Fintech impacts global payments

Dan Barnes writes in Raconteur that competition to provide cross-border payments is heating up, presenting businesses with a confusing range of options.

Danny Aranda, managing director of Ripple Europe said “If you look at many innovations over the past 20 years in financial services, it’s largely been at the interface level, meaning a better mobile application or a better online user experience. We really want to bring some element of the internet into the infrastructure of financial services.”

“Consumers’ and businesses’ expectations of how payments should be conducted have changed,” says Ripple’s Mr Aranda. “That’s largely informed by the internet; if I send a text or an e-mail to someone, I expect them to receive it immediately. If I send a package to Cambridge, I expect to be able to track it online for visibility. The internet really informs the way we expect services to be delivered.”

Read the whole article in Raconteur.

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