The future of cross-border payments

We now live in a digital age – an era whereby consumers expect services to be frictionless. They should cater to convenience and be easy and quick to complete. Let’s just imagine a typical day in London. It is all too normal to see people pay at ease with their phones, tapping into the tube or sharing a bill via challenger bank, Monzo. 
The concept of taking cash out of your wallet to pay seems bizarre and quite frankly now, unheard of. Yet with this ease with financial services, cross-border payments have lagged behind. Transferring money overseas has often been time-consuming, arduous and costly.  Yet, this is no longer the case. Over the last five years, the future of cross-border payments has been growing and is ripe for disruption. At Vorto, we are proud to be a part of this movement and helping our clients transfer foreign currency with ease.
International payments has been instrumental to supporting the world of cross-border trade and investment. Without it, the global economy would not be what it is today. The landscape however, is continuing to be disrupted by advanced technologies, including the card and network
innovations and distributed ledger technology (DLT). 
Vorto’s Rob O’Brien comments ‘the innovation and enhancement in technology has made connecting with the rest of the world very easy. Cross-border transactions are now part of everyday business”.
These technological shifts are expanding into retail and corporate international commerce, accelerating their growth and the opportunities to be leveraged here are favourable. Now, companies can transfer money far quicker, cheaper and easier than before. “Seeing this gap in the market, we have built intelligent payment solutions to make complex currency transactions easy” says Vorto’s Bobby Ward.
However, despite the technological trend drivers behind the future of cross-border payments, it is particularly important we focus on the human element of service. First and foremost, customers take precedent. According to McKinley, it is customers, and not providers that will drive the nature of future services. 
At Vorto, we pride ourselves on our relationships with our clients to ensure we achieve their requests and demands. To make our clients’ lives easier, we provide a service based on simplicity and have just four steps to our trading process. To begin the trading process, we require our clients to detail which currency they wish to trade in, the amount they need and when they need it. From here, we can confirm the rate with our client and we ensure the payment is sent securely and swiftly.  Funds are then sent to a client segregated account which is ring fenced for your security and cannot be offset against company money. Then finally, whether funds are being sent to a client’s own account, a subsidiary or directly to a supplier, they are sent safely with no delay.

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