This post initially appeared on Wired Innovation Insights.
Payoneer CEO, Scott Galit sat down with Wired Innovation Insights to discuss the need for payments companies to catch up with the fast-paced digital world, and provide solutions for a more global community. Scott suggests there are 4 main components required in order to be an effective payments provider:
payments platforms must have the capabilities for businesses and professionals to get paid locally where they sell and receive payments in local currencies
Payments platforms must remove the limitations that previously surrounded cross-border commerce, particularly the cost, complexity and lack of transparency of the global banking infrastructure.
Effective business solutions for the modern economy use APIs to enable businesses to embed critical functionality into their workflows. The ability to seamlessly integrate robust payment capabilities into core business platforms and processes is critical to create more integrated, easy user experiences and enable important automation, like auto-reconciliation.
The volume and risks associated with cross-border payments have become more complicated and the expertise more specialized, meaning platforms must have state-of-the art compliance and risk systems to protect the global financial system and their clients.