Independent Banker - November 2020 - 73
Innovative
Insights
Faster international payments-
is your bank reaping the rewards?
As opportunities abroad increase and innovations continue, the
ways in which bankers are performing cross-border payments
are evolving. Businesses and consumers are looking for faster
payments, but the security needs to be there too.
As this trend toward faster cross-border payments is expected to
continue, we are here to give you some background on this shift
and explain why community banks should consider providing
these services.
playing field between large and small businesses, making it easier
than ever for SMBs to transact abroad and open up new revenue
streams, " highlights the PYMNTS.com July Smarter Payments
Tracker report.
Innovation and speed with SWIFT gpi
Speed: Your international business customers need to process
payments quickly for efficient cash flow. They rely on you to
help them do this with an advanced solution. With the Society
for Worldwide Interbank Financial Telecommunications' Global
Payment Initiative (SWIFT gpi), you can. SWIFT gpi is an innovative
standard for processing global payments and includes a
community of over 3,700 banks. About half of the payments are
credited within 30 minutes and 40% are credited in less than five
minutes.
Shifting demand for faster payments
Rising demand: It is getting easier every day to buy goods and
services worldwide and to instantly send money to businesses,
friends and family. So it makes sense to assume that business
owners would also like the capabilities to transfer money quickly,
seamlessly and securely when their businesses transact overseas.
Growing market: As demand has climbed, so has the
expectation for market growth. The cross-border business-tobusiness
payments market is expected to grow to almost $6.4
trillion by 2024. Thus, it makes sense that this is an area of heavy
investment and continuing innovation.
Levels the playing field: With ongoing advancements in
payments technologies, small- and medium-sized businesses
(SMBs) find that they can compete where they couldn't before.
" The emergence of new digital payment methods has leveled the
Traceability: SWIFT gpi includes an end-to-end paymenttracking
database that lets users monitor the progress of a gpi
payment in real time. The system's speed and transparency give
banks and their customers confidence in a payment's location,
while also enhancing transaction security.
Additional fee income: Furthermore, with a squeezed net
income margin, fee income is increasingly important to banks.
Providing international payments services allows you more fee
income while assisting your business customers.
International commerce is picking up, so it will be critical to
review the specific requirements of your business customers to
understand how best to meet their cross-border payments needs.
Speed, security and expert assistance should all be considered
when choosing an international service provider. As a member of
SWIFT and the SWIFT gpi network, PCBB has a solution that can
easily meet those needs.
With 20 years of experience, PCBB offers a variety of international
solutions designed to help you easily and efficiently add foreign
transactions to your services. PCBB can help with international
payments, foreign check processing, FX forward contracts and
advisory services, and more.
Visit PCBB's website at pcbb.com/products/international-bankingservices
for more information.
Patricio Morillo, SVP and International Services Manager
888-996-7444 // pmorillo@pcbb.com // pcbb.com
http://www.PYMNTS.com
http://www.pcbb.com/products/international-banking
http://www.pcbb.com
Independent Banker - November 2020
Table of Contents for the Digital Edition of Independent Banker - November 2020
Table of Contents
Independent Banker - November 2020 - Intro
Independent Banker - November 2020 - Cover1
Independent Banker - November 2020 - Cover2
Independent Banker - November 2020 - Table of Contents
Independent Banker - November 2020 - 2
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Independent Banker - November 2020 - Cover3
Independent Banker - November 2020 - Cover4
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