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RemittancesHub is redefining cross-border business payments for SMEs by introducing services that have been demanded by the small and medium-sized enterprise business for a long time; which include easy, fast, cost-effective and transparent international payments.
SMEs are credited with conducting 43% of the cross-border trade (Source: PR Newswire) in the global economy and this percentage is growing every year with growing e-commerce, better supply chain and new payment methods. Choosing a Cross border B2B payments provider is one of the key decisions when SMEs think of participating in a global business. When asked, at least 27% of SME firms cited the lack of clarity on the cost of international money transfers as one of their top concerns (Source: European Commission).
Cross-border payment is undoubtedly one of the key pillars of flourishing global trade. The cross-border payments industry currently at $156 trillion dollars, is expected to grow at 5% CAGR B2B payments bring $150 trillion which is more than 95% of the total trade. Even with such a large volume of global trade, (Source: EY) the cross-border business payment system needs improvements & innovation in order to address the concerns of SMEs.
85% of small firms employing cross-border payments feel secure with digital online solutions and cite security, timeliness, and receipt confirmation as significant benefits. It is one of the reasons the websites and apps providing these services are now considerably more popular than in-person transfer methods.
Nevertheless, several aspects of cross-border services still require improvement. SMEs are hugely concerned about falling prey to fraud, which results in them calling for a transparent payment process. According to Statistics, 45% of SMEs globally have called for services which offer greater transparency), as well as their need for better & more transparent foreign currency rates and lower transfer fees. Often cross border payments still take more than 5 days to reach beneficiaries and transaction costs are more than 7%, including the fixed fee and forex.
To address these concerns, it seemed a good step to demonstrate to the users how global payments work better with a Remittances Hub in place that lays out a simple payments process for banks, remittance operators and Fintechs to better meet the needs of SMEs for their cross-border payments.
RemittancesHub brings forth an innovative solution by creating an ecosystem that offers near real-time international payments with full transparency and tracking while being more cost-efficient compared to the legacy SWIFT system. Clients of RemittancesHub, including banks, remittance operators, and Fintechs, can now address the issues faced by SMEs in their international payments.
RemittancesHub connects licensed Cross Border Remittance & Payments Operators globally, to provide transaction processing, forex management as well as financial settlement. Our value propositions to our clients (banks, remittance operators & Fintechs) include the:
RemittancesHub aims to become the torch bearer in revolutionizing and redefining cross-border business payments for SMEs.
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