07/05/2020

Integrated platform solutions: unlock your business’s international payment potential


Operating across international borders is no longer the preserve of multinational corporations. The globalisation of business during the digital revolution has made it possible for organisations of all sizes to expand into overseas markets. For example, there were around 650,000 small and medium-sized enterprises (SMEs) in the UK engaged in international trade in 2018.

No longer considered a pipe dream by business owners, going global has become a strategic imperative that opens the door to a range of opportunities for SMEs: higher quality suppliers or vendors, dynamic talent and a larger customer base.

International payment challenges

However, ambitious SMEs that attempt to break down international barriers in a bid to expand their operations overseas must be prepared to manage the challenges that come with going global. Not least, facilitating quick, efficient and cost-effective international payments. This top priority will leave decision-makers grappling with complex payment infrastructures, processes and systems that often lack sufficient integration – and the myriad of traditional payment providers that supply them.

SMEs typically turn to high street banks to service their international payment requirements; only to discover that the banks diverse offering means their resources aren’t focused on helping them to obtain competitive exchange rates or ensuring their funds are sent as quickly as possible. Consequently, SMEs have become increasingly aware of poor pricing and service quality within the international payment space and the subsequent need for a single integrated solution – a realisation that has shone a light on fintechs technology-led FX solutions as an attractive alternative to the incumbent banks.

Therefore, the challenge within this ever-expanding segment of UK business – SMEs account for 99.9% of the business population, with an estimated turnover of £2.2 trillion (52% of the total) last year – is to make international payments more accessible and set a new standard of trading without constraint. To achieve this, SMEs demand faster access to data, fewer intermediaries, transparent transaction times and low transfer fees.

Innovative solutions

So, how can SMEs facilitate fast, secure, convenient and cost-effective international payments that enable them to trade more efficiently and grow their business? One word: fintechs. These forward-thinking firms possess the innovation and agility required to develop integrated payment solutions that match each business’s requirements – these fall into two categories:

  • API platform integration – developed for businesses that need to make or receive frequent international payments, the API platform allows an SME to integrate the provider’s end-to-end international payment system into its existing platform. For example, by leveraging this innovative technology, they can provide clients with access to their own online platform, competitive exchange rates and faster automated payments, without ever leaving their app or platform.
  • White Label service – this out-of-the-box option allows an SME to benefit from an additional revenue stream using a cutting-edge payment platform that is customised to match its brand. Typically, all elements of the administration and merchant interfaces can be amended according to the SMEs design requirements.

RationalFX

At RationalFX we have cultivated a technology-led approach to the delivery of international payment solutions. This enables us to provide a range of innovative FX partnership opportunities that are designed to do all the work behind the scenes quickly, efficiently and securely so you can concentrate on growing your business.

  • Our API platform integration is the perfect solution for international payroll businesses, marketplace payments, Fintech startups and banks.
  • Our white label service delivers the payments, compliance and regulatory licensing needed to deliver a first-class foreign exchange service, while you are able to earn a commission on every transaction.

How useful was this post?

Click on a star to rate it!

Average rating 4.9 / 5. Vote count: 11

No votes so far! Be the first to rate this post.


Why choose RationalFX?

Based in the heart of London’s financial district Canary Wharf, RationalFX has traded over $10billion in currencies across the globe. Take advantage of our competitive exchange rates, market expertise, suite of FX products and online payment platform when you make bank to bank transfers in over 50 currencies worldwide.

Whatever your reason for making overseas payments, we’re confident our currency specialists can save you time and money while providing peace of mind. Call our team now on: +44 20 7220 8181