International trade means international payments and as businesses become increasingly globalised, they need a smooth, simple and secure payments process
“Money has always crossed borders,” says Nick Pendersen, managing director of payments company EQ Global. These payments have been traditionally handled by a financial services (FX) provider, and EQ’s parent company Equiniti saw a growing requirement for businesses to send and receive money internationally. “We wanted to provide a technology-based platform to handle both the payments and the FX management, with payable and receivable capabilities,” he says.
Developing their own in-house state-of-the-art payments platform, EQ Global now works across 130 currencies in 180 countries, making transactions easier for their clients – whether they are paying a global workforce or making a one-off payment to a supplier.
Give and take
Ease of use is essential in FX, as the figures show: Boston Consulting Group says that global transaction banking generated almost $1.1trn in revenues in 2015, representing nearly 27pc of total global banking revenues. This is set to increase over the coming decade, hitting nearly $2trn in 2025.
“The gap in the market was pretty clear,” says Mr Pendersen. “We found that 48pc of businesses said their current provider does not help them reach or expand into new international markets. We want to change that completely.”
Achieving this is no easy feat – there are legislative requirements to consider and a number of new regulations set to impact the industry, which can affect businesses considerably if not approached strategically.
A further threat is that ineffective cross-border payments processing can result in heavy administrative costs and high risk of errors.
“FinTech is able to reduce these pain points,” says Mr Pendersen. “The advantage we have is trust. We’ve been delivering expertise since 1836 and with our cutting-edge technology, we combine the best of both worlds: heritage with innovation.”
That innovation translates into a smart solution to send and receive money internationally, that eliminates the pain points around the traditional payments process, providing speedier payment delivery more cost-effectively, and at much lower risk.
“Overcoming all the heavy administration, complicated processes and high costs associated with international payments means that businesses can more easily grasp global growth opportunities,” says Mr Pendersen. “And we’re old-fashioned enough to know that when our customers do well, we do well too.”
For more information, visit equinitiglobal.com