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Cross border remittance solution for business to business (b2 b)

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Payment solutions leverage on emerging technologies to simplify the transaction process and to increase the avenues for payments to occur. Payment solutions include digital wallets, loyalty programs, cross-border payment options and intuitive mobile solutions for payments.

The solution enables firms to complete cross-border payments quickly and cheaply by leveraging on emerging technologies such as blockchain. Traditional cross-border payments take 3 to 5 business days to complete transactions whereas this solution enables same day transfers. Cross-border payments are also able to be completed cheaper, with a 0.25% - 1% transaction fee, as opposed to 2% - 11%.

Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.

Veröffentlicht in: Business
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Cross border remittance solution for business to business (b2 b)

  1. 1. Money transfer process Cross-border remittance solution for business to business (B2B) Case study Context: A start-up e-commerce platform was selling Australian FMCG in the Hong Kong (HK) market. High-consumer bounce rates are observed on the payment page where the customers were shown the high FX rate incurred by VISA and MasterCard. The platform was looking for a suitable overseas money transfer solution providing a reasonable FX rate, allowing them to improve customer satisfaction. The platform also wanted to increase the cash receivable turnover rate. Value-added: The remittance platform served as a payment solution for the e-commerce. The solution increased transaction volume and customer acquisition. Customers can now purchase goods at a competitive FX rate, resulting in a cheaper final product. The e-commerce also receives revenue within one day of transaction. EY’s role and activities: • Market landscape analysis of cross-border remittance platforms • Benchmarking, analysis, comparison and selection of available platforms • Developed a sales acceleration platform, including product and business definition, vendor solution gap analysis and management dashboard definitions Client impact: • Increase in total transaction volume and customer acquisition • Decrease in service fees payable for cross- border transactions • Decrease in the cash receivable turnover time from five business days to one business day Contact us Challenges faced by companies High-margin foreign exchange (FX) rates Many banks and money transfer operators (MTOs) add margins of 2%-11% and hidden fees to their FX rates. Slow transfers After submitting all the documents, the recipient has to wait for three to five business days to receive the money. Complicated procedure Currently, many paper-based documents need to be submitted by banks for cross-border remittance. Cheap and fast cross-border remittance solution Cheap fees Mid-market rates + nominal fee (0.25% to 1%) Zero-Margin FX rates Simple account creation Email ID, mobile number, identification number and address proof documents are needed to create an account Easy procedure Required to submit payee’s information and the purpose of remittance Quick receive Takes one business day to complete a transfer Remitter Platform Payee Apply online Transfer local currency Payee information Payer account on platform Bank Payee account on platform Local Currency Foreign Currency Receives foreign currency Varun Mittal EY Global Emerging Markets FinTech Leader varun.mittal@sg.ey.com Website: www.ey.com/sg/fintechhub Email: fintech@sg.ey.com Sahil Gupta EY ASEAN FinTech Manager sahil.gupta@sg.ey.com
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com