Boston, October 25, 2016 – Long seen as a highly complex and regulated industry dominated by big banks, financial services is now a breeding ground for innovation. Demand for innovation in financial services is fueled by frustration with cumbersome legacy processes, and tools such as cheap storage, cheap computing, and powerful analytics are now widespread. Fintech is not only making the world better for consumers but is also making the world better for entrepreneurs, and innovative business-to-business solutions now enable cross-border remittance companies to enter the market, compete, and grow their businesses globally. Fintech is providing solutions for important aspects of the cross-border remittance ecosystem.
This report reviews the business-to-business solutions from Earthport, Fastacash, FIS Paynet Global Pay, Kasisto, Mastercard Send, PayCommerce, RemitONE, Ripple, TerraPay, TransferTo, Uphold, and Visa Direct that enable cross-border payments innovation. It is based on Aite Group interviews with 29 executives from 26 leading organizations—banks, money transfer organizations, and digital wallet and technology providers to the payments industry—from December 2015 to February 2016. This report is the last of a four-part series on cross-border remittances—find the first three here, here, and here.
This 48-page Impact Report contains 18 figures and 12 tables. Clients of Aite Group’s Retail Banking & Payments or Wholesale Banking & Payments services can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Abra, Ally Bank, American Express, Axis Bank, Bank of America, BICS, Bitreserve, bKash, BRAC Bank, DBS Bank, Discover, Earthport, eServGlobal, Facebook, Fastacash, FIS, HomeSend, JCB, Kasisto, Mahindra Comviva, Mastercard, Moneygram, MTN, NYCE, Orange, PayCommerce, PayPal, Remitly, RemitONE, Ripple, Royal Bank of Canada, Singtel, SRI International, SWIFT, TerraPay, Transfast, TransferTo, Twitter, Two Sigma Ventures, UnionPay, Uphold, USAA, Venmo, Visa, WeChat, Western Union, WhatsApp, Wells Fargo, Xpress Money, and Xoom.