Driving innovation in business payments with Simon Keogh
Simon: There’s some key factors that we’re seeing that’s driving new innovation in business payments. First and foremost, businesses are ready. They want a better way. This is because payments are slow. Essentially, payments are driven primarily today by larger businesses by check. That number is around 50% and, in fact, when you go to smaller businesses, it’s even larger, upwards of 70%. what’s driving a lot of the growth in cross border payments is that businesses are looking to expand beyond their borders, which means they need to send a wire. They need to make a trip down to the bank. Wires are expensive and not only does the person originating the payment have to pay, but the person on the other end also has to pay.
Simon: The second factor is that faster payments are here. When a business can digitize payments, they’re ultimately saving time. They’re able to schedule payments so they no longer have to sit here and think about when a payment is due or when they have to make that payment. By automating payments, they can now take advantage of the dynamic discounting that is going to save them even more money. The nanopay connect business to business payment platform allows businesses to payment enable their applications. This includes marketplaces, softwares of service companies, and banks. Essentially what they get is cross border payments with greater visibility. Those payments are also data rich, which means that businesses understand the full context of what that payment was for, which makes reconciliation that much easier. Ultimately, with nanopay, businesses spend less time thinking about their payments so they can spend more time managing their business.