Banks have several concerns about their cross-border payments business, including:
Regulatory Compliance: Banks must comply with different regulations in each country where they operate, which can lead to compliance challenges, fines, and reputational damage.
Fraud and Cybersecurity Risks: Cross-border payments are vulnerable to fraud and cyber-attacks, which can result in financial losses and reputational damage.
Cost and Complexity: Cross-border payments can be expensive and complex, involving multiple intermediaries, currency conversions, and other fees.
Inefficiencies in Legacy Systems: Banks may face challenges in integrating their legacy systems with new technologies, resulting in operational inefficiencies and delays.
Customer Expectations: Customers increasingly expect fast, transparent, and low-cost cross-border payments, which can be challenging for banks to deliver with their existing infrastructure.
Competition: Fintech companies and other non-bank payment providers are disrupting the traditional cross-border payments landscape, creating pressure on banks to innovate and improve their services. One way they are countering this is by partnering with cross-border payment solution providing Fintech firms and using their white-label international payment technology platforms to run the banking cross-border payments business.
Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog