Small-and-medium-sized enterprises (SMEs) are businesses whose term ‘export’ is no longer a plan but a practical activity. These companies are said to augment border e-commerce, advertising a trend that mainly contributes to the $17 trillion cross-border payments industry. According to the 2023 Borderless Payments Report by the Mastercard Company, 50% of this group conducted a larger international business compared to 2021. Nevertheless, their progress is severely impeded by inefficient, expensive, and obsolete global payment systems.
However, the number of transactions outside the country is expected to grow SMEs. SMEs have reached levels where they experience lasting problems related to their relatively outdated payment processing systems. Generally, these systems take several days to complete the settlement, ranging between 3 – 5 business days, and are full of hidden charges, which amount to 2 -3 % of the transaction cost. These inefficiencies create strains in vendor relations management, create disarrays in cash management, and stifle the growth of the business.
Even when receiving payments, highly recognized structures may create difficulties for which plans have been made. Payment transfer structures have been notorious for making certain payment processes unclear to SMEs. This week’s informational coverage is exclusively about the operational state, from which everything is exciting.
There are many questions regarding operations on weekends and holidays. Compliance demands, managing capital flows, and juggling multiple currencies further complicate the process, with nearly one-third of SMEs reporting negative impacts.
The constraints of the current global payment systems present a significant opportunity for local banks. By integrating modern, blockchain-powered payment solutions like Ripple Payments, these banks can offer SMEs faster, more reliable, and transparent cross-border payment options. This move could position local banks to capture a larger market share, which has been left underserved by larger financial institutions.
Read CRYPTONEWSLAND onRipple Payments offers a real-time, cost-effective solution that addresses the challenges SMEs face with traditional payment systems. The platform increases settlement speed, reduces costs, and complies with international regulatory mandates, ensuring secure global transactions. Adopting Ripple Payments could lead to significant business growth for local banks by attracting SMEs seeking better cross-border payment solutions.
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Singapore, Singapore, 20th September 2024, Chainwire