Small- to medium-sized enterprises (SMEs) make up the backbone of both dominant and emerging economies today. Yet they are the ones who are most impacted by inefficiencies in cross-border payments system — especially in the context of growing global e-commerce.
To compete, SMEs need to be able to focus on their business, not on whether their supplier receives a payment. Traditional global payments systems involve a lot of intermediaries — not only does this slows down payments, it also introduces more margin for error. According to a recent McKinsey study, 60% of business-to-business cross-border payments require a manual intervention that takes 20 minutes or more.
The challenges in cross-border payments that SMEs face set the tone for the conversation between Joy Macknight, Deputy Editor of The Banker, Colin O’Flaherty, American Express’s VP & General Manager of global commercial services UK & Russia, and Marcus Treacher, Ripple’s SVP of customer success, on the final day of Money20/20 Europe....
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Insights – Ripple
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