How technology and data can be used to drive business performance

The volume and efficiency of cross-border payments have increased considerably over the last decade. Figures from Statista show that in 2018, US$124 trillion worth of cross-border payments were made. By 2022, that had risen to $150.7 trillion. Based on these transaction figures, the volume of cross-border payments is projected to continue to increase annually.

There are several reasons for the impressive growth of the industry. Innovation in technology has made transactions easier and faster to complete. Such innovation has been led by a new wave of payment institutions that are exploring how the technology can be implemented to speed up and simplify transactions. Combine this with a business customer base that has a collective desire to invest in the latest payment technology, and the industry is booming.

This innovation, however, could not have come without the crucial data that underpins every transaction. Regardless of the industry, any business challenge can be addressed by leveraging data effectively. It is arguably the backbone of everything we do in business. And for the continued facilitation of effective cross-border payments, data is critical.

real-time analytics

Adaptability is key in any business, particularly for merchants in emerging markets, and having access to real-time data and analytics means payment companies and their merchants can be agile when needed. Where this is particularly beneficial is in fraud detection.

The digital payment model and the large volumes of cross-border payments taking place every hour means that there are multiple channels and parties involved in a single transaction, increasing the risk of fraud. In fact, the e-commerce industry loses nearly £17.5 billion each year as a result of fraud.

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Having access to real-time analytics means payment institutions can better support their trading partners by monitoring customer activity as it occurs and identifying and investigating any suspicious activity before a financial loss is incurred.

customer behavior

Likewise, this real-time data can shape traders’ entire trading strategies. The ability to provide retailers with unparalleled insight into consumer behavior and sales trends in real-time enables retailers to make short-term changes to capitalize on daily spending trends, while also shaping long-term sales strategies. .

This granular information is also key to forecasting. As the partnership between payment institutions and merchants grows, so does the volume of historical data that has been accumulated. This enables payment organizations to support and guide their merchants through expected peaks and troughs in demand, to ensure retailers are prepared to capitalize on market opportunities.

Easy to understand interface

The amount of data that payment providers and merchants collect is a blessing, but it can also be a curse if it can’t be used or presented in an easy-to-digest way. Having a real-time dashboard with a simple interface means merchants can quickly view payment volumes, transaction activity, account information, and more with just a few clicks. Without this capability, a business will have a hard time being truly agile in responding to market conditions.

A dedicated service

In today’s world, leveraging data is the key to any successful business. Payment institutions that enable their merchant customers to collect and use this data most effectively will be responsible for the next iteration of exciting new innovations in the payments space.

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