In March, our CEO, Yishay Trif, gave a presentation at the Internet World EXPO in Munich.
The EXPO was an anchor event for Commerce Week Munich - a week focused on the
future of global commerce.
Yishay’s presentation, titled ‘It's a Small World’, delved into how emerging technologies, like blockchain, have provided the building blocks for a borderless economy where businesses can conduct financial transactions between each other in any currency and in any country.
He explained how MoneyNetint provides specialised solutions for e-commerce businesses, localising cross-border payments without a physical presence in each country. In this way, businesses are able to financially Think Global, Act Local.
So, how do we localise your global operation?
Once a client opens an account, it holds a multi-currency e-wallet which is associated with a local currency account, an IBAN or an account number depending on the geographical operational need. That account enables them to perform local transactions in the countries where they are working. This cuts out international transfer fees, since the account can hold multiple currencies in multiple countries, all in one place.
Once the funds are transferred to that IBAN or account bearing the client’s name, they are retrieved in the e-wallet and from that point on it’s like a regular bank account, but much better. Better because our payout facilities are much larger than any local bank since we work with a broad network of international banks and other financial institutions. Our variety of transfer options include SEPA, SWIFT, ACH and many other local payment schemes in various countries. Clients can also withdraw funds, pay salaries, suppliers, pay bills and so on, in more than 50 different currencies from around the globe.
“Our payout facilities are much larger than any local bank since we work with a broad network of international banks and other financial institutions”
Recently MoneyNetint integrated with RippleNet, a platform that sets uniform parameters for all its members facilitating the process of interfacing between international financial entities with the purpose to disrupt traditional payment systems. The cooperation signed with Ripple is part of the company's strategic plan to advance into innovative areas of the payments industry and to establish itself as a groundbreaking institution in the field.
MoneyNetint is also continuously looking for ways to expand its financial services to offer innovative solutions for consumer clients as well. Yishay concluded his speech with an introduction to an exciting new payment solution MoneyNetint has developed for consumers clients, PayTicket.
PayTicket is a platform for foreign travellers looking for an easy and efficient payment service to pay international driving fines. It eliminates the predicament of the language barrier and eases the process as a whole, even from thousands of kilometers away. This is a perfect example of the potential for a borderless economy in MoneyNetint’s eyes.
Watch the full video here.