolution in international payments and using new technology to build infrastructures that can support numerous use cases for all types of customers. 

“If we’re talking about international payments, it’s as big as the market gets,” began Saha. “I think there is always room for more players and more competition, and having worked with financial institutions in Africa in a past career, it was interesting how innovation can create something in one country and can impact neighbouring countries in a positive way.”

Cross-border payments are changing in a big way, with companies facilitating transactions with the use of local networks region by region, emerging competitors are now sharing the market with leaders like Swift and Visa – driving further possibilities for collaborative growth and consumer satisfaction. 

“I still believe that, as a customer, I generally want to do my banking with a bank, and international payments are a key part of that experience. When I actually transact away from my bank, I’m adding another hop for myself where I need to take the money out of my account and to my provider,” explained Lynch, on the changing role of a bank. 

Though there is an influx of new competitors in the payments industry, that does not mean the function or presence of the bank is compromised. In fact, legacy banks of the like of NatWest and Santander have shown their commitment to technology innovation through their partnerships and investment in the fintech sector. Hence the homogeneity of our current ecosystem, with incumbents agreeing that to get ahead, they too need to adapt. 

“It is about being where your customers are, being on the platforms that they’re on, and making the payment on the back end of it almost incidental,” added Eacott. “You’ve got to look hard at the entirety of the customer experience and the customer journey and see where your own strengths are and the parts that you play as a bank and the value that partners and fintechs can bring.”