The landscape of the global economy is changing rapidly, but at the core of every business transaction, one thing has, and always will, hold true - the need for ease, trust and security. These are integral for every human interaction whether it is face to face or through electronic devices.
This is especially true with the rise of e-commerce solutions, where companies depend on reliability to collect payments, pay vendors, and serve an international audience of customers in a timely manner. At the end of the day it all about people and how they interact, people do business with people, even if it’s on a computer, tablet or mobile.
We sat down with Yishay Trif, CEO of MoneyNetInt, to chat about fintech, e-commerce and how the financial world has had to adapt to meet the growing need for a borderless economy.
Yishay was born and raised in Ra’anana Israel, “I liked sports, movies, music, hanging out with friends - the typical interests of an 80’s kid. After high school I served as a tank commander for 3 years in the IDF. Following my service I studied at Bar Ilan University and majored in Economy & Business Management and started working in the family business sitting behind the glass of an exchange booth back in 1999.”
As a witness to the dramatic industry shift from a cash driven business to a digital one in the past 20 years, he’s excited about how fintech solutions constantly offer innovative ways to improve financial services. “Moving to a digital platform happened in a gradual way. There wasn’t one particular moment where going digital hit me as a growth vision, although services within the digital revolution were like that for me.”
“The challenge for anyone in the financial sector is a willingness to grow - to maintain an entrepreneurial spirit.“
Yishay shares an example of an “ah-ha” moment that led to business growth - PayTicket. “I was travelling in Switzerland and after two months of being back home I found out that I had an outstanding traffic ticket which was unnecessarily difficult to pay, even for someone very familiar with international payment solutions. In that moment I thought, there must be an easier way to do this, and if there isn't, I'm going to make one. That’s how PayTicket was born.” Along with his team ,MoneyNetint launched an online platform to pay international traffic and parking violations with ease, solving a growing problem in today's borderless world for millions of people around the world.
Yishay’s excitement about being able to address basic human pain points by implementing fintech and blockchain technology was palpable. He points to their recent cooperation with Ripple as an example of ways technology has helped MoneyNetInt expand, innovate and provide new services to its clients."For Moneynetint, the collaboration with Ripple is a leap forward in the ability to provide advanced services to its customers, opening additional corridors and opportunities that have not been available or had no reliable nor cheap solution for them in the past and as a result, increasing Moneynetint' exposure to a wider customer base while minimising the risks involved."
RippleNet serves as a platform that sets uniform parameters for all its members facilitates the process of interfacing between international financial entities. The cooperation signed with Ripple is part of the company's strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field.
Yishay takes great pride in seeing the results of the innovation and ingenuity that is fostered in MoneyNetint. For him, there is no better feeling than the one he gets when seeing an idea come to fruition and new services rolled out to customers worldwide.
“There is no better feeling than seeing an idea come to fruition and new services rolled out to customers worldwide.“
So, what’s next for the global economy, and particularly MoneyNetint?
“As far as global trends go, digital is obviously only going to become more mainstream. Although cash will always be in the financial ecosystem, the amount in rotation will naturally lessen. Even banks now offer digital services. The challenge for anyone in the financial sector is a willingness to grow while maintaining an entrepreneurial spirit. This is a trait
I learned from my father, Nisan. It’s a characteristic of his that I admire greatly.”
Nisan Trif started the company with just a few cash exchange booths, which grew into a national chain and with time grew to where MoneyNetint is today, a one-stop-shop to manage transfers, currency exchange, liquidity management and more.
Yishay notes that the company history still has a great impact on how they do business today, He jokes, “I still talk too loudly,” referring to the challenge of working in a booth, talking to clients on a busy city street. “Today, while the glass dividing me and my customers has changed to a computer screen, the DNA of our company remains." He continues, "Alongside competitive services and solutions we offer first and foremost peace of mind. We are a family company that cares about our employees and customers. The technology we use to serve our customers strengthens that service.”