CROSSBORDER
Currencies Direct has been smoothing rough edges off the crossborder transfer experience for 25 years. Now, it’s responding to unprecedented world events by developing a slew of new tools, as Head of Product, Hardik Shah, tell us here Founded in 1996, Currencies Direct can truthfully claim to be a financial industry trailblazer: the first non-bank crossborder payment provider to offer a solution to the growing demand for affordable global transfers. It launched as Europe’s first money transfer provider and has expanded to employ 500 people across over 20 locations including London, Spain, France, Portugal, the USA, South Africa and India. Known for its award-winning customer service, Currencies Direct offers an omnichannel experience, operating a retail presence and phone service alongside online and mobile apps. Winning MoneyAge’s Money Transfer Provider of the Year award several years running, the serial innovator has so far helped 350,000 people manage their payments. And, as head of product, Hardik Shah, tells us here, they ‘don’t just involve instant, one-off payments’. The multiple ways in which individuals, small businesses and corporate customers want to use and manage their foreign exchange (FX) constantly changes, which is why the Currencies Direct portfolio of services is evolving alongside them. Macro-economic developments have played to the company’s strengths, with the increasingly global economy, an explosion in worldwide e-commerce triggered by COVID-19, and market volatility related to both the pandemic and Brexit increasing demand for competitive and innovative FX solutions.
32
ThePaytechMagazine | Issue 8
Such volatility has seen rates fluctuate significantly. The GBP/Euro exchange rate, for example, swung between €1.10 and €1.15 from January to March, 2020, a value difference of €10,000 on €200,000 bought at either end of that range. In response to such volatility, Currencies Direct offers multi-currency wallets; providing customers with the ability to buy and store currency when the rate is favourable. It’s also launched a batch processing platform for corporates making multiple transfers. Large or small, in all cases, it partners with Apply Financial’s Validate to verify the recipient’s payment details in real time. TPM: So, what industry problem was Currencies Direct originally built to solve, and how has that evolved over the past two decades? Hardik Shah: We were the first specialist, non-bank international payments provider. Over time, a lot has changed within the competitive landscape, as have customer expectations, but the reason for our existence stays the same – to provide a better experience for consumers to move and manage their money across borders. We’ve continued to evolve the business to meet changing expectations, and to differentiate ourselves by offering an unparalleled customer experience and service proposition, using market-leading technology. As a result, our Trustpilot score, at 4.8, is among the highest in the industry. Unsurprisingly, customers just want to send their payments as quickly as possible, with the least amount of effort, to the right destination. However, with the increase in fraud, money laundering and unethical behaviours, we’re seeing enhanced regulations across the globe, which vary by country and currency. For example, to send a Canadian dollar, you need to have
the recipient’s address, whereas, to send a payment to India, you need to have a specific reason code, and this makes the transaction journey more complex than we would like. To make these transfers and varying customer journeys as frictionless as possible, we’re working with third parties like Validate. TPM: Have customers’ expectations changed and, if so, how do you continue meeting them? HS: A few years ago, customers were solely after the rate and you’d get their business if you provided the most competitive one. While this is still a core requirement, they now also want transparency around any fees involved and when their payment will be sent and received, and a feeling of being in control, with the ability to send the payment when they want, with multiple settlement options, whether that’s debit card, credit card, PayPal, etc. Also, lots of newer banks are mobile-only, but we continue to invest in an omnichannel strategy as our target customers want to trade via their channel of choice, whether that’s mobile, online, offline, telephony or branch. Customers also want reassurance. A recent industry report found that 39 per cent of those sending international payments, worry about entering the wrong details and losing money. That’s huge, considering all the new technology available today, and something we’re actively working on addressing. For example, for years, customers, in both our own research and industry research, have been saying they want to track their payments. It’s funny that you can track a pizza delivery, but not a £500,000 payment sent across the world. So, we’ve recently introduced a payment-tracking feature allowing customers to follow their payment, from initiation to it being accepted by the corresponding bank.
You could track a pizza delivery, but not a £500,000 payment you sent across the world
www.fintechf.com
